To ensure you receive the best service possible,
please enter your zip code below:
Whether you’re saving for a down payment on a house or for an emergency fund, where you stash that cash is almost as important as actually setting the money aside. Beyond a basic savings account, all savings options aren’t created equal—they vary in interest rates and how often you can access your money.
Savings options, though, have become more attractive these days due to rising inflation and general economic uncertainty—exacerbated by troubling realities, including war and record-high gas prices. It’s a time when many people aren’t as concerned about getting a huge return from their savings; they just don’t want to lose money, and they want the peace of mind that comes from knowing their hard-earned cash is secure.
If you can earn a few bucks in the process, even better. And that’s the silver lining here: As the Federal Reserve raises its interest rate—it has recently to combat inflation, and it may go further—some banks may raise rates on their savings accounts. (In particular, certificates of deposit, better known as CDs, have become a more attractive destination for long-term savings; see section below).
With that in mind, here are four common types of savings accounts and information to help you decide which best suits you.
Take your basic savings account, add higher-than-average interest rates and you’ve got a high-yield savings account. These accounts typically require a higher opening deposit and monthly minimum balance, but they also give you more flexibility to make withdrawals. They often are available from online banks, so there is no physical branch to visit, but you can use an ATM card and online banking.
When to consider: When you want to grow your savings over time faster than you would in a personal savings account, or for a specific short-term savings goal, such as buying a car.
Take note: Interest rates are variable and can fluctuate at any time.
FDIC insured: Yes, up to applicable limits.
This savvy saving strategy will help you put aside money for a goal that’s more near-term, such as a vacation.
A money market savings account lets you write a limited number of checks from it, but it also often has a higher minimum monthly balance requirement than a traditional savings or checking account. The interest rate typically tops that of a basic savings account, but less than a high-yield savings account.
When to consider: A money market account is a smart place to store a large chunk of money, like an emergency savings fund—you can even write a check directly from the account to cover an unexpected expense.
Take note: There are typically restrictions on the number of electronic transfers you can make from the account each month.
FDIC insured: Yes, up to applicable limits.
These are very different from savings accounts. Certificates of deposit—or CDs—usually earn a specific interest rate over a predetermined number of months or years. You can’t access your money during that time without paying a penalty. The longer the term of your CD, the higher the interest rate you’ll earn.
When to consider: If you have a long-term savings goal—such as funding your middle schooler’s college savings—and don’t mind losing free access to your money while you save.
Take note: While very low-risk investments, CDs are also typically very low yield.
FDIC insured: Yes, up to applicable limits.
Despite their downside, CDs may deserve another look. According to a report by Bankrate.com—an independent comparison service that provides rates and financial information—CD rates are headed up this year, with the Federal Reserve planning at least two increases in key interest rates. Greg McBride, CFA, Bankrate.com’s chief financial analyst, is predicting the national average for one-year CDs will rise to 0.35% while the average for the five-year variety will jump to 0.56%. McBride forecasts that the highest-yielding CD rates in 2022 will likely more than triple those average rates.
An individual retirement account (IRA) lets you save for retirement—and get tax breaks. With an IRA savings account, you can start saving money toward retirement, contributing money whenever you desire. You’ll earn interest but won’t immediately be charged taxes on it. Once you have enough money saved, you can open an IRA CD, which has a higher minimum opening deposit. Like a regular CD, your retirement savings will be unavailable without penalty for a set number of months or years. For CDs, you can choose between Roth IRAs (where your taxes are taken out upfront) and traditional IRAs (where your taxes are taken out when you withdraw the money after retirement).
When to consider: When you want to supplement your savings accounts with one specifically for retirement. An IRA savings account is ideal if you want to contribute small amounts over time toward retirement rather than a large sum upfront.
Take note: For long-term, tax-savvy savings success, this may be your best bet.
FDIC insured: Yes, up to applicable limits.
The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation.
†Annual Percentage Rate (APR). Auto Loans. Rates and terms effective as of 6/23/2025. APR is accurate as of 6/23/2025. Advertised rates and terms are subject to change without prior notice. Additional terms and restrictions may apply. Other loan rates available. Subject to borrower qualification. Advertised rate includes a 0.25% discount when you set up automatic payments from any checking or savings account. Rate is variable. Offer valid on personal vehicle loans only. Criteria to receive the stated APR: Loan term 48 months or less new or used, model years 2019 – 2025 with a credit score of 740 or higher based on the Vantage scoring model. Buyer is responsible for all state or local fees. AAA Banking uses a managed credit program, and final APR is dependent on your credit score. An auto loan with an APR of 5.24% for a $20,000 loan at a term of 48 months, your estimated monthly payment would be $463. An auto loan with an APR of 5.49% for a $20,000 loan at a term of 48 months, your estimated payment would be $465. Private party sales will not be financed. Auto loans are offered by Grasshopper Bank, N.A. Member FDIC.
††Annual Percentage Rate (APR). RV Loans. Rates and terms effective as of 3/7/2025. APR is accurate as of 3/7/2025. Advertised rates and terms are subject to change without prior notice. Additional terms and restrictions may apply. Other loan rates available. Subject to borrower qualification. Advertised rate includes a 0.25% discount when you set up automatic payments from any checking or savings account. Rate is variable. Criteria to receive the stated APR : Loan term 48 months or less, $5,000 minimum loan amount, model years 2023-2025, with a credit score of 720 or higher based on the Vantage scoring model. Buyer is responsible for all state or local fees. AAA Banking uses a managed credit program, and final APR is dependent on your credit score. An RV loan with an APR of 7.49% for a $35,000 loan at a term of 48 months, your estimated monthly payment would be $846. An RV loan with an APR of 7.74% for a $35,000 loan at a term of 48 months, your estimated monthly payment would be $850. RV loans are offered by Grasshopper Bank, N.A. Member FDIC.
§ Auto Loan Calculator
The figures entered on the input page of this calculator are for hypothetical purposes only. You should enter figures that are appropriate to your individual situation. The results provided by this calculator are also intended for illustrative purposes only and accuracy is not guaranteed. This calculator is not intended to offer any tax, legal, financial or investment advice and does not assure the availability of or your eligibility for any specific product offered, nor does this calculator predict or guarantee the actual results of any product. The terms and conditions of products offered will differ and may affect the results of the calculator. Please consult with qualified professionals to discuss your situation. The final APR may differ from the APR in the above results due to additional fees that may be applicable.
1Triple Advantage Savings Annual Percentage Yield (APY) is accurate as of 4/1/2025. The minimum amount to open an account is $100.00. Triple Advantage Savings Account Holders can earn the following Annual Percentage Yield (APY): 3.50% APY with Eligible AAA Membership and 3.15% APY without eligible AAA membership.* Deposit products are offered by Grasshopper Bank, N.A. Member FDIC.
2Triple Advantage Savings account holders with a monthly average balance of $25,000.00 or greater receive free outgoing domestic wire transfers. Triple Advantage Savings account holders with a monthly average balance of $24,999.99 or less will be charged a $10 fee for each domestic outgoing wire transfer.
3Triple Advantage Certificate of Deposit (CD) Annual Percentage Yield (APY) is accurate as of 4/14/2025. The minimum deposit to open an account is $500. 4.25% APY applies to a 6-month CD with balances of $500.00 and up. 4.20% APY applies to a 9-month CD with balances of $500.00 and up. 4.10% APY applies to a 12-month CD with balances of $500.00 and up. 3.95% APY applies to an 18-month CD with balances of $500.00 and up. 3.75% APY applies to a 24-month CD with balances of $500.00 and up. 3.50% APY applies to a 36, 48, and 60-month CD with balances of $500.00 and up. CDs are opened and interest begins on the day the funding deposit is received. The interest rate and APY are fixed for the term of the CD. The APY assumes interest remains on deposit until maturity. Withdrawal of interest before maturity will reduce earnings. A penalty may be imposed for early withdrawal. Fees may reduce earnings on the account. Deposit products are offered by Grasshopper Bank, N.A. Member FDIC.
Early Withdrawal Penalties
An early withdrawal penalty will apply if you withdraw funds before the maturity date. For terms of 6 to 12 months, the penalty is 90 days of interest. For terms of 13 to 60 months, the penalty is 180 days of interest. In accordance with Regulation D, a minimum penalty of 7 days’ simple interest will apply to withdrawals made within 6 days of deposit or within 6 days of a previous withdrawal.
4Triple Advantage Checking Annual Percentage Yield (APY) is accurate as of 4/1/2025. The minimum amount to open an account is $100.00. Triple Advantage Checking Account Holders can earn the following Annual Percentage Yield (APY): 1.00% APY with eligible AAA membership and 0.75% APY without eligible AAA membership.* Deposit products are offered by Grasshopper Bank, N.A. Member FDIC.
5Cash Back rewards offer 1.00% cash back on all qualified purchases made by eligible Triple Advantage Checking account holders with an eligible AAA membership.* To qualify for cash back, Triple Advantage Checking account holders must meet all requirements and a transaction must be deemed as a qualified purchase.
Qualified purchases are signature-based purchases made with a AAA Banking debit card from a Triple Advantage Checking Account. To make a signature-based purchase, select “credit” rather than debit at point-of-sale kiosks. The “credit” option is most often pre-selected when making purchases online using a debit card. Online subscription payments may not be considered signature-based purchases. The payment transaction type (signature-based or other) is ultimately decided by the merchant and how the transaction is transmitted to AAA Banking at the time of processing. AAA Banking reserves the right to determine if a transaction was a qualified purchase, and to establish additional types of qualified purchases that could be made available in a variety of ways. Any goods or services purchased with the debit card that are returned or otherwise credited to the account are not qualified purchases. Unlawful purchases and purchases of currency, cash or cash equivalents (including, without limitation, currency from the U.S. Mint, travelers cheques, gift cards, cryptocurrency, casino chips, peer-to-peer payments, prepaid debit cards, account openings, loan payments, or other cash equivalents) made with a debit card are not qualified purchases. Documentation may be required to validate that certain purchases are qualified purchases. If you or AAA Banking closes the account for any reason before the end of the statement cycle, you will forfeit all rewards accrued through your linked debit card during that statement cycle. The AAA Banking Visa® debit card is issued by Grasshopper Bank, N.A. pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa is accepted.
Important Tax Information
The value of this reward may constitute taxable income and may be reported to the Internal Revenue Service as miscellaneous income to the first signer on the account, in the year received, as required by applicable law. Offer is limited to clients who are citizens of the United States that furnish or have a valid Form W-9 on file and the account must not be subject to backup withholding. You may be issued an Internal Revenue Service Form 1099 (or other appropriate form) to you that reflects the value of such reward. Please consult your tax adviser, as AAA Banking does not provide tax advice.
*Eligible AAA Membership Definition: you must be a "Basic," "Plus," or "Premier" member of AAA - The Auto Club Group (ACG). ACG serves households in Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Michigan, Minnesota, Nebraska, New York, North Carolina, North Dakota, South Carolina, Tennessee and Wisconsin. Applicants must be 18+ and a U.S. resident. Other AAA memberships are not eligible.
AAA-Member Verification & Product Eligibility
By applying for a AAA Banking deposit account, you acknowledge and agree that if you select a AAA-member product, your AAA membership status with Auto Club Group (ACG) will be validated at the time of account opening and periodically thereafter. If your AAA membership cannot be validated or your membership status changes, your account may be moved to a non-member product with different terms, including but not limited to a lower Annual Percentage Yield (APY) and the removal of other AAA member-only benefits. If this occurs, you will receive a notification regarding the change in the product and applicable terms. If you believe your AAA Membership status was incorrectly validated or that you have been placed in the incorrect product, please contact us to review and correct your status.
‡Offer valid through 9/02/2025. Offer valid for Classic/Basic Memberships only. Pricing valid at member join only. Offer excludes Motorcycle coverage. Payment of full AAA Membership dues is required upon renewal. Offers, terms, conditions and restrictions apply and are subject to change without notice. Not combinable with any other offer. Offer not valid in FL, GA, MI or PR. A member can add one eligible family member for free for up to one year. Additional Associates are half price. Associate memberships are available to the Primary member’s spouse, one other adult living in the household, and their children living at the same residence or away at school. Associate members must have the same type of membership as their Primary member, with the exception of Motorcycle. Associate membership expires on the renewal date of Primary member.
Upon activation and with proper identification, AAA will provide regular AAA services and full privileges for the new member. Roadside benefits begin three days after payment of dues. Some restrictions apply. Roadside assistance is provided by independent facilities contracted by AAA. Coverage in taxis, limousines and other ride-sharing conveyances is excluded. Visit AAA.com/MemberHandbook for details about member benefits, including any limitations or restrictions. Offers, terms, conditions and policies are subject to change without notice. Savings partners subject to change. Source: 2023 AAA U.S. Market Track national surveys. Includes service vehicles owned by clubs and service vehicles owned by third parties under contract with AAA to provide services to AAA members. Taxes, fees & options excluded. Terms apply. Partners and offers are subject to change and restrictions apply. For a complete list of offers, visit us online at AAA.com/Save or your local AAA office.
