A savings account is a great place to keep your money safe and insured. There are several different types of savings accounts to choose from. These are the most common savings accounts worldwide:
1. Basic savings accounts
2. Checking account
3. Online savings accounts
4. Money market accounts
5. Certificates of deposit (CDs)
6. Interest checking
7. Specialty accounts (student savings and goal-oriented accounts)
Examine your bank’s fee statement carefully before depositing money or withdrawing money.
Some accounts have high fees and penalties. Many people report of charges coming unexpectedly because they where unaware of certain rules. Fees can pile up and cause your account balance to decrease over time.
Earning interest: Some accounts pay you interest, which help grow your savings — although the rate of growth may be slow. As you compare options, evaluate the interest rate, which is often quoted as an annual percentage rate (APY) to decide which account is best.
