The 4 Smartest Places to Put Your Money in November 2023

Recent data from SecureSave has found that 63% of Americans don't have so much as an extra $500 on hand for emergency expenses. So a lot of people don't have to worry about where to put their spare money because, well, they don't really have any.

If you're in a different boat, consider yourself fortunate. But it's important to find the right home for your cash. Here are four options worth considering this month.

1. A savings account

The beauty of putting money into a savings account is that you get lots of upside without risk. Savings accounts are paying generously these days -- it's one good thing to come out of the Federal Reserve's numerous interest rate hikes. And if you keep your money at an FDIC-insured institution and don't deposit more than $250,000, every penny of that principal will be protected in case your bank goes under.

If you want to earmark your spare money for unplanned expenses, then a savings account is your best bet. Compare interest rates online to see which bank has the best offer.

2. A certificate of deposit (CD)

Like savings account rates, CD rates are favorable right now. So if you have cash available for non-emergency purposes, you might as well get paid more interest on it.

Not only can you snag a higher interest rate on your money by choosing a CD over a savings account, but that higher rate is guaranteed for the duration of your CD. With a savings account, your interest rate could fall with market conditions.

Granted, it could also rise. But given where CD rates are sitting these days, locking in more interest makes sense when you're confident you won't need your money for a while.

3. A health savings account (HSA)

Healthcare is an expense you might face perpetually. If your health insurance plan is compatible with an HSA, it pays to fund one. You'll get a tax break on your contributions, and you'll get to enjoy tax-free growth on invested HSA funds as well as tax-free withdrawals for qualified medical expenses.

This year, you need to have a health plan with a minimum individual deductible of $1,500 to qualify for an HSA, or a family deductible of $3,000. In 2024, these limits will rise to $1,600 and $3,200, respectively.

4. An individual retirement account (IRA)

You'll need money to be able to retire comfortably, so why not snag a tax break in the course of saving it? An IRA lets you do just that. Contributions go in tax-free, and you then get to enjoy tax-deferred growth on your IRA investments. This means you won't be taxed every year, but rather, when the time comes to take withdrawals.

Right now, IRAs max out at $6,500 for savers under age 50 and $7,500 for those 50 and over. Next year, these limits are increasing by $500.

As the end of 2023 draws near, it's important to do what you can to close out the year on a positive financial note. Finding the right place to put your money could help you approach 2024 with more confidence, and that's exactly what you deserve.