But either option is a good way to guarantee payment. Use a cashier's check if Use a money order if You want a little more protection. A savings account is a place where you can store money securely while earning interest.
Learn More. LendingClub High-Yield Savings. APY 0. Discover Bank Online Savings. Cash management accounts are typically offered by non-bank financial institutions.
Wealthfront Cash Account. CDs certificate of deposit are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts. Capital One CD. APY 1. Chime Spending Account. While cashier's checks and money orders are great for certain situations where certified funds are required, relying on conventional banking options might be better for everyday payments.
Using a credit card or debit card for bill payments, or using a bill pay option with a bank, can be easier, will cost you nothing and in many cases will be more secure than the certified option. Opening a checking account can be easy, and once you have one, consider using autopay and bill pay to make all of your payments securely each month. If you don't already have one, think about also getting a credit card that can help you earn valuable rewards points while you spend.
Credit cards are accepted by nearly all merchants and are helpful for making secure payments. If you're thinking about applying for a credit card, make sure to get a free copy of your credit reports and scores from Experian so you can understand what's in your credit file. To learn more about understanding your credit reports and what's in them, see "Understanding Your Experian Credit Report.
While using a cashier's check or money order may be unavoidable in certain situations, conventional banking options for payments may be simpler—and could help you improve your financial future.
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Both are considered safer forms of payment relative to personal checks, but they differ in terms of where you can buy them, what they cost, and when it makes sense to use one over the other. Another key difference is that with a cashier's check, a bank representative will sign it because the funds are drawn from the bank's own account. Whereas with a certified check, the bank certifies the customer's signature is genuine. The bank then writes out a check to the person or business you need to pay.
Because the bank takes the money directly from your account and puts it into its own, the check is guaranteed not to bounce. That means whoever you need to pay is guaranteed to get the money. Weeks later, however, your bank may discover that the check is a fake. Money orders are also a safer form of payment relative to personal checks. In addition to buying them at a bank, you can get them from the U. Postal Service, convenience stores, drug stores, grocery stores and check-cashing companies.
These same places generally will also cash a money order they have issued, or you can deposit a money order into your bank account. If you use a credit card, it could be treated as a cash advance. Once you file your request for a new check, it can take anywhere from 30 to 90 days for it to be issued. Replacing a lost or stolen money order is often as simple as returning with your receipt to the place where it was purchased and ask for a replacement or refund.
So which one should you use and when? Money orders are less expensive, making them better for smaller payments or when writing a personal check is not an option. Checking Accounts. Personal Finance. Your Privacy Rights.
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