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The Surplus Episode: Where Should You Actually Keep Your Savings?

Updated: 4 days ago


Woman near plane with a lot of savings



If you’ve been following our Savings Series on the Deeply Invested podcast, you already know we’re big fans of High-Yield Savings Accounts (HYSAs). But you’ve also been asking: Are there other good places to park my savings?

In our latest surplus episode, we explore three solid options for your cash, depending on your goals and timeline:


1. High-Yield Savings Accounts (HYSAs)


These are savings accounts with a higher interest rate than traditional accounts. They’re liquid, easy to move money in and out of, and perfect for emergency funds or short-term savings goals.

Downside? Rates can fluctuate but you’re not locked in, so you can always shop around (without rate chasing!).


2. Certificates of Deposit (CDs)


CDs offer a fixed interest rate in exchange for locking in your money for a set time (e.g., 6 months, 1 year). If you withdraw early, you may face a penalty.

They’re great if:

  • You don’t need the money soon

  • You want a guaranteed return

  • You think rates might drop and want to lock in a current rate

 Tip: Consider a CD ladder — a strategy where you stagger CDs to have money become available at regular intervals.


3. Money Market Accounts (MMAs)


MMAs combine features of checking and savings. You might get check-writing privileges or a debit card, along with slightly higher interest than regular savings.

Downside? They often have higher minimum balances and rates vary.


Quick Comparison Table:

Account Type

Best For

Watch Out For

HYSA

Emergency funds, short-term savings

Fluctuating rates

CD

Medium-term savings, locking in rates

Early withdrawal penalties

MMA

Flexible access with some interest

Higher balance requirements


So… Where Should You Keep Your Savings?


  • Emergency fund? A HYSA is usually best.

  • Money you won’t touch for 6–12 months? Try a CD.

  • Need both flexibility and interest? Consider an MMA.


Listen to the full episode now to get all the insights in under 15 minutes — no fluff, just clear answers.


And don’t forget to subscribe and share if you found it helpful!

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