9 Tips for Living Without a Bank Account and Fees

3) Buy U.S. Savings Bonds

Since bank accounts tend to be the most common way to store money for long periods of time, there may not be that much information out there about how to handle your savings if you avoid such accounts. One option is to buy United States Savings Bonds. While these bonds have an initial holding period in which you will not have access to the money you invested in them, they last only six months, so you are not prevented from using the money for long. There are many benefits to buying savings bonds. For instance, the government offers competitive interest rates on what you invest, which will allow your money to grow while you are not using it. Additionally, the interest that you earn is exempt from state taxes, and you will not have to pay federal taxes on it until bond maturity or until you redeem the value.