Money for short-term savings goals, such as building an rainy-day fund, is often best stored in an easily accessible account. Savings accounts can offer a safe and liquid place to keep emergency cash. While interest rates may be minimal at some banks, savings interest rates tend to be higher at online banks, according to recent MoneyRates.com America's Best Rates surveys.
For purchases that may be down the road, such as those for major electronics or home repairs, CDs may offer an attractive alternative to savings account and money market rates rates. But because these accounts offer less access than other accounts, it's important to only store money in these that you aren't likely to need before the maturity date -- unless you can find an account with a mild penalty for early withdrawal.
If you are planning to prioritize saving in 2013, choosing the right account is an important step. While savings resolutions aren't always easy to keep, having the proper account can help you maximize every gain you make.