Whether you’re planning a vacation, honeymoon or second honeymoon, moving your funds into a money market account or certificate of deposit can help your money grow.
A money market account is a deposit account, where your money is invested for you in stocks, bonds and other securities. A money market account typically earns a higher rate of interest than a standard savings account. Money market accounts are considered as safe as a savings account and still give you the flexibility to withdraw funds at any time.
If you’re saving for a big trip and won’t be leaving soon, a CD might make more sense. CDs are usually issued for terms of one to five years, and pay a higher rate of interest the longer you leave your money in. You can’t add funds once you open the account and there are penalties if you withdraw before the CD matures, but overall CDs offer a good way for you to grow your money instead of spend it!