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Saving money, or having some funds set aside for the future is an important piece of your financial picture. It can also be a little intimidating to try to figure out which deposit accounts—like a savings account, certificate or money market—are best for you.

Keep reading to learn more about three of the most popular savings options.

What is a savings account?

Simply put, a savings account is a place for you to regularly deposit money and watch it grow. Consider a savings account a digital piggy bank.

Common savings goals include establishing an emergency fund, saving for a specific goal (such as a vacation or new phone) or just increasing your overall savings. Savings accounts are not considered transaction accounts—like a checking account or credit card—meaning they are meant for you to deposit money into, but not take money out of frequently. Some financial institutions have limits on the number of transfers from savings that you can make per month.

At Verve, the three most popular types of savings accounts are the Name Your Savings, Pick Your Payout and Kickback Savings accounts.

With a Name Your Savings account, members can put money in and out as often as they like with very few restrictions. A Pick Your Payout account makes it tougher to tap into savings by locking your savings until a certain date. That means, if you choose to withdraw funds before your payout date, you’ll pay a fee. Both the Name Your Savings and Pick Your Payout accounts earn dividends for saving money, and you can amp up the dividends you earn when you pair a Kickback Checking® account with a Kickback Savings account.

What is a share certificate?

Like a savings account where you set money aside, a share certificate typically deals with a longer period of time that your money will be set aside and not accessed. Share certificates are designed for larger balances—typically a minimum of $1,000—and have terms that range from 3 months to 5 years. Share certificates also have higher dividend rates than savings accounts, which means you can earn more money just by saving your money.

What is a money market account?

Similar to a certificate, money market accounts typically deal with larger balances. Unlike a certificate, there are no fixed terms for Verve’s money markets, and you can make transfers to easily access your funds as needed. To earn dividends, you need to maintain a $25,000 minimum daily balance, and there are tiered dividend rates, meaning the more you save and the higher your balance the more you’ll earn in dividends.

Not sure which one is right for you? Schedule an appointment to discuss options for saving money, or check our more Verve savings options—such as kids’ accounts, HSAs and more.

Want more great tips for saving money? Visit our blog for more budgeting tips and resources.