If you’re trying to put away some money, and save it, you might just open a savings account. But what if there are alternatives that are just as secure, but get you more cash in the long run? You might have seen advertisements for Money Market accounts and Share Certificates and thought, “what is that?”. In a nutshell, both Money Market accounts and Share Certificates are alternatives to traditional savings accounts, with higher yields of return. That means you earn more money on your savings.

A Money Market account generally offers slightly higher interest rates (compared to traditional savings), as long as you meet the minimum account balance requirements. Considered a liquid asset due to its ease of access, a Money Market account can easily be used as an alternative to your savings account. Unlike the stock market, Money Market accounts are insured, so you won’t see your money rise and fall based on economic factors. To see if a Money Market account is right for you, check around and see if you can meet the minimum deposit requirements. It also helps to check and see how long you must keep your money in the market account to receive any interest.

Share Certificates are similar to Money Market accounts, except they’re less liquid. Share Certificates typically have higher interest rates when compared to Money Market accounts. This is because financial institutions know that they’ll hold onto your money longer than with a Money Market or traditional savings account, so they reward you by offering higher yields of return. You should note that Share Certificates have term requirements, and some institutions will hand out penalties if you decide to withdraw your deposit before the agreed term limit ends. Essentially, Share Certificates are ideal if you know you won’t need your money readily available.

It is common for Credit Unions to offer the highest rates on Money Market accounts AND Share Certificates when compared to similar products at banks. So, while a traditional savings account might be the first thing that comes to mind when you’re trying to save up your money, it is important to consider all your options.