If you're looking for a place to store some money you don't want to spend immediately, you might want to consider putting it in a savings account. However, there are several different types of savings accounts available, and not all are created equal. Four of the most common types of savings accounts include the following:

Traditional savings account. This is the type of account that you're likely most familiar with, and you will find them at traditional banks or credit unions. When you put your money in this account, you typically earn interest on your money, although the amount is usually lower than in other savings accounts. You can also usually open an account with a low minimum deposit.

High-yield savings account. Typically found at online banks and credit unions, this type of account offers a higher interest rate compared to a traditional savings account. It is one of the best options to maximize your money's growth, but you cannot deposit cash directly into the account since there's no physical location.

Money market account. This account combines aspects of a traditional savings account with that of a checking account. Rates are similar to that of a high-yield savings account, but you might be able to write checks from this account or access funds via an ATM or debit card. You can open one at a traditional bank or online bank.

CD account. With this account, you agree to leave your money alone for a set period. During that time, your money earns interest and once the CD matures, you can withdraw the money or roll it into another CD. You usually earn above-average rates, but you cannot remove the money before its maturity date without incurring a penalty.

Depending on your needs and goals, a savings account might be the best short-term place to put your money. If you're still unsure what type of account to use, speak with a financial advisor for more information.

Sources: Sofi.com, Nerdwallet.com, Forbes.com