14 Places To Put Money And Let It Grow 2024

Saving money gives you incredible financial power even to fund your future goals but how to save money?- here’s when it gets challenging. So, if your goal is to save money with a little risk, then here are 13 places to put money and let it grow. Basically, “Let Your Money Work For You.”

14 Places To Put Money And Let It Grow  2024

However, before putting your money to work, it’s vital to know what you are saving for and when you will need the money.

This will ensure the right allocation of your funds. So, let’s begin our guide on where you can put your money and let it grow.

14 Places To Put Money And Let It Grow

1. High-Yield Savings Account

14 Places To Put Money And Let It Grow 2024- High-Yield Savings Account

These are the savings accounts that offer higher interest rates than traditional savings accounts. It is a good choice if you want to make sure that your savings are accessible while earning interest.

Some banks and credit unions also require a higher opening deposit to get a higher rate of interest. However, the best high-yield saving accounts usually have a low minimum deposit requirement.

2. CDs And CD Ladders

14 Places To Put Money And Let It Grow 2024-CDs And CD Ladders

A certificate of Deposit or CD is a time-bound deposit account in which the bank pays a fixed interest rate for a fixed period of time. The interest rate is typically higher as compared to saving accounts.

Whereas a CD ladder involves buying several certificates of deposit with staggered maturity. For example, if you buy CDs with maturities of three months, six months, and nine months, then you’ll have a three-rung CD ladder and CDs maturing every three months.

3. Money Market Funds

14 Places To Put Money And Let It Grow 2024- Money Market Funds

A money market fund is an account that offers the benefits of both savings and checking accounts. These are investment funds that invest in short-term debt securities.

They aim to offer higher returns than savings accounts or CDs, with relatively low risk. They’re suitable for investors looking for a safe place to park their money short-term.

4. Treasury Bills

14 Places To Put Money And Let It Grow 2024-Treasury Bills

Treasury bills are issued by the government of the USA and include Treasury bonds, bills and notes. These are considered one of the safest investments since they’re backed by the full faith and credit of the U.S. government.

These bills offer a short-term place to park money and earn interest. You can either hold the treasury bills until they mature or sell them before maturity.

5. Corporate Bonds

14 Places To Put Money And Let It Grow 2024- Corporate Bonds

A corporate bond is a loan from you to the company for which an interest is paid. However, these bonds are quite risky, and if it’s a high-yield bond, then these bonds can actually be a lot riskier.

However, if you are an investor looking for a fixed-income security with higher yields than government bonds, then this is the best option for you.

You can buy these bonds or individual bonds through an investment broker. But do remember the risk these bonds entail.

6. Mutual Funds

14 Places To Put Money And Let It Grow 2024- Mutual Funds

Mutual funds are a pool of money collected from many investors to purchase a diversified portfolio of stocks, bonds, or other securities.

These funds are a convenient way of entering into the stock market without having to purchase and manage a portfolio of individual stocks. However, the fund is best when your goal is to save for retirement or another long-term goal.

7. Dividend Stocks

14 Places To Put Money And Let It Grow 2024-Dividend Stocks

Dividend stock is a publicly traded company that regularly shares profit with shareholders through dividends.

While all investments carry some risk, dividend-paying stocks are often seen as more stable and less volatile than non-dividend stocks.

This stability, combined with the dual-earning potential from dividends and stock price increases, makes them an attractive option for investors seeking a safer place to grow their savings.

8. Index Funds

14 Places To Put Money And Let It Grow 2024- Index Funds

An index fund is a type of mutual fund that holds the stock in a particular market index like the S&P 500.

These funds provide investment returns equal to the underlying index’s performance. So, if you have a long-term investment goal, then index mutual fund is the best option.

Moreover, you can buy index funds directly from a fund provider or through a discount broker.

9. Exchange-Traded Funds

Exchange-Traded Funds

ETFs are similar to index funds but are traded on stock exchanges. They offer the diversification of mutual funds with the flexibility of stock trading.

By holding a diversified portfolio of assets, ETFs spread out risk more effectively than investing in single stocks, making them an attractive option. These also have ticker symbols, just like stocks, and are available through brokerages.

10. Cryptocurrency


Cryptocurrencies are digital currencies built on blockchain technology. These can be used to buy goods and services like cash.

However, categorizing them as a “safe” investment requires careful consideration. While they offer the potential for high rewards, they are also known for their extreme volatility.

It also operates in a relatively unregulated space as compared to traditional financial funds which further adds a layer of risk.

11. Checking Account

Checking Account

This is one of the safe places to store money for daily expenses due to its ease of access and the protection it offers. Basically, it’s a type of bank account that allows you to deposit and withdraw funds on an everyday basis.

A key advantage of a checking account is the liquidity it offers, meaning you can quickly access your funds without penalty whenever you need them.

Additionally, checking accounts in many jurisdictions are insured by government-backed agencies up to a certain amount.

12. Tax-Advantaged Retirement Accounts

Tax-Advantaged Retirement Accounts

Accounts like IRAs and 401(k)s offer tax benefits for retirement savings. They’re an essential part of a long-term investment strategy.

Tax-advantaged retirement accounts not only offer the benefit of tax breaks, either upfront through deductible contributions or during retirement with tax-free withdrawals, depending on the account type, but also allow your investments to grow tax-deferred.

This means you won’t pay taxes on the account’s earnings until you withdraw the funds, potentially at a lower tax rate in retirement.

13. Real Estate

Real Estate

Last but not the least on our list is real estate, which stands out as an excellent option for those looking to grow their wealth.

By investing in properties, individuals can benefit from both rental income and the potential appreciation of the property value.

This dual-income stream offers a tangible way to build wealth, supported by the relative stability and predictability of the real estate market compared to more volatile investment options.

14. Alternate Investment Options

Alternate Investment Options

If you are not willing to invest in the above-mentioned options, then there’s a good chance of investing in gold, silver, private equity, hedge funds, coins, stamps, or art.

So, if you are looking to diversify your portfolio away from traditional investment and hedge against stocks and the bond market, then this is the option.


So, this is our list of 14 places to put your money and let it grow. However, When it comes to growing your wealth, diversification is key.

Ultimately, the best investment strategy is one that aligns with your financial goals, time frame, and risk tolerance, ensuring that your money not only grows but also contributes to your long-term financial security.

Moreover, it’s important to conduct thorough research and consider one’s financial situation and risk appetite before investing in any above-mentioned places. But if you are a teenager looking to earn some money, then it is recommended to look for side hustles as a teenager.


What's the safest place to put my money?

Treasury securities and high-yield savings accounts are among the safest investment options, offering lower risk due to government backing or insurance by the FDIC.

How can I invest in real estate with a small amount of money?

Real estate investment trusts (REITs) and crowdfunded real estate platforms allow individuals to invest in real estate with relatively small amounts of money, making it more accessible than traditional real estate investments.

How do robo-advisors work?

Robo-advisors are digital platforms that use algorithms to provide financial planning and investment management services. They typically require less capital to start and charge lower fees than traditional financial advisors, making them accessible to a broader audience.

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