(Kristen) Welcome to Money Matters at 757 with Justin Chastain. And Justin, today we are going to talk about saving for the future. It’s a new year, so are saving accounts still the way to go?
(Justin) They can be, but not necessarily, because there is multiple options you can have within savings accounts. So it really depends on what the client or you’re looking for and how long you’re looking to save and invest for.
(Justin) So we have a money market, which is a hybrid between a checking and a savings account, that gives you a bit higher interest. It’s more liquid. We also have CDs, which ties your money up for just a bit of time but gives you a higher interest rate. And then we also have, for longer-term retirement, IRA’s or Roth IRA options, which give you longer investment options and better tax advantages.
(Kristen) Yeah, so there’s lots of alternatives than just a regular savings account, right?
(Justin) For sure.
(Kristen) That’s why they need to talk to you guys.
(Justin) That’s exactly right.