I am currently working on my master’s degree. Once I graduate and pass the exam, I know there will be fees for testing, licensing, and insurance that I will be responsible for. I assume I will need around $2000-$2500 to make sure everything is covered. I project that I will be done with everything by the summer of 2026. Is there a special type of savings account that I can use or will any savings account be sufficient since I will only need it for two years?
Is there a savings account where I can put money away for a short-term goal without being able to access it immediately?
byu/ExternalSpeaker9 inpersonalfinance
Posted by ExternalSpeaker9
2 Comments
I recommend a high yield savings account. I think right now you can still get 3.6-4%. While it may only get you $90 over the next year, that’s money you didn’t already have.
A high-yield savings account with a online only Bank that has no checking account is probably the closest option for that. If you have all of the money now you can look at doing a CD savings account and settings for 6 months or one year.