, you can write checks or even use a debit card to pay for purchases as you would with a checking account. But, with an interest rate of 4.75%However, it’s important to note that an MMA usually has a variable interest rate that can go up or down with the market. If you want a fixed interest rate, it’s better to open a CD or a high-yield savings account unless you need your money to be accessible whenever you need it.A bond is a loan to the issuing party—usually either a government or a company.
Consider your savings goals and go from there. If you want to earn as much interest as possible while still having access to your savings for emergencies, you’ll likely want to go with a high-interest checking or savings account or a money market account. But, if you have long-term savings goals and don’t need access to your savings, a CD or a bond might be a better choice. You can consult financial advisors if you need help planning your savings path.
However, it’s important to have some money saved in case of an emergency. Therefore, you’ll want to put money toward savings in addition to paying down your debt. If you’re not sure how to go about this, ask a financial advisor for some help.Because interest rates fluctuate, it’s difficult to answer this question. Some higher-yield options include long-term stock market investments or even investing in real estate if your financial situation allows it.