New Year’s Resolutions are just around the corner and we can all probably do something to make our lives better.

Some people want to lose weight. Others want to eat healthy or read a certain number of books. Those resolutions are good for some people, but not for everyone.

However, I think we can all agree that we’d like a little more money.

Wouldn’t starting a savings account make a great New Year’s Resolution? Whether you are saving for a house, a new car, retirement, or maybe even just having a few bucks for a rainy day, there’s never a bad time to start saving!

If you’re ready to save then the question becomes, “What is the best account for my savings?”

There are a few different options.

Easy Access Savings Accounts

There are some savings accounts that work a lot like a checking account without checks. Money can be deposited or withdrawn at any time whenever you need to access your funds.

These accounts are great for money that could need to be accessed in an emergency. If you have a hospital bill or home repair then you’ll want to access your money. Do some research to find the best easy access savings accounts for your personal situation and I think you’ll be happy with earning interest on your money while knowing it can be accessed at any time.

CDs or Fixed Term Savings

If you are pretty confident that you can keep the money in savings for a while then you’re better off considering a CD (Certificate of Deposit),or a fixed term savings as an option. This means that you promise to keep the money in the account for a certain period of time.

You’ll get a better interest rate with this type of account because you are promising not to withdraw the money, meaning the bank can be confident the money will be there and they can make it available to lend to other customers.

It’s important to check the rates before getting this type of account. If the interest is a lot more than you can get in a regular savings account then it could be worth it. If it’s not much more, the flexibility of accessing your money might be better.

The Act of Saving is What’s Important

It really doesn’t matter much which account you choose. A 3% return is better than a 2% return, but none of it matters if you aren’t saving at all.

If you open a BM savings account or any other savings account, the most important thing is to contribute to that account as consistently as possible. It will be worth it in the end when you have a bunch of money saved up and you meet your financial goals!