Experts: 4 Safest Places To Keep Your Savings

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If you have reached a certain point in your career, you may have a little bit of extra money set aside. While you know that storing your savings in the freezer is not the best idea, you may not be too sure where you should keep it to get the biggest bang for your buck.

We reached out to financial experts nationwide to find out the safest (and smartest) places to keep your savings. We came up with four tried and true methods for protecting your money and maybe even watching it grow.

High-Yield Savings Account

Across the board, most of our experts agreed that a high-yield savings account is one of the best ways to keep your money safe.

Garit Boothe, the owner of Digital Honey, said, “These accounts offer higher interest rates than traditional savings accounts and are FDIC-insured, which means that the government will protect your money up to $250,000 in case the bank fails.”

Ian Wright, managing director at, agreed: “High-yield savings accounts offer a variety of benefits, including higher interest rates than regular savings accounts, low fees, FDIC insurance for up to $250,000 in deposits, and convenient access to your funds through online banking or mobile applications.”

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“Additionally,” he said, “many high-yield savings accounts offer bonus interest rates on deposits that stay in the account for a certain length of time. This encourages you to save, and your money can still grow even when it isn’t actively being used.”

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Certificate of Deposit (CD)

If you have some extra money that you won’t need in the next few months, a certificate of deposit can be a great option for reliable earnings, especially right now with interest rates soaring.

“A great thing about CD accounts is that your rate is locked in,” said Morgan Gray, SVP, Head of Bask Bank and Consumer Segmentation. “When rates are high, as they are right now, you are guaranteed that interest rate through the length of your CD term. So, no matter what the rate environment looks like over the course of that term — six months, a year, or longer — you’re still going to earn the rate you did when the account was opened.”

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Gray says another added benefit of choosing a CD is that it encourages responsible saving.

“If you don’t want to be tempted to spend your savings, CDs are a great option to ward off impulse spending and reward you with high interest returns at the end of the account term. By choosing to open a CD account that’s FDIC insured, you’re also adding an additional level of security to your savings.”

Money Market Account

“Money market accounts are a type of savings account that offers a higher interest rate than traditional savings accounts and can be a good option for keeping your savings safe,” said Andrew Lokenauth, a personal finance expert. “They often have higher minimum balance requirements than other savings accounts, and they may also have limited check-writing capabilities. Money market accounts are FDIC-insured up to $250,000.”

“Money market accounts are more flexible than the average traditional savings account,” said Gabriel Lalonde, president of MDL Financial Group. “They offer a higher interest rate than traditional savings accounts, and they work essentially as a hybrid deposit account with check-writing and debit card privileges. They are FDIC-insured, meaning that the government backs your money.”

Treasury Securities

“U.S. Treasury securities, such as Treasury bills, notes and bonds, are considered to be among the safest investments because they are backed by the full faith and credit of the U.S. government,” Boothe said. 

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Lokenauth added, “They are considered to be a very safe investment, as they are backed by the full faith and credit of the U.S. government. However, they do not offer a high rate of return, as they are meant to be a low-risk investment.”

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