5 Types of Savings Accounts Seriously Worth Considering

It's not that I wasn't aware that there were different types of savings accounts for the almost three decades of my life—it's just that New York City living kept my savings to a minimum, and what I did have I wanted to keep liquid. But what I've learned (via my intelligent older brother) is that having a regular savings account at my local bank reaps very little interest and that I'd be wise to diversify my savings. (I mean, you diversify your 401(k) portfolio, so why not this?)

And there's so much more than just the savings accounts you probably started when you were a kid (although we're not saying that they should always be overlooked). How you save and the types of accounts you use depend on what you are saving for—and how often you want (or have) to tap into your cash flow, for that matter. Keep reading to get the full rundown of the top five types of savings accounts and the pros and cons of each. Then, take your pick.