// // // //

Financial Products

Savings Account
Online Savings Account
Certificate of Deposit (CD)
U.S. Savings Bond, Series EE
U.S. Savings Bond, Series I
Money Market Account

Type of Product SAVINGS ACCOUNT (bank); SHARE ACCOUNT (credit union)
Minimum Initial Deposit Usually $25-100 but make certain monthly fees are not charged for small balances
Yield Usually .2-.5%
Safety Government-insured*
Access to Funds Immediate
Where to Purchase At any bank, thrift, or credit union
How to Purchase In person, online, or by phone
How to Make Deposits Through tellers, ATMs, or automatic monthly transfer from checking account
Other Features At many institutions, minimum balance of $100-500 is required to avoid monthly fees or automatic transfers of $5 - $25 a month.

 

 

Type of Product Online Savings Account
Minimum Initial Deposit As low as $1 at some institutions
Yield Usually 1-2%
Safety Government-insured*
Access to Funds Immediate
Where to Purchase At any bank, thrift, or credit union
How to Purchase In person, online, or by phone
How to Make Deposits By transferring money from a checking account, or through direct deposit.
Other Features Confirm that the online institution is insured.

 

Type of Product CERTIFICATE OF DEPOSIT (bank); SHARE CERTIFICATE (credit union)
Minimum Initial Deposit 
At most institutions, at least $500
Yield Usually 1-2%
Safety Government-insured*
Access to Funds Immediate but interest penalty
Where to Purchase At any bank, thrift, or credit union
How to Purchase In person, online, or by phone
Other Features Certain financial institution will notify you when CD matures

 

Type of Product U.S. SAVINGS BOND, SERIES EE
Minimum Initial Deposit As low as $25 ($50 for payroll deduction)
Yield Usually 1.5%
Safety Government-guaranteed
Access to Funds After first 12 months, immediate access but loss of 3 months interest
Where to Purchase From the U.S. Treasury
How to Purchase

Through www.treasurydirect.gov - where savers can buy electronic (no paper) savings bonds with checking account deductions, 24/7.

How to Make Deposits www.treasurydirect.gov allows periodic deposit or checking account deductions to purchase bonds
Other Features Must cash in after 30 years or no more interest earned; face value of bond twice the purchase price ($50 bond costs $25)

 

Type of Product U.S. SAVINGS BOND, SERIES I (with inflation protection)
Minimum Initial Deposit As low as $25
Yield Usually 0-2%
Safety Government-guaranteed
Access to Funds After first 12 months, immediate access but loss of 3 months interest
Where to Purchase Through www.treasurydirect.gov - where savers can buy electronic (no paper) savings bonds with checking account deductions, 24/7.
How to Purchase Through www.treasurydirect.gov - where savers can buy electronic (no paper) savings bonds with checking account deductions, 24/7.
How to Make Deposits EASY SAVER program allows periodic payroll deposit or checking account deductions to purchase bonds
Other Features Must cash in after 30 years or no more interest earned

 

Type of Product Money Market Account
Minimum Initial Deposit As low as $250 at some institutions
Yield Usually .1-.3%
Safety Government-insured*
Access to Funds Immediate
Where to Purchase In person, online, or by phone
How to Purchase Money market fund

 

 

* Accounts at some credit unions are privately insured.

Take the Pledge

I pledge to save money, reduce debt, and build wealth over time. I will encourage my family and friends to do the same

Take the America Saves Pledge

Tip of the Day

  • Fourth saving strategy: Save automatically through a monthly transfer from checking to savings http://ow.ly/sj3vP

Share Your Tip or Story

And if we feature you in our newsletter, you get $25.

Share

Saver Stories View all »

Inspired to Build Savings By Starting Small

With little-to-no money in the bank and living on a limited income with her adult daughter, Sharon wasn’t sure if building up savings for her future was even possible. “At my age, to put debts behind me would be a relief,” she said, but she wasn’t quite sure how to even get started with a savings plan. That all changed when Sharon attended the Great Lakes Michigan Saves Pay Yourself First Saver’s Summit during America Saves Week.

Read more...

Starting Over

Until last summer, Michael Lindman spent money freely. “I was a union truck driver for 35 years and had a good income,” said Lindman. “I owned my own home, saved a little, and tried to live within my own budget. You always think there’s going to be that much coming in, but things can change in a split second.”

Read more...

Developing a Savings "Game Plan"

Eunice Diaz, a teacher in Colorado Springs, had been noticing a pattern. Despite the fact that she and her husband were “making good money,” they were spending their entire earnings and “were still struggling at the end of the month.”

Read more...

Receive Updates

Sign up for Texts

Read more...

Sign up for Emails

Get Emails

Take the Pledge

Start Saving