Where Should You Put Your Money? Choose the Right Account

Whether you’ve got a little saved up or you’re just getting started, knowing the differences between account types—like savings, CDs, and money markets—can help you earn more, avoid penalties, and plan ahead with confidence.

Landon’s Account Guide (Explained with Water!)

Landon used a fun analogy—water—to explain the liquidity (or ease of accessing your cash) in different accounts. Here’s how it all breaks down:

🧊 Certificate Accounts (CDs) = A Block of Ice

• Best for: Long-term savings you won’t need soon
• Minimum to start: As low as $500 at JCU
• Term options: Start at 6 months
• Why it’s smart: Higher interest rates than regular savings
• Watch out: Pull money out early and you could lose interest

Think of it like freezing your money—solid and stable. But chip at it too early, and you lose some value.

🧊💧 Money Market Accounts = A Slurpee

• Best for: Medium-term savings with occasional access
• Features: Higher interest at higher balances
• Risks: May get “brain freeze” (penalties or reduced interest) if used too often or dropped below a balance

You can still sip your money, but too many withdrawals can give you a headache.

💧 Savings Account = A Bottle of Water

• Best for: Everyday savings and multiple savings goals
• Features: Easy access, but still contained
• Pro tip: Use separate savings “suffixes” to organize your goals (vacation, car, emergencies)

You can open it up when needed, but it’s not quite as quick as pouring from a glass.

🥛 Checking Account = A Glass of Water

• Best for: Everyday spending
• Features: Built for quick movement—deposits, bills, shopping
• Liquidity: Easiest access to your cash

Your go-to for moving money fast and easy—just like taking a drink.

So, Which One’s Right for You?

“None of these accounts are bad or good—it all depends on what you need right now.” – Landon Bradfield

• Got cash collecting dust? Consider a certificate account.
• Need savings with some flexibility? Look at a money market.
• Want to save for short-term goals? Use a savings account.
• Managing daily expenses? Stick with checking.