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Gone are the days when everyone carried around cash — money is now tied up in all sorts of accounts that are accessed digitally. However, the way that the money works in each account is different. Some help you gain money while others make you lose money. Take a look at what’s really happening to your money in these common investments and money accounts.

Checking Account: For the Biggest Flux of Money

Description: Checkbook

Image via Flickr by jridgewayphotography

Depending on which financial institution you use, you may have to pay a monthly or yearly fee to have a checking account. Banks don’t make very much money off of your checking account because it fluctuates too much, so they often charge a fee to compensate. The fee can be anywhere from $10 to $30 per year. This covers fees for if you withdraw too much money and it has to roll over into a line of credit or an overdraft account. You should look for a free checking account that doesn’t have any strings attached to save money. Of course, you’ll always have to pay to order paper checks, no matter which checking account you have. Additionally, some checking accounts do pay you interest if you have a high enough balance.

Savings Account: For Storing Money more than a Month

Description: Savings Account

Image via Flickr by kenteegardin

There is a lot of variation in savings accounts, too, which mainly has to do with the interest rate the financial institution will payout to you. You typically can get anywhere from 0.01 percent to 1 percent. That might not seem like very much money, but it adds up, especially if your savings account has a large balance of money. Of course, some special types of savings accounts offer even higher interest rates if you are willing to deal with the restrictions. For instance, money market savings account can have interest rates as high as 3 percent. You just have to maintain a minimum balance and limit the amount of withdrawals you make each month.

Credit Cards: For Buying Items that Cost More Money than Is in Your Bank Account

Description: Credit Cards

Image via Flickr by StormKatt

Credit cards are pretty simple as long as you payback the entire balance each month. However, if you carry a balance, you get interest tacked on that you have to pay back. The interest can come with an annual percentage rate (APR) as high as 25 percent. Most credit cards also have a minimum payment amount you have to make each month. However, it will take a really long time to payback your credit card if you only pay the minimum.

Stocks and Bonds: For Making Bigger Dividends from Your Money

Description: Wall Street

Image via Flickr by Benjamin

Dumas Stocks and bonds have the highest dividends, but they are also risky. It is an investment where you give money to a company, and if the company does well, you get a payout. You don’t get a payout if the company does poorly. Use your best judgment and get advice from brokers before investing. You can learn more about the different types of accounts there are by following the Fisher Investments YouTube channel. You’ll learn tips on the best places to put your money, as well as what mistakes to avoid.

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