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 At any bank, thrift, credit union or 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.

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America Saves is a campaign coordinated by the nonprofit Consumer Federation of America (CFA)
and is dedicated to helping individuals save money, reduce debt, and build wealth. CFA thanks Capital One
for its generous in-kind contribution of design expertise for this website.

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