Blog Entries by Money IQ

Last week, we kicked off our four-part series by explaining how certificates work and why they can be a smart way to put savings to work. This week, we’re tackling an important question: Should you keep your money in savings or move some of it into a certificate?

The answer may be simpler than you think. Start by asking:

When will I need this money?

Choose savings when access matters

A savings account can be a better home for money you may need on short notice. Think emergency expenses, upcoming bills or other needs that aren't always predictable.

Savings gives you greater flexibility to access your money when you need it. The trade-off? Savings rates can change, so the amount your money earns may change over time.

Consider a certificate when you can wait

If you have money you won't need for a specific period of time, a certificate may help you earn more while keeping your savings safe.

With a certificate, you lock in a rate for a set term. That gives you predictable earnings—but you'll want to be comfortable leaving the money alone until the certificate matures. Early withdrawals may result in a penalty.

Your Money Minute

You don't necessarily have to choose savings OR a certificate. The two can work together.

Keep money you may need accessible in savings. Then consider putting money you won't need right away into a certificate where it can work toward your next goal.

Before moving money into a certificate, ask yourself:

Do I have enough savings available if something unexpected happens?

If the answer is yes, it may be worth exploring whether a certificate could help you get more from the rest of your savings.

Ready to compare your options? <a data-auth="NotApplicable" data-linkindex="1" data-u-link-value="eyJuYW1lIjoid2ViIiwiYXR0cnMiOnsiaHJlZiI6Int7aHJlZn19IiwidGFyZ2V0IjoiX2JsYW5rIiwiZGF0YS10YWctaWQiOiJ7e3RhZ319In0sInZhbHVlcyI6eyJocmVmIjoiaHR0cHM6Ly93d3cuZG93bnJpdmVyY3UuY29tL3JhdGVzI3NhdmluZ3MiLCJ0YWciOltdfX0=" href="https://link.edgepilot.com/x/NLRRc0lDT0_Gkhkh5Ap7ocs?u=https://exg795.keap-link012.com/v2/click/9ffa8420fd5358ad6c13de01ac7a2dbd/eJyNkE0LgkAQhv_LdBVNKStvEiFieYg6x7IOtqTrsjtqEf73tg_qUtB15nmf4Z0rEEomKS0gAjyXs8UUHNDIhRIoadlIYvyxDfwwGDtQCXlKdNMqiK5fs2_gPvZnfhDMHaCLQgvttvEyS_PksE7zzLKKaXvkP9N0En5Eq02crmEYfpqxFrTqrNxARLrFe6dC2F6015Xlj0TKRJ7X971bNL3UokPNW5c3tacZoRkZ1glZGutiSqEsXq_I8PI0DjfrRWdp" rel="noopener noreferrer" target="_blank" title="https://link.edgepilot.com/x/NLRRc0lDT0_Gkhkh5Ap7ocs?u=https://exg795.keap-link012.com/v2/click/9ffa8420fd5358ad6c13de01ac7a2dbd/eJyNkE0LgkAQhv_LdBVNKStvEiFieYg6x7IOtqTrsjtqEf73tg_qUtB15nmf4Z0rEEomKS0gAjyXs8UUHNDIhRIoadlIYvyxDfwwGDtQCXlKdNMqiK5fs2_gPvZnfhDMHaCLQgvttvEyS_PksE7zzLKKaXvkP9N0En5Eq02crmEYfpqxFrTqrNxARLrFe6dC2F6015Xlj0TKRJ7X971bNL3UokPNW5c3tacZoRkZ1glZGutiSqEsXq_I8PI0DjfrRWdp">See Downriver CU’s Current Certificate Rates →

Next Money Minute Monday: Want certificate rates without locking up all your savings for the same amount of time? We'll introduce a simple strategy called a certificate ladder.

<a data-auth="NotApplicable" data-linkindex="2" data-u-link-value="eyJuYW1lIjoid2ViIiwiYXR0cnMiOnsiaHJlZiI6Int7aHJlZn19IiwidGFyZ2V0IjoiX2JsYW5rIiwiZGF0YS10YWctaWQiOiJ7e3RhZ319In0sInZhbHVlcyI6eyJocmVmIjoiaHR0cHM6Ly93d3cub25saW5lYmFua3RvdXJzLmNvbS9tL2FydGljbGUucGhwP2I9MzcwMSZpZD0xMjcwMDAiLCJ0YWciOltdfX0=" href="https://link.edgepilot.com/x/ZdRZ5QaNARGLPKbuv1LgUR8?u=https://exg795.keap-link012.com/v2/click/44a653e9c8a95f270b4b6ced56eb2f11/eJyNkMFqwkAQht9lDj1JshuraQNSRERC1ENpz2VNhrqY7A6biVEk7-7YFk8t9Drz_9_HzAUYnXGcV5ABnj7T5wmMIGBpyaLjhXdsyq9toqeJGkFt3WEVfEeQXX7t3gO3sU51MpYWnwkl9PY6XxT5dvWxzreFZMkEkfyPNHmcPt1By808X8Mw_EnGxvLyKPAWMg4d3m6qrNzF76GW_J6Z2iyO-76PvBMT7ow7sO9CG5W-iZvYBLZljRHt6WU3G6dKP9hqppNUKSUCQ4Su-vlPgedvzXAFZsVsxA=%3D" rel="noopener noreferrer" target="_blank" title="https://link.edgepilot.com/x/ZdRZ5QaNARGLPKbuv1LgUR8?u=https://exg795.keap-link012.com/v2/click/44a653e9c8a95f270b4b6ced56eb2f11/eJyNkMFqwkAQht9lDj1JshuraQNSRERC1ENpz2VNhrqY7A6biVEk7-7YFk8t9Drz_9_HzAUYnXGcV5ABnj7T5wmMIGBpyaLjhXdsyq9toqeJGkFt3WEVfEeQXX7t3gO3sU51MpYWnwkl9PY6XxT5dvWxzreFZMkEkfyPNHmcPt1By808X8Mw_EnGxvLyKPAWMg4d3m6qrNzF76GW_J6Z2iyO-76PvBMT7ow7sO9CG5W-iZvYBLZljRHt6WU3G6dKP9hqppNUKSUCQ4Su-vlPgedvzXAFZsVsxA=%3D"> Click here to watch the video or read the full source article for this series.