Different Types of Bank Accounts in the US
By Finance madness
Choosing the right bank account is important as each one is different from the other
These are simply the best accounts for most people
They are covered for up to $250,000 under FDIC insurance
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?
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?