Where Should I Keep My Money?

Saving Bonds

Savings bonds may be more old-fashioned than other savings methods, but they’re still a good place to keep your money. The rates aren’t as high on these, so you won’t earn as much interest with a savings bond as you might with another type of savings, but it’s one way to earn some money in a way that leaves you feeling safe. The FDIC guarantees your funds are safe up to 100,000 dollars if you choose to invest in one of these bonds. This leaves you with security, but it’s a much better long-term option than a short-term one.

One of the biggest benefits of a bond is the tax savings, as you’re not required to pay state or local taxes on the money you invest in bonds, which can save you tax liability in many instances. Many savings accounts don’t offer this kind of tax savings, which means you’re not saving money in addition to investing money.

Continue reading to learn the ins and outs of cashback checking accounts.