There are different kinds of savings accounts and before you go and open one it’s best to know what options are available. Deciding which bank account is best will depend on your financial goals. If you want to be able to access your money easily without penalty, then you’ll be okay with an average bank account. This kind of bank account doesn’t offer much in interest rates.
If you’re looking to access your money further down the road, you can put your money in a certificate of deposit. It will offer higher interest rates than a regular bank account. This kind of account will tack on early withdrawal penalties.