When it comes to finding a safe place to put your money, there are a lot of options. Savings accounts, checking accounts, certificate of deposits and money market accounts are popular choices. Each has different rules and benefits that fit different needs. When choosing the one that is right for you, consider:

• Minimum deposit requirements. Some accounts can only be set up with a minimum dollar amount. If your account goes below the minimum, no interest is paid or you are charged extra fees.


• Limits on withdrawals. Can you take money out whenever you want? Are there any penalties for doing so?


• Interest. How much (if anything) is paid and when: daily, monthly, quarterly, yearly? To compare rates offered locally to those from financial institutions around the nation, visit www.bankrate.com.


• Deposit insurance. Look for a sign that says your money is protected by the Federal Deposit Insurance Corporation. Credit union accounts have similar protection from the National Credit Union Administration.


• Convenience. How easy is it to put money in and take it out? Are there tellers or ATM machines close to where you work and live? Or would you receive most of your service via the telephone or Internet? Can you make direct deposits and other electronic transfers?

If you are considering a checking account or another type of account with check-writing privileges, add these items to your list of things to think about:

• Number of checks. Are there a maximum number of checks you can write per month? If you write more, what is the charge?


• Amount of check. Is there a minimum or maximum amount for any one check?


• Account and check fees. Is there a monthly fee for the account or a charge for each check you write? Some accounts only charge a fee if you write more than a certain number of checks per month.


• Holds on checks. Is there a "hold" or waiting period before you can access the money you deposit in your account? There may be a longer hold period for out-of-state checks.


• Overdrafts. If you write a check for more money than you have in your account, what happens? You may be able to link your checking account to a savings account to protect yourself. There could also be high fees for "bounced" checks (from you or written to you). Bounced checks can blemish your credit record so it's better to be covered.

Checks 21 The new Check Clearing for the 21st Century Act (often referred to as Check 21) allows banks to clear checks electronically instead of exchanging actual paper checks. Banks no longer have to return original checks with your monthly statements or even when there is a problem with a particular check. Check 21 creates "substitute checks" which you can use as legal representations of the originals. Ordinary check images, which some banks have provided for years, are NOT substitute checks. It has always been a good idea to get canceled checks with your monthly statement. Now you will want "substitute checks" each month.Banks usually take at least a day or two to process paper checks, but electronic processing can happen almost immediately. This means you have less "float" time between when you write a check and when the money is actually taken out of your account. This could increase the chance that one of your checks will bounce due to insufficient funds. Having your employer deposit your paycheck directly into your account can help you cope with the change in "float" time. Quicker clearing also means less time to stop payment on a check.