Depending on your goals for your money and how soon you plan to use it, you may want to accumulate interest or otherwise increase what you have so that you end up with more than you actually put away. However, if you are on public assistance, there may be limits to how much you are allowed to have saved. Before you set up a plan, check with your benefits counselor. I n choosing where to put your money, first think of your financial situation and goals and the amount of time it will take to reach them. Successful saving depends on balancing these several factors as you develop your saving plan.
Stocks offer a higher return but are also riskier and less accessible.
They also offer many of the services offered by banks such as savings, CDs, money market deposit accounts, IRAs, loans and trust services. They may offer a wide range of financial services, including saving and investment plans. Some are insured, others are not. Fees also differ. You get more back than you put in, in return for the institution's use of your money.