When it came to investing, my grandmother had one strategy protect your principal.

Big Mama put all of her money in a passbook savings account. She didn’t invest in stocks. The only bond she ever bought was the adhesive material used to hold her dentures in place.

Big Mama believed you could build wealth without Wall Street.

When Big Mama died, she wasn’t a wealthy woman. But she had managed to amass enough money to take care of her financial needs during her retirement.

I never succeeded in getting my grandmother to put her money anywhere but in a simple savings account. However, there are other virtually risk-free choices that will give you a bit more return on your money. Here are some alternatives to start with:

Certificates of Deposit

With a CD you invest a set amount (generally a minimum of $500 to $1,000) for a stated period of time, typically at a fixed interest rate. If you need your money before the CD matures, you’ll probably pay a penalty. For a CD with a term of one year or less, you might pay three months’ worth of interest for early withdrawal.

“If you factor in inflation and taxes, CDs usually are at best break-even,” said Morris Armstrong, a fee-only certified financial planner based in New Milford, Conn.

Armstrong noted that if a CD pays 4 percent and you are in the 31 percent tax bracket, then your return is 2.76 percent. “If inflation is higher, then you are actually losing purchasing power,” he said.

That’s why long-term commitments to fixed-interest accounts like CDs should be done carefully, advises David W. Bennett, a Los Angeles-based certified financial planner. You don’t want to lock up all your money in a long-term CD at one interest rate in case rates increase dramatically.

Cheryl Costa, a financial adviser based in Natick, Mass., says to consider “laddering” your CDs. Laddering helps protect you against swings in interest rates. Let’s say you have $10,000. You might put $2,000 each into one-, two-, three-, four- and five-year CDs. Each time one of the CDs matures, you could reinvest the proceeds in a new five-year CD. “When you ladder in this way, you still have money becoming available every year but eventually you are earning the 5-year CD rate on all of your investment,” Costa said.

You can use shorter terms (6 months, one year, two years, etc.), but generally the longer the term, the higher the interest rate, Costa points out. In fact, with rates so low right now, you might consider starting with a shorter-term ladder of three months to one year

Money Market Deposit Account

A money market account is simply a savings account that is federally insured with check-writing privileges. The advantage of a money market account is that you can get to your money whenever you want without a penalty. The disadvantage is that some banks may impose a monthly fee and you could be limited to a fixed number of transactions per month. Check around at credit unions, small banks and thrifts for the best rates. One of the best places to check for rates nationally and in your local area is www.bankrate.com.

Armstrong says money market accounts should be used for money you might need in the short term. This is where you might want to keep money for a home down payment or for one year’s worth of living expenses you should be saving.

Money Market Mutual Fund

This is a mutual fund that invests in short-term debt instruments such as U.S. Treasury bills and top-rated corporate debt. These funds earn a variable interest rate. The rates on these accounts aren’t great right now, so shop around.

These fund accounts are not insured like money market accounts at insured financial institutions. Technically, when you invest in these funds your principal is not guaranteed. However, the risk of ever losing your principal is extremely low.

A money market account also can be used for an emergency fund or as a place to park money.

Be sure to pay attention to fund expenses, which can vary greatly.

“Expenses eat up a good portion of a money market fund’s yield,” said Daniel Roe, a certified financial planner based in Columbus, Ohio. “That’s why you see some funds yielding well below 1 percent now. Generally, money market funds issued by the larger no-load fund companies offer the best rates.”

While money market accounts are a good place to park money, remember that your investments need to outpace both taxes and inflation in order to maintain your purchasing power, Roe said.

Treasury Bonds

Series I inflation-indexed savings bonds are issued by the U.S. Treasury. I bonds are sold at face value, so you pay $100 for a $100 bond. The earnings rate is a combination of a fixed interest rate and the rate of inflation, adjusted semiannually.

You can invest as little as $50 or as much as $30,000 a year. You can buy I bonds from most banks, credit unions or savings institutions, or by going to www.savingsbond.gov.

You can defer federal taxes on earnings for up to 30 years. The bonds also are exempt from state and local income taxes.

“The enemy of every saver is inflation and taxes,” Roe said.

Inflation decreases your dollar’s value. If you are planning for your financial needs in the future, you’ll need to protect the purchasing power of your money.

Ultimately, if you choose to stay off the road that leads to Wall Street, just be forewarned you’ll need to save a lot of money for a long time so that the effect of compounding can make up for your conservative investing.