We all want to save enough money for our future. One way to do this is to set up a bank account where we can keep our money while earning interest. If you are still confused with the different bank account options available, this article is for you. Today, we will be listing the most common types of bank accounts that you may want to consider.
This is probably the most common bank account. A savings account is best for people who want to save their money and get an interest at the same time. For this account, you are usually given a passbook and a card that will let you deposit and withdraw your money. Most of the time, there is a maintaining balance to avoid additional charges.
Basic checking account
As the name implies, you will be able to do transactions using check. Most of the time, this type of account do not pay interest for the depositor. The basic checking account usually offers a number of services at a low cost.
Interest-bearing checking accounts
If you need more services, this is better than the basic checking account. Although, this is usually more expensive also. In this type of bank account, you are allowed to write unlimited number of checks per month. Although, policies may also vary from one bank to another.
Money market deposit accounts
The interest rate of money market deposit accounts are usually higher than interest-bearing checking accounts. However, in this type of account, you will need to have a larger minimum balance to earn the interest set by the bank.