Savings rate varies on different accounts

For many people, saving money means different things. For some, it means putting their money in a savings account. For others, it could mean a money market account or an interest-bearing checking account. The savings rate you'll get depends on where you choose to sock away your money.

Ways to save

A money market account is a savings account offered by banks and credit unions. With a money market account, you typically get higher savings rates than a traditional savings account -- but you're required to have a higher minimum balance. Many of the best money market account rates are reserved for account holders with balances of $10,000 or more.

Checking accounts are another way to save and get a return on your money. With an interest-bearing checking account, you can write checks and access money via a debit card while earning interest at a nominal savings rate. The downside of an interest-bearing checking account is that the banks charge higher fees than free checking accounts. The fees are often waived if you meet certain conditions, such as keeping a minimum balance or making five or fewer debit-card transactions per month. Fees can also be waived if you set up direct deposit with the account.

High-interest checking accounts give above-average savings rates, but a lot of the accounts have high fees and requirements that could negate any benefits.

How much to save

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