Types of Bank Accounts

Once you've chosen a bank, you have to decide which type of account suits your needs. There are many different types of accounts from which you can choose. Here are quick descriptions of some of the bank accounts you might encounter.

These are the 4 most common types of accounts: 

Checking

• Convenient access to your funds
• No withdrawal limit
• Do not often yield interest
• Can access fund using debit cards and checks
• Min. daily balance, monthly maintenance fee, and other fees may apply

Savings

• To see your money grow over time
• Limited number of withdrawals permitted per month
• Minimum opening deposit, minimum daily balance, monthly maintenance fees, and other fees may apply
• Most savings accounts often yield interest

Certificates of Deposit (CD's)

• To earn more with little risk
• Yield higher interest rates than traditional savings accounts & are fixed percentages
• Funds can't be accessed until CD matures
• Minimum CD denomination, monthly maintenance fees, and early withdrawal fees may apply

Money Market Account (MMA)

• To earn more with little risk, but still be able to access funds easily
• Often yield high interest rates but have high minimum balance requirements
• Allow you to make a certain number of withdrawals per month
• Additional fees may apply

Additional Information:

• Features, fees, and account requirements vary from bank to bank
• Assess what you're hoping to achieve through your account and what features you need to reach financial success