Understanding the different product types
High-yield savings & MMDA
Expedite your savings with APYs significantly higher than the national average.
Receive a competitive rate with the ability to withdraw or add funds whenever you like.
Variable, depending on market conditions.
Flexibility to withdraw as much as you want, whenever you want; there are no restrictions.
Fixed term CDs
Guaranteed rates and clear terms for easy planning or laddering – whatever your timeline.
Lock in to a competitive interest rate for a fixed period to better manage your return expectations.
Fixed for CD term regardless of market conditions.
Full withdrawal when fixed term expires. Penalty fee applies for early withdrawal, varies by institution.
No penalty CDs
Stability and flexibility in one: guaranteed interest rates, plus penalty-free full withdrawal.
The best of both worlds; lock in to a competitive fixed term interest rate with the flexibility of withdrawing.
Fixed for CD term regardess of market conditions.
You can make a full withdrawal as soon as 7 days after funding but rules may vary at different institutions.
Develop a cash strategy to meet your unique needs
Use each type of product to make the most out of your short and long-term cash requirements as interest rates change over time. Savings accounts are subject to rate increases and decreases. With CDs, on the other hand, the interest rate is fixed for its specific term. Developing a cash strategy that takes into account both fixed rates (for periods of interest rate uncertainty or to lock into attractive rates) and variable rates (high-yield savings for short term cash needs or if rates are expected to increase) may help you better achieve your long term goals.
Our partner financial institutions
Learn more about our exclusive network of banks and credit unions, and how they are helping their communities.
All deposit balances on the SaveBetter platform are held at federally insured financial institutions
Federal Deposit Insurance Corporation
All participating banks are members of the FDIC. Deposits in participating banks are insured by the FDIC up to the limits of federal law. The standard insurance amount is $250,000 per depositor, per insured bank, for each deposit account ownership category.
Click to learn more about FDIC insuranceNational Credit Union Administration
All participating credit unions are insured by the NCUA through its Share Insurance Fund. Deposits in participating credit unions are insured by the NCUA up to the limits of federal law. The standard insurance amount is $250,000 per depositor, per insured credit union, for each deposit account ownership category.
Click to learn more about NCUA insuranceHow taxes are taken care of
You will receive a 1099-INT for each eligible savings product for each calendar year for income tax reporting requirements.
Learn more about savings products
What are high-yield savings accounts?
With a high-yield savings account, you will typically find higher interest rates than checking accounts or standard savings accounts. Funds deposited in high-yield savings accounts have high liquidity, allowing you to access them as needed. The best high-yield savings accounts can offer competitive interest rates, federal deposit insurance, no fees, and no limits on deposits or withdrawals, like those offered on the SaveBetter marketplace.
For the best savings accounts available on SaveBetter, click here.
What are money market accounts?
Money market accounts, or money market deposit accounts, are another type of high-yield savings product that offer an interest rate that’s typically higher than that of standard savings accounts. They offer many of the same benefits of traditional savings accounts however they typically feature higher interest rates.
For the best money market accounts on SaveBetter, click here.
What are certificates of deposit?
Certificates of deposit, also known as CDs, can be perfect for securing predictable returns on your cash savings. In exchange for depositing a set amount of money for a set period of time, a bank or credit union allows you to lock in an interest rate for the entire deposit term. The best CD rates can be dependent on the term of the deposit. CDs with longer terms typically may offer higher interest rates due to their decreased liquidity, while CDs with shorter terms can offer lower interest rates — although typically still higher than savings account interest rates.
To see the best CD accounts available on SaveBetter, click here.
What are no-penalty certificates of deposit?
No-penalty certificates of deposit, or no-penalty CDs, are a deposit product that allow you to lock in an interest rate for a set period of time, just like a fixed-term CD. The difference with no-penalty CDs is that there are no early withdrawal fees in the event that you withdraw funds prior to the account’s maturity date.
For the best no-penalty CD rates on SaveBetter, click here.
The SaveBetter name and logo are trademarks of Raisin US LLC. The Raisin Solutions US name and logo are trademarks of Raisin GmbH, used with permission. All other trademarks, logos, marks, and brand names are the property of their respective owners - used with permission
© 2023 Raisin US LLC. All rights reserved.
APY means Annual Percentage Yield. APY is accurate as of {todayDate}. Interest rate may change after initial deposit. Minimum opening deposit is $1.00.
Customer funds are held in various custodial deposit accounts. Each customer authorizes the Custodian Bank to hold the customer’s funds in such accounts, in a custodial capacity, in order to effectuate the customer’s deposits to and withdrawals from the various bank and credit union products that the customer requests through SaveBetter.com. The Custodian Bank does not establish the terms of the bank or credit union products and provides no advice to customers about bank or credit union products offered through SaveBetter.com. Central Bank of Kansas City, Member FDIC, d.b.a. Central Payments is the Service Bank. Lewis & Clark Bank is the Custodian Bank.