Different Types of Bank Accounts in the US

By Finance madness

November, 2022

Choosing the right bank account is important as each one is different from the other

Checking Accounts

These are simply the best accounts for most people  They are covered for up to $250,000 under FDIC insurance


Savings Accounts

Great for keeping emergency funds or saving for a goal  Money kept earns interest known as Annual Percentage Yield (APY)


Money Market Accounts

They are similar to Checking and Savings account and also earn interest  They have higher minimum deposit requirement and limits on monthly withdrawals


Certificates of Deposit

It’s a special type of savings account offering higher APY  These are fixed term accounts ranging from few days to 10 years


Which account is best for me?

Depends on  How much money you want to keep in the account?  When will you require the money?  How often do you want to withdraw the money?