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You work hard for your money. Once it reaches a certain threshold in your checking or savings account, you should move it into an interest-bearing account to make your money work harder for you .
It can be challenging to know when it makes sense to move your money or open a different account. Here are four questions to evaluate your options:
When your regular savings account reaches $500 and you know you can maintain that balance, you might be ready to switch accounts. Lynn Johnson, Bell’s retail banking manager, recommends converting your savings account to a money market savings account, which rewards higher balances with higher interest rates.
It’s a good idea to keep three to six months’ salary, or an emergency fund of at least $1,000, in an easily accessible savings account.
If you have enough money readily available in your savings account and you want a safe investment, Lynn suggests you consider a certificate of deposit (CD) to get a better return on your money.
Opening an individual retirement account (IRA) is another good option. A bank IRA can be a low-risk investment for retirement, with several tax advantages.
If you participate in a retirement plan, you may want to consider contributing more to that. You should try to contribute at least the minimum amount to maximize all matching employer contributions.
If you already contribute the maximum amount allowed to your 401(k), you can save more in an IRA. Bell Bank’s financial advisors can provide guidance on what’s best for your situation.