What is the best savings account for me?

Savings accounts are pretty straightforward and are useful when planning for both short-term needs, like that overseas vacation next year, and long-term goals like a down payment on a home.

There are different types of savings accounts to choose from, and they’re not all created equally. Savings options at REV include traditional savings accounts, money market accounts, share certificates, and individual retirement accounts.

Types of savings accounts

Being able to differentiate between the types of savings accounts means taking a closer look at the features they offer and what they’re specifically designed to do.

As you compare different savings accounts, it might be helpful to keep these kinds of questions in mind:

  • How much interest does this account earn?
  • Are there minimum deposit requirements or minimum balance requirements?
  • Will I pay penalties for withdrawing money from the account?
  • Is this account designed for any specific purpose or goal?
  • How accessible is the money in this account?
  • Will I be charged any fees for having this account?

Traditional Savings Accounts

Good for: individuals who have a need to save money for either the short or long term and prioritize factors other than getting the highest interest rate (APY[i])

Traditional savings accounts are often the first option that comes to mind when deciding where to save money. These accounts typically offer the opportunity to earn interest on your funds, albeit at lower rates compared to other savings products.

[i] annual percentage yield

Money Market Accounts (MMAs)

Good for: individuals who want to earn interest on their savings while also enjoying greater flexibility and accessibility to their funds

Money market accounts offer a combination of features from both regular savings and checking accounts, letting you earn interest on your savings. The interest rates tend to be higher than that of regular savings accounts, and sometimes even comparable to high-yield savings accounts.

Individual Retirement Account (IRA)

Good for: individuals who want to save money for retirement with tax-free growth or on a tax-deferred basis[i]

An IRA is specifically designed to offer a tax-deferred or tax-free method for savings towards retirement. There are various types of IRAs available, with the most common being Roth, Traditional, and Rollover IRAs. Each IRA has specific eligibility requirements and distinct features that make them as unique as your future plans. Reach out to one of our financial advisors to schedule a complimentary consultation today.

Looking for more of a daily transactional account that helps you manage your day-to-day business? Our checking accounts might be a better fit for you.

[i] consult a tax advisor regarding the deductibility of interest


Good for: individuals who prioritize earning competitive interest rates on their savings over having immediate accessibility to their funds

Certificates are time deposits, requiring you to commit your funds in the account for an agreed upon period that during which time your money accrues interest. Once the certificate matures, you can typically withdraw your savings.