Don't just sock away this money under your mattress; put it in a high-interest online savings account, a certificate of deposit or a money market account.

不要把这些钱塞在床垫下，把它存到高利率的网上储蓄账户、某种定期存款或某种货币市场账户。

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But if you have less than five years before your kid sits down to freshman composition, a risk-free certificate of deposit, money market fund or even a traditional savings account is a better bet.

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Be aware that taking money out of a retirement account or selling securities at a sizable taxable gain rather than pulling cash from a certificate of deposit, money-market fund, savings or checking account could result in higher taxes on Social Security benefits if it bumps income above a certain threshold.

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For example, a "single account" is one account category that includes deposits in checking, savings accounts, money market deposit accounts and time deposits such as certificates of deposit (CDs).

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