These traditional bank alternatives could seriously increase your savings

Aside from the old-school savings and checking options offered at traditional banks, there are other options that allow you to save and withdraw cash.

Money market accounts (MMAs), also known as money market deposit accounts (MMDAs), are a type of interest-bearing savings vehicle that was developed several decades ago.

Money Market Accounts

Medium Brush Stroke

In general, these accounts offer relatively lower risk for investors than other types of investments because they are insured by the Federal Deposit Insurance Corporation.

A cash management account (or CMA) combines traits of a savings account with a checking account, allowing account holders to both save and spend.

Cash Management Accounts

Medium Brush Stroke

Rates can be competitive while allowing the account holder to make withdrawals as needed. This is in contrast to the types of accounts that limit transactions allowed per statement cycle.


Finding a financial advisor doesn’t have to be hard. SmartAsset’s free quiz matches you with fiduciary financial advisors in your area or who serve your area. If you are ready to be matched with financial advisors that can help you achieve your financial goals, take the quiz now.