What are the different types of bank accounts?

What are the different types of bank accounts?

There are several types of bank accounts, including checking accounts, savings accounts, money market accounts, and certificates of deposit (CDs). Would you like to know more about a specific type?

Yes, can you explain checking accounts?

Sure! A checking account is designed for everyday transactions. It allows you to deposit and withdraw money, write checks, and use debit cards. They usually have low or no interest rates.

What about savings accounts?

Savings accounts are meant for saving money and typically offer higher interest rates than checking accounts. They have limited withdrawal options to encourage saving.

Are there any fees associated with these accounts?

Yes, some checking and savings accounts may have monthly maintenance fees, but many banks offer options to waive these fees if you meet certain criteria.