I’ve always been a fan of game shows. I’m a little competitive and love seeing if I can answer faster or with more accuracy. While I think I could hold my own on most shows, there was one classic series I found entertaining where I could rarely predict the outcome: The Dating Game.
If you’ve never seen it, the premise is simple. One contestant sat on one side of a partition. Three potential matches sat on the other. The contestant would ask questions to find a match based purely on the sound of a voice. Watching it play out always reinforced that old saying, “There’s a lid for every pot”.
The same is true for your money. There is a specific account designed for the way you save and plan. You just need to ask the right questions to find it.
So, let’s play a round of the “Savings Data Game” and see if your money can find its perfect match.
Meet Our Eligible Account Types
Three contestants are waiting behind the partition, ready to explain why they’re the right choice for your savings:
Contestant #1 – General Savings Account
The “traditional standard.”
Contestant #2 – Money Market Account
Also known as “higher-yield savings.”
Contestant #3 – Certificate of Deposit (CD)
Friends call me “CD.”
Question 1
Describe yourself in three words.
General Savings Account
Safe, straightforward and foundational
Money Market Account
Productive, accessible and higher-earning
Certificate of Deposit
Rate-locked, secure and strategic
Question 2
What types of saving are you good at?
General Savings Account
I’m the right place to get started with savings. If you mentally consider part of your checking account balance to be for a rainy day, I’m a perfect fit to help you separate those funds. Putting money into a separate account creates accountability, and research even shows that having a dedicated space for your goals helps you feel more optimistic about the future.1 Beyond me making you happier, I earn a little bit of interest so your money starts earning some money.
Money Market Account
If you "want it all," I’m your account. I am designed for the established saver who keeps a higher balance and wants to be rewarded for it. While I help you earn more interest than a general savings account, I am still there for you if an emergency arises. I am the bridge between a basic account and a long-term investment.
Certificate of Deposit
I’m here for more structured savings goals. I’ll often pay you more interest than the other savings account options because I’m in it for the long haul. I am a great match for when you want to set money aside for a specific timeframe to ensure it stays protected and grows at an accelerated rate.
Question 3
What can you help me do?
General Savings Account
I can help you build consistent savings habits. I am here to protect your money so you can work toward life goals like a vacation, a down payment on a new home or having some backup for a rainy day.
Money Market Account
I help you put your existing wealth to work. If you have a larger balance sitting in a checking account that isn't earning much, I’m a great fit to maximize that interest. I give you the best of both worlds: higher earnings and the flexibility to get to your funds at any time if your plans change.
Certificate of Deposit
I am here for your savings strategies. If you know you won’t need access to those funds over a set timeframe, I’ll protect your money and grow it at a higher rate. I can even help you with a "laddering" strategy where you open multiple CDs with different end dates so you always have cash becoming available while still earning those higher rates.
Question 4
What is one thing I should ask before we make it official?
General Savings Account
Ask how to connect me to your checking account. I am very straightforward and ready to help with your goals, but I work best when you use digital tools like recurring transfers to feed your savings automatically. I’m happy to be your day-to-day savings hub while you add other strategies for bigger milestones.
Money Market Account
Ask about my interest tiers. Because I pay more interest than a basic savings account, it is important to know how much you need to keep in the account to earn those top rates. You should also check on the specifics for withdrawals to see how many are complimentary each month so our partnership stays smooth.
Certificate of Deposit
Ask about my "end of term" plan. I provide options for terms anywhere from 30 days to 5 years, but you should know what happens when that date arrives. Some institutions automatically roll the balance over while others close the account so knowing the plan ahead of time keeps your financial journey on track.
Finding Your Perfect Match
Ultimately, you want to make a more sound decision for your money than picking a date based on a voice behind a partition. The great news is that you don’t have to fly solo. Whether you’re just starting your journey or looking to maximize your growth, we have a match that fits your life perfectly:
- Looking for that "classic" connection? Start a solid routine with our I Save account.
- Want a partner that works as hard as you do? Get the best of both worlds with My Money Market.
- Planning for a major life milestone? Secure your future with our CD terms and rates.
Need a little expert advice to make your final choice? Stop by a Bank of Utah branch for a face-to-face chat or connect with us online. Our local banking managers can't wait to help you get started!
Mary McBride is Vice President of Digital Experience and Sales at Bank of Utah. She loves finding ways to ensure the Bank’s digital channels give customers the information, tools and resources they need. Mary is a mother of two who loves exploring the trails in our great state with her husband and kids. A Disney enthusiast, she also has fun trying to level up to Disney Cruise Line's Pearl status.
