A savings account or high-yield money market savings account will help your money grow over time.

The interest can vary from 0.01% APY on a savings account and 4% APY on a high yield money market savings account. 

The money is insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per owner on the account. 

If the bank goes bankrupt, you will have to contact the FDIC to claim your money up to the insured amount. 

Experts recommend that people keep about six months’ worth of your monthly expenses in an easily accessible savings account.