Keeping Lots of Money in Your Checking Account? Here Are 3 Better Places for Your Cash

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If you are holding a hefty balance in your checking account, you are definitely missing out on smarter, better, more lucrative options to make your money work for you. Yes, checking accounts are quite convenient, but the problem with them is that they offer neither growth nor significant returns. Instead, here are three smart alternatives to boost your money’s value.Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes. 1. High-yield savings accountsCheck this out: Unlike traditional savings accounts, high-yield savings accounts can pay up to 10 times or more in interest, making them a great choice if you are keeping extra cash on hand.Additionally, like any standard account in a bank, credit union, or savings and loan, these accounts are also typically FDIC insured, meaning your money is federally protected up to $250,000.High-yield accounts are just that — they pay a higher yield on your money. Some top high-yield accounts offer annual percentage yields (APYs) of 4% or higher. What does that mean for you? Instead of earning pennies for your dollars (or nothing at all) in a standard checking account, with a high-yield savings account, for every $10,000 you have in savings, you could earn $400 in interest in a year.High growth, convenience, and low risk? Not too shabby. Want to open one? Click here for our picks for the best high-yield savings accounts.2. Treasury bills (T-bills)Treasury bills are another smart place to store extra cash, especially if you don’t need immediate access to the money. T-bills are short-term investments issued by the U.S. government. Terms are as short as four weeks, but also can extend to up to a year. And because they are backed by the federal government, T-bills are virtually risk free.T-bills work differently than savings accounts. Here’s how: T-bills have a face value that the bill is worth if held throughout the term. You buy bills at a price below that face value. If you hold it for the duration of the term, the government will then pay you back the full face value. So it’s not about interest. Instead, you make your money by buying the bill at a discount, holding it, and then getting paid back its full value upon maturity.For example, you might buy a $10,000 T-bill for $9,500 and get the full $10,000 back when the T-bill matures.3. Money market accounts (MMAs)Money market accounts offer a solid blend of accessibility and earnings. While similar to high-yield savings accounts, MMAs differ in that they offer more flexibility. Money market accounts often will pay a higher interest rate than normal savings accounts (although maybe not quite as much as a high-yield savings account), but also come with debit cards and limited check-writing privileges (say, six transactions per month).So the way an MMA trumps a regular checking account is that they earn you higher interest and yet still give you the option to access that money if so desired.Click here for a list of our favorite money market accounts.The takeawayChecking accounts are undoubtedly a handy place to keep your money for day-to-day expenses, but they really are no place for cash that you would like to see grow. Better, by moving your money into one of the options above, your money will make you even more money. That they are all safe and secure is icing on the cake.Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes. We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.”}]] [[{“value”:”

If you are holding a hefty balance in your checking account, you are definitely missing out on smarter, better, more lucrative options to make your money work for you. Yes, checking accounts are quite convenient, but the problem with them is that they offer neither growth nor significant returns. Instead, here are three smart alternatives to boost your money’s value.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

1. High-yield savings accounts

Check this out: Unlike traditional savings accounts, high-yield savings accounts can pay up to 10 times or more in interest, making them a great choice if you are keeping extra cash on hand.

Additionally, like any standard account in a bank, credit union, or savings and loan, these accounts are also typically FDIC insured, meaning your money is federally protected up to $250,000.

High-yield accounts are just that — they pay a higher yield on your money. Some top high-yield accounts offer annual percentage yields (APYs) of 4% or higher. What does that mean for you? Instead of earning pennies for your dollars (or nothing at all) in a standard checking account, with a high-yield savings account, for every $10,000 you have in savings, you could earn $400 in interest in a year.

High growth, convenience, and low risk? Not too shabby. Want to open one? Click here for our picks for the best high-yield savings accounts.

2. Treasury bills (T-bills)

Treasury bills are another smart place to store extra cash, especially if you don’t need immediate access to the money. T-bills are short-term investments issued by the U.S. government. Terms are as short as four weeks, but also can extend to up to a year. And because they are backed by the federal government, T-bills are virtually risk free.

T-bills work differently than savings accounts. Here’s how: T-bills have a face value that the bill is worth if held throughout the term. You buy bills at a price below that face value. If you hold it for the duration of the term, the government will then pay you back the full face value. So it’s not about interest. Instead, you make your money by buying the bill at a discount, holding it, and then getting paid back its full value upon maturity.

For example, you might buy a $10,000 T-bill for $9,500 and get the full $10,000 back when the T-bill matures.

3. Money market accounts (MMAs)

Money market accounts offer a solid blend of accessibility and earnings. While similar to high-yield savings accounts, MMAs differ in that they offer more flexibility. Money market accounts often will pay a higher interest rate than normal savings accounts (although maybe not quite as much as a high-yield savings account), but also come with debit cards and limited check-writing privileges (say, six transactions per month).

So the way an MMA trumps a regular checking account is that they earn you higher interest and yet still give you the option to access that money if so desired.

Click here for a list of our favorite money market accounts.

The takeaway

Checking accounts are undoubtedly a handy place to keep your money for day-to-day expenses, but they really are no place for cash that you would like to see grow. Better, by moving your money into one of the options above, your money will make you even more money. That they are all safe and secure is icing on the cake.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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