Are you a saver or a spender? “A penny saved is a penny earned.” This old saying calls attention to the wisdom of saving money. “Putting money away for a rainy day” is another way to talk about saving for the future. In the United States, people who want to start a savings account have different choices of where to put their money. These include banks and credit unions. Credit unions are cooperatives for individuals who often share a work-related connection. For example, the members might work for a university or a government agency. Most credit unions are non-profit organizations. Credit unions, banks and other financial institutions pay interest on savings accounts. But the interest rates are generally low. Certificates of deposit pay higher returns. With a certificate of deposit, or CD, a person agrees not to withdraw the money for a period of time. This term could be anywhere from a few months to several years. Longer terms, and larger amounts, pay higher interest. People have to pay a small fine to withdraw their money early. Another way to save is through a money market fund. This is a kind of mutual fund. Mutual funds invest money from many people. The money is sometimes placed in short-term government securities. Money market funds, however, may not be federally guaranteed like other kinds of savings. The Federal Deposit Insurance Corporation guarantees savings up to 250-thousand dollars.