- Home
- Personal Finance
- Banking
- Savings
- Savings Accounts
For retirees seeking less risky savings options, here are a few recommendations based on your preferences.
By
Sean Jackson
published
30 March 2026
in Features
When you purchase through links on our site, we may earn an affiliate commission. Here’s how it works.
- Copy link
- X
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
Contact me with news and offers from other Future brands Receive email from us on behalf of our trusted partners or sponsors By submitting your information you agree to the Terms & Conditions and Privacy Policy and are aged 16 or over.You are now subscribed
Your newsletter sign-up was successful
Want to add more newsletters?
Delivered daily
Kiplinger Today
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more delivered daily. Smart money moves start here.
Signup +
Sent five days a week
Kiplinger A Step Ahead
Get practical help to make better financial decisions in your everyday life, from spending to savings on top deals.
Signup +
Delivered daily
Kiplinger Closing Bell
Get today's biggest financial and investing headlines delivered to your inbox every day the U.S. stock market is open.
Signup +
Sent twice a week
Kiplinger Adviser Intel
Financial pros across the country share best practices and fresh tactics to preserve and grow your wealth.
Signup +
Delivered weekly
Kiplinger Tax Tips
Trim your federal and state tax bills with practical tax-planning and tax-cutting strategies.
Signup +
Sent twice a week
Kiplinger Retirement Tips
Your twice-a-week guide to planning and enjoying a financially secure and richly rewarding retirement
Signup +
Sent bimonthly.
Kiplinger Adviser Angle
Insights for advisers, wealth managers and other financial professionals.
Signup +
Sent twice a week
Kiplinger Investing Weekly
Your twice-a-week roundup of promising stocks, funds, companies and industries you should consider, ones you should avoid, and why.
Signup +
Sent weekly for six weeks
Kiplinger Invest for Retirement
Your step-by-step six-part series on how to invest for retirement, from devising a successful strategy to exactly which investments to choose.
Signup + An account already exists for this email address, please log in. Subscribe to our newsletterIf you're retired or a few years away from it, you're likely considering reallocating some of your assets to less volatile options to reduce risk. Fortunately, savings accounts still offer strong returns that surpass inflation and help achieve your goals during retirement.
If you decide to transfer some money, your next step is to choose the right savings account. Various options suit different needs, from having immediate access to cash to a hands-off account that earns a fixed rate of return, regardless of Federal Reserve policies and interest rates.
To help you find the best fit, I've included several scenarios and the top options for each. Using this guide can help you find a savings account that supports your goals.
Article continues belowFrom just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
CLICK FOR FREE ISSUE
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Sign up1. I want access to my cash all the time
If this is the case, you have two options: A high-yield savings account (HYSA) or a money market account. Which one is better for you? Let's break it down:
A high-yield savings account will be a smarter fit if you don't need access to your cash immediately. It works best for savers who have a dedicated emergency fund for unplanned withdrawals with another account.
The reason? Online banks offer the best rates on high-yield savings accounts, yet some of them don't offer ATM cards. That means that unless you open a checking account with the same bank, it might take a few business days to receive your money via an ACH transfer.
If you don't mind the waiting, use this Bankrate tool to find the best account for you:
Meanwhile, a money market account is best if you need occasional immediate liquidity. Money market accounts come with debit cards and check-writing privileges, making it more of a hybrid savings/checking account.
Two things to consider with money market accounts are that you won't earn as high a return as you would with HYSAs, and some banks limit the debit card transactions you can make on money market accounts monthly, so pay close attention to the terms if you go this route.
2. I'm saving my money for a specific goal
In this scenario, a certificate of deposit (CD) is a smart option. The key with CDs is finding a term that matches your savings goals. To demonstrate, if you want to start a business next year after you retire, earmarking funds in a one-year CD is a smart way to ensure you're ready to hit the ground running.
The nice thing about CDs is that they encourage you to keep your money in for the full term. If you need to break it open, you can do so, but the early termination fee will eat away at your earnings.
You can shop and find the best CD rates for your needs using this Bankrate tool:
The one thing I caution about long-term CDs is that if inflation continues to rise, it will limit your earnings. Case in point: The Iran war spiked fuel prices, which means the cost of everyday goods will also increase. A prolonged war could result in even higher fuel costs, driving up other prices and inflation further.
3. I have a large deposit and want to split it among savings accounts
For savers with deposits of $100,000 or higher, I'll always recommend exploring jumbo CDs first. They provide the highest returns among all savings options, with APYs reaching up to 4.35%. They also don't have long-term maturity dates; usually, you're looking at a commitment of six months to a year.
This makes them a flexible savings choice if you want to maximize your returns with some of your funds. However, if you need to split your deposit across multiple savings accounts for cash accessibility, there are several strategies you can use.
For example, with a $100,000 deposit, you could find a jumbo CD that only requires $50,000, placing half into that and the other half into a high-yield savings account. This method allows you to take advantage of two of the highest APYs available while maintaining liquidity and protecting some of your money from potential rate cuts.
Another option is a CD ladder. How this works is you open multiple CDs with different maturity dates, so you have cash flow while protecting your money from future rate cuts.
Ideally, you'll want a mix of short-term and long-term CDs. That way, you have cash access if you want to pivot to other investments in the future, while some of your money continues to earn higher rates.
4. I don't want to use online banks
Your comfort should matter most when choosing a savings account. You want peace of mind knowing you have access to your money when you need it, or if you're caring for an aging parent, having access to a personal banker can make all the difference with financial planning.
Going with this approach means you won't likely earn rates as high as you would with online banks. However, many regular banks, such as Bank of America, U.S. Bank and Chase, offer relationship banking — if you have enough money deposited with them (think $10,000 to $100,000), you'll access higher returns on savings accounts.
If you don't have that much to deposit, it doesn't mean you won't have options either. Instead, look for promotional rates on CDs and savings accounts, as banks offer higher rates on them, so you can still earn a healthy return.
There are many avenues when choosing the right savings account for your needs. Start by prioritizing what you're looking for out of a savings account, then find a solution that fits best within that framework. Doing so puts you on the road to maximizing cash without the risk.
Related content
- Where to Store Your Cash in 2026
- Best High-Yield Savings Accounts
- Jumbo CD vs High-Yield Savings: Which is the Best Place to Store $100k?
- Best CD Rates — A Risk-Free Way to Save
Sean JacksonPersonal finance eCommerce writer Sean is a veteran personal finance writer, with over 10 years of experience. He's written finance guides on insurance, savings, travel and more for CNET, Bankrate and GOBankingRates.