The online only "high yield savings accounts" pay much better than a regular bank account. Read reviews and pick one with FDIC insurance (and may that's been around a while?) Discoverbank, Ally.com, Marcus are all big players. Ally has a nice "Buckets" feature where you can sort out what the money is "for."

Open the account and link it to your existing checking account to move money back and forth. Remember that transfer take a few days so plan ahead to keep enough money in your checking account.

With me. I'll keep your money safe.

They're all basically the same other than interest rate, most savings accounts have no fees or minimum balances. Some will pay a much higher interest rate that others - if you Google "savings accounts interest" you can find lists of who is paying the best rate. You can also look through the websites for banks/credit unions you are considering and see their rates.

Open a TD account or something to that liking look up low cost index funds and save your money there