If you roam the internet, you will find a plethora of information on retirement savings.  I suppose we as a nation are so behind on saving for retirement that we can never get enough on the topic.  Before you can save for retirement, you need to create another important bucket of money in the event you have an emergency or even if you are saving for short-term goals.

Reality Check

Before we take a deep dive in the options available for savings accounts, I want to give you a reality check. Putting money in a savings account will not make you a ton of money. You are not going to get rich on the small interest payments and your money will not gain stock market returns. This account is just a great landing spot for things to come in the short term. You can access the funds in a savings account at a moments notice and it is a great spot if you are saving for something that requires you to get your hand on the money without risking your principle in five years or less.

What’s Best For Your Savings

Most people that I have met keep their savings in the same brick and mortal that they keep their checking accounts.  These institutions usually have the lowest savings rates because they have more overhead. One of my favorite places to compare the various savings rates is on Bankrate. At Bankrate, you can compare rates across the country on savings, money market accounts, and CD rates.  They even provide loan and mortgage rates. Check out the website and take a look around at the various savings rate options. Several of the online banks will allow you to open multiple accounts and these accounts can be earmarked for goal planning for your upcoming vacation, down payment on a car, and in my case the annual membership fees I have to pay for my affiliated organizations.

Options

Another interesting option to think about that will earn you a bit more than the savings rates listed on Bankrate is at CNote. The current rate of return you earn on the money in your CNote account is 2.5 %! What I found interesting about CNote is the conscious lending that they do with your money. According to the website, 100% of your money is used to lend to community impact projects. This should make you feel good knowing your dollars are making a difference. There is more risk involved with CNote because your funds are not FDIC insured. Make sure you read all of the fine print to determine if the reward outweighs the risk.
Take a walk on the wild side and discover other options you have for saving in your short-term money bucket!
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Terrell Dinkins is a wealth empowerment speaker, entrepreneur, and author of “One Bucket at a Time: A Woman’s Guide to Creating Wealth”.  Follow Terrell Dinkins on Facebook, Twitter, and Instagram @onebucketnation and 

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