5 Types of Bank Accounts that You Can Open in Bank
What will you do with your fresh paycheck? You may have so many plans for it, but bank the money must be one of the options you have. We cannot deny that bank accounts are a necessity in our modern life. They are convenient, safe and paying interest.
Top Basic Bank Account Types that You Can Consider
When banking seems to be as simple as saving our money to bank, there are actually some types of bank accounts that will make each banking activity different. So, let’s check out the basic bank accounts that are available nowadays.
#1 Checking Account
First of all, there is checking account which is popular as a transactional account. This basic bank account is designed especially for daily purchases. Instead of saving, someone who deposits their money on checking account aims to spend the money later.
It usually comes with a debit card and/or checks to make spending more convenient. Different to other accounts, this bank account is not likely to pay interest.
#2 Savings Account
As you can perceive from the name, saving account is intended to save money. Money that you put into this kind of account is supposed to grow over time because it accrues interest. The value of interest here is usually in percentage and every bank has different interest rate.
#3 Certificate of Deposit (CD)
This kind of bank account lets you to save money for a certain period of time and for a set of interest rate. Even though it is designed for saving, it is actually not the same with a saving account. In this case, you won’t have any access to your saving money before the certificate ends.
Unlike the other types of bank accounts, money you save into CD account usually gets higher interest as well. Just make sure that you won’t withdraw the money before the certificate ends if you don’t want to be charged by penalties or fees.
#4 Money Market Account
This one is considered similar to saving account as well, only in this case you need to keep a specific amount of money in your account. When you have less, it means that you need to pay fees. Another thing that makes it different is that the interest rate you get will be based on the fluctuation of the financial market.
#5 Individual Retirement Accounts (IRA)
Well, it’s all about retirement. This kind of account is divided into two kinds: a Roth IRA and a traditional IRA. The traditional one is tax deductible and it allows you to deposit up to $4,000 each year. For a Roth IRA, taxes will only be deducted when the fund is deposited.
Final Thoughts
In the end, whatever types of bank accounts you use, the essential one is actually to focus on saving. Owning a checking account is good to make your daily spending more convenient. However, you shouldn’t forget to own another account for long-term saving. And one more thing, don’t forget to bank on the right, reliable bank!
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