Big Savings Goal? These Financial Moves And Tools Can Help
These days, just when we think we can give our wallets a break, suddenly there’s yet another expense to pay for.
While we can’t entirely escape some of life’s biggest expenses — like weddings, home repairs, college tuition and car purchases — we can plan for them so we don’t feel completely blindsided by a massive bill.
Here are the financial tools to use to reach lofty savings goals, plus how to prep beforehand.
Get more bang for your buck with a high-yield savings
CNBC Select recommends the Marcus by Goldman Sachs High-Yield Online Savings Account because it doesn’t charge a monthly fee, overdraft fee or excessive transactions fee. It consistently offers a strong APY and an easy-to-use banking app.
Marcus by Goldman Sachs High Yield Online Savings
Goldman Sachs Bank USA is a Member FDIC.
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Annual Percentage Yield (APY)
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Minimum balance
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Monthly fee
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Maximum transactions
At this time, there is no limit to the number of withdrawals or transfers you can make from your online savings account
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Excessive transactions fee
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Overdraft fee
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Offer checking account?
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Offer ATM card?
Pros
- Strong APY
- No minimum balance or deposit
- No monthly fees
- No limit on withdrawals or transfers
- Easy-to-use mobile banking app
- Offers no-fee personal loans
Cons
- Higher APYs offered elsewhere
- No option to add a checking account
- No ATM access
And if you’re able to make a larger deposit, the CIT Bank Platinum Savings account offers a higher APY on balances of $5,000 or more. You’ll earn a lower APY for balances less than that.
CIT Bank Platinum Savings Account
CIT Bank is a division of First-Citizens Bank & Trust Company, a Member FDIC.
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Annual Percentage Yield (APY)*
3.75% APY on balances of $5,000 or more; balances less than $5,000 earn 0.25% APY
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Minimum balance
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Monthly fee
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Maximum transactions
No limit – Max currently paused
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Excessive transactions fee
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Overdraft fee
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Offer checking account?
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Offer ATM card?
Yes, if have a CIT Bank checking account
Pros
- Strong APY
- Minimum deposit required is low
- No monthly fees
- No overdraft fee
- Option to add a checking account with ATM access
Cons
- Only earn high APY on balances of $5,000 or more
- $100 minimum deposit
- Excessive transactions fee
- No physical branch locations
For complete list of account details and fees, see our Personal Account disclosures.
*Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. *APYs — Annual Percentage Yields are accurate as of January 9, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
Experts generally recommend keeping your money in a savings account if you’ll need the money within the next three years. This way, you can avoid the market volatility you’d be exposed to if you invested instead, and you won’t have to worry about potentially withdrawing less money than you started with as a result.
Consider a CD for predictable deadlines
A CD can help you reach big savings goals because CDs offer above-average interest and their specific fixed terms help relieve the temptation to dip into the account. Just note that a typical CD doesn’t allow for additional contributions beyond the initial deposit, so it’s a good idea for big savers if you have a large amount of funds already that you want to leave untouched. Once the CD term is up, you can access your money.
If you have a predictable deadline for your big savings goal, like your wedding in two years, you can choose a CD with a term that you’re comfortable with. In addition to being locked into the fixed term length, such as three or six months, you’re locked into a fixed interest rate so you’ll know your guaranteed return.
Alliant Credit Union CDs
Alliant Credit Union is a Member NCUA.
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Annual Percentage Yield (APY)
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Terms
From 3 months to 60 months
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Minimum balance
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Monthly fee
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Early withdrawal penalty fee
Early withdrawal penalty may apply. For CD term of 17 months or less, penalty is number of days the certificate is open, up to 90 days; for CD term of 18 to 23 months, penalty is number of days the certificate is open, up to 120 days; for CD term of 24 to 48 or 60 months, penalty is number of days the certificate is open, up to 180 days; for during 7-day grace period for new certificates, penalty is 7 days (no dividends are earned), a penalty will be applied from the principal balance.
Pros
- Above-average APYs
- Range of CD terms
- No monthly fee
- Jumbo CDs available for higher rate
- Alliant Credit Union membership is available to anyone
Cons
- $1,000 minimum deposit required
- Highest APY offered is on a jumbo CD requiring deposit of $75,000+
- You can’t access your money before your CD term ends
- Early withdrawal penalty fee
- No physical branch locations
Synchrony Bank CDs
Synchrony Bank is a Member FDIC.
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Annual Percentage Yield (APY)
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Terms
From 3 months to 60 months
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Minimum balance
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Monthly fee
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Early withdrawal penalty fee
There may be an early withdrawal penalty if you withdraw funds from the principal prior to the CD maturity date (the last day of the CD term). The penalty is applied to the amount of principal withdrawn (there’s no penalty on interest). For the No-Penalty CD, early withdrawals are not permitted within the first 6 days after account funding. Following that, only withdrawal of the entire balance is allowed.
Pros
- Above-average APYs
- Range of CD terms
- No minimum balance
- No monthly fee
- Offers CD options to raise your APY, withdraw with no penalty and save for retirement
Cons
- You can’t access your money before your CD term ends
- Early withdrawal penalty fee on certain CDs
- No physical branch locations
APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. For CD accounts, a penalty may be imposed for early withdrawals. After maturity, if your CD rolls over, you will earn the offered rate of interest for your CD type in effect at that time.
Invest if it’s a long-term goal
If your big savings goal is for something five-plus years away, meaning you can handle a fluctuating balance without needing the cash right away, invest your savings. Doing so gives you a chance at higher returns, which can really help when saving up for something big, albeit there is more risk. For this reason, we only suggest putting your money in the market for big savings goals that you have years to reach.
Compare investing resources
Track where your money goes
You know the saying, “What doesn’t get measured doesn’t grow?” It’s the same deal here. Tracking what comes in and out of your bank account helps you figure out exactly how much money you have to put toward your savings goals. It also helps you catch any expenses you can cut from your regular monthly spending so you can save even more money.
Empower
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Cost
App is free, but users have option to add investment management services for a fee
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Standout features
A budgeting app and investment tool that tracks both your spending and your wealth
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Categorizes your expenses
Yes, but users can modify
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Links to accounts
Yes, bank and credit cards, as well as IRAs, 401(k)s, mortgages and loans
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Availability
Offered in both the App Store (for iOS) and on Google Play (for Android)
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Security features
Data encryption, fraud protection and strong user authentication
Pros
- Free to use
- Includes money-tracking dashboard, plus a net-worth tracker
- Syncs to your bank and credit cards as well as other financial accounts
- The Currency blog offers financial planning tips
- Security features include data encryption, fraud protection and strong user authentication
Cons
- Budgeting features aren’t as comprehensive as other apps
- Investment management services come with cost
Monarch
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Cost
$8.33/month (billed $99.99 annually); $14.99/month (billed monthly) – get 50% off your first year with code CNBC50
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Free trial
7-day free trial is available before subscribing
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Standout features
Net worth tracker, investment portfolio tracking, goal creation and progress tracking, budgeting and expense tracking
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Categorizes your expenses
Yes, but users can modify
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Links to accounts
Yes, bank and credit cards, as well as IRAs, 401(k)s, mortgages and loans
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Availability
Offered in both the App Store (for iOS) and on Google Play (for Android); web version also offered
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Security features
Utilizes industry-leading security practices, according to Monarch’s website
Pros
- Easy-to-navigate money-tracking dashboard, including a net-worth tracker
- Easily syncs to your bank, credit cards and other financial accounts
- Users can add collaborators for free
- Seven-day free trial
Cons
- Subscription is pricier than competitors
- Recommendations in the “advice” tab are generic
Plus, how to to prep for hitting a savings goal
As with any financial goal, you need to set specific goals with specific numbers before you even start hitting the spreadsheets or opening new accounts.
Make a list of the purchases you’re looking ahead to this year and write down exactly how much you’ll need to pay for them. Try not to “guess-timate” because you can wind up underestimating how much you really need — then, you’ll be left scrambling trying to figure out how to bridge that gap.
Plus, getting real about the numbers may make you come to terms with any purchases that just can’t happen this year, and you can re-prioritize them for next year.
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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
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