If you’ve explored ways to save for retirement–or just save money in general–you’ve probably looked at savings accounts. They’re usually the first thing that comes to mind when it comes to putting money aside and not touching it for a long period of time. While savings accounts can be a simple place to put savings, they rarely offer the type of return that other types of accounts may offer. For example, a savings account rarely, if ever, surpasses the type of return on your money that an investment portfolio would. However, on the flip side, a savings account also does not carry anywhere near the risk that investing in the stock market does. For some people, that may not be a concern. However, for others, slow and steady may be more appetizing than the ups and downs of the stock market. While it may seem like everyone has an investment portfolio these days, there are still trillions (yes, trillions) of dollars in savings accounts out there. That number may have gone up over the past 18 months as the pandemic forced many to reconsider investments and possibly “circle the wagons” when it comes to their finances. However, the amount of savings in savings account was still in the trillions since before the pandemic. Now, you’re probably wondering whether savings accounts are still a good idea. They can be in the right situation and for the right people. If you are one who just doesn’t have the risk appetite that would allow them to really invest in the markets, then a savings account might not be a bad idea. Also, if you have certain goals that a savings account will allow you to reach, then you may want to consider adding it as part of your retirement saving arsenal–along with other types of accounts. However, I would still encourage you to consider investing as the most efficient way to grow your nest egg as a proper investing strategy can net you a much greater return that a savings account can. If you have a savings account and want to start investing it or are considering adding a savings account to your retirement saving plan, you should speak with a certified financial planner or wealth manager to find out if it is right for you.