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Types of Bank Accounts
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Checking Account
A deposit account for everyday transactions, typically offering a low or no interest rate.
Savings Account
A deposit account that earns interest over time, intended for storing money for future use.
Certificate of Deposit (CD)
A time-bound deposit that holds a fixed amount of money for a set period, with a higher interest rate than savings accounts.
Money Market Account
A type of savings account that typically requires a higher minimum balance but offers a higher interest rate.
Individual Retirement Account (IRA)
A retirement savings account with tax advantages, subject to certain conditions and limitations.
Joint Account
A bank account shared by two or more individuals, usually offering equal access to funds to all account holders.
Business Account
A special type of account for managing a business's finances, often coming with additional services and fees.
Student Account
A checking or savings account with features and fees tailored to meet the needs of students.
High-Yield Account
A savings or checking account that offers a significantly higher interest rate than standard accounts.
Trust Account
A type of account managed by one party for the benefit of another, governed by trust agreements.
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