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Luis Terraza

06 de abril de 2020

Good account to put savings

I want an account right now to put savings for any emergency that could come up this months.



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Asesor financiero

06 de abril de 2020


Asesor financiero

06 de abril de 2020

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Hello Luis, 


It is very smart to put your saving in a safe place, not only to make sure it grows but also to have it reserved for the moment you will really need it. With that being said, there are many financial products that can help you to save your funds while making them grow, without actually investing it. Some potential products for your situation are:


  • Savings Account: Opening a savings account is usually the easiest way to start saving your money. Savings are important to keep distance with everyday spending and always have money available for big goals in life you may want to achieve that will require money or simply any emergency that can get in your way. Having a savings account can allow you to achieve any financial goals you have while helping your money grow.


  • Certificate of deposit: A Certificate of Deposit account or A.K.A. “CD” account is a financial product offered by Banks and Credit Unions with premium interest rates and federal protection. These accounts have been designed to store savings, that’s why the fees on them tend to be very flexible. Typically, CD accounts do not have monthly fees.


  • Investment Retirement Account (IRA): It is a type of investment account that has been designed to save money for retirement. It is offered by several financial institutions - opening one of them with either a bank or a broker - but most people get one with brokers. In addition to that, it is important to know that IRAs are not the same for everyone. The right one for an individual will depend on their employment status and you will have to prove earned income that meets IRA rules to be able to get one.


After seeing what option you have, we recommend you to analyze which one could give you the most benefits, depending on your financial profile. If you are looking to get a savings account, we tell you how to shop around for a good one here.


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