Are you looking for the best places in America to deposit your cash? Higher yield, better security and much liquidity is something we all want to be associated with our hard earned money. But, all these things often do not come in parallel. We have to establish and compromise on some factors or the other. Making the best use of your newly found cash is the utmost priority and there are a plethora of ways to do so. Read on to know more.
Some of the best places in America to deposit your cash and get additional benefits:
1. A Checking Account
A checking account is one of the safest options to save your cash money. Though the option will not offer you any kind of interest there are often benefits of rewards and additional security. The checking account allows you to withdraw any number of checks, check your balance, pay bills etc. It is the best option to choose if you want to safeguard your cash for a little time.
2. A money market account for more interest
A money market account is a kind of savings account that allows you to draw a limited number of checks per month but offers a little extra interest on your savings. It is a perfect way to save big and plan for the future plus a little extra money as an interest is something everyone appreciates. They do offer higher yields as compared to checking accounts.
3. A savings account for stashing extra
A savings account is another one of the best places in America to deposit your cash or for saving those extra bucks for the future. They have the superiority of offering higher interest rates as compared to the checking accounts but you will have to adjust with limited check withdrawals that range up to 6 per month. You might need more than the usual balance in order to open a savings account that will, in turn, provides high yields, better interest rates as well as certain other bonuses.
4. An online bank
Online banks are another option that offers excellent levels of liquidity with higher interest rates on your deposits. There are certain online banks that offer even 1% of interest per annum on your savings as compared to the other traditional banks which actually offers near to nill rates. You won’t have to pay any monthly fees and there is no minimum balance requirement. Though the downfall is only that there is no physical location for customer interactions.
5. Certificate of Deposits
Certificate of Deposits(CDs) is one of the easiest ways of stashing the extra cash securely. Though it is nothing less than a gamble. For instance, the interest rates go high and you get additional bucks on your deposits, its all win-win from there but if the rates go low, you will be left with nothing additional and on the top of that, they won’t allow you to withdraw the cash before the legalised term and will charge a penalty if done so. It is the simplest solution if you wish to just keep away the cash for a long time without looking for an alternate.
6. Treasury bills
If you are looking for utmost security and absolute liquidity, the treasury bills are one of the best places in America to deposit your cash. It is the U.S govt funded debt that has no aspect of thefts, so you can be fully satisfied with the security of your cash. The treasury bills are for those who need to stash ample amount of cash with pure liquidity on hands. They sell bills every 3 to six weeks and are very cheap to buy on auctions if you are associated with some valid firm.
Do check out our blog post on Credit Unions vs Banks.