Where should you put your hard-earned cash? There isn’t one correct answer to that question, although some places are better than others. We can rule out under your mattress or in a coffee can on the counter, for instance. What kind of credit union or bank account you should keep your money in depends on how much money you have and what you want to do with it. There are four basic kinds of accounts you can stash money in: each has advantages and disadvantages.

Checking accounts are the place to keep your regular monthly expense money. Keep enough in your checking account to cover your bills and spending money.

Put money that you won’t need this month, but want to have immediately available, into a savings account. Keep money you are saving for short-term goals here.

A money market account (MMA) might be a good place to stash your safety net, or emergency fund. MMAs earn higher interest than savings accounts, but limit the number of transactions you can make each month.

Certificates of Deposit, or CDs, are time deposits. They earn higher interest than the other types of accounts, but you can’t get your money back easily, and you will pay hefty penalty fees if you do have to retrieve your money before the CD’s time is up.

Use this chart to get an idea of the advantages and disadvantages of each type of account. Download this chart in printable format (.pdf)