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I considered opening a CD but ultimately decided to get a high-yield savings account from online bank Ally instead. The author is not pictured.

I thought I’d open a CD to save up my down payment, but after doing my research I chose an Ally high-yield savings account to earn 20 times more...

They weren't sure when they'd need the money and they wanted to keep contributing, so they chose a flexible Ally high-yield savings account over a CD.
There's no telling what you'll want or need money for later.

The best way to save money for the future, even if you don’t know what you’re saving for

You don't need a specific goal to save money for, says a financial planner. Put any extra cash in a brokerage account — you'll thank yourself later.
A CD can be a good place to store money you don't need immediately.

Here’s exactly how to decide if you should put money in a CD

A CD, or certificate of deposit, is an FDIC-insured savings instrument that provides a safe, secure option to store savings you need in the future.
Many Gen Xers who expect to retire before age 75 are behind on their retirement savings.

A wealth manager says Gen Xers should focus on a 2-part strategy to retire on time

Wealth manager Megan Gorman recommends Gen Xers who are falling behind save in a retirement plan and contribute to a health savings account.
A high-yield savings account is a good place to keep money you might need quickly, but still want to grow.

I’m a former bank manager. Here’s where I told my sister to put her savings in order to earn up to 200 times more.

They put her emergency fund in high-yield savings at an online bank, where earns interest of 2% or more — about 200 times what she'd been earning.
Giving up coffee isn't the key to saving more money.

Forget coffee and avocado toast — most people blow nearly 40% of their money in the same place

To save more money, you have to cut back in the areas where you're spending the most.

I’m a financial planner — here’s what I tell people who ask if they’re saving enough money

Most savings advice is well-intentioned, but there's a disconnect between advisers and advisees.
Ignore these money tips and you'll regret it.

13 pieces of money advice you can’t afford to ignore

The best money advice is often the simplest. Here are tips from financial planners and bestselling authors that you can't afford to ignore.

There’s a simple calculation to determine how much you need to have saved before you can retire

Once you know your magic retirement number, you can walk away from your 9 to 5 job as soon as your account balances hit it.
If you're dreaming of owning a house, you'll want to be strategic with your savings — and you might want to consider a savings account.

The best place to save money for a down payment keeps your cash safe but growing — up to 200 times as much as a regular savings account

In a high-yield savings account, you aren't exposing your cash to risk when you don't have the timeline to wait it out, but it's still growing.