How do I ... Choose a savings account?

What you need to know

The first step is to learn about savings vehicles so you can make educated decisions. Consider the level of access you'll need to your stashed cash -- this is called liquidity. Do you need the ability to tap the money at a moment's notice, or can you wait for a period amount of time?

Also, consider how much money a savings vehicle will earn. Safer vehicles often earn less, while riskier ventures usually yield higher profits. Finally, will your money be insured?

You can read the pros and cons of different vehicles here. But before you dive in, here's a quick breakdown of popular savings vehicles.