Types of Bank Accounts

A checking account is like your daily wallet for money. You can pay bills, use a debit card, or write checks easily. It usually doesn't give much extra money back. It's best for putting in your paycheck and spending often. Pick one with no fees and protection if you spend too much.

This account helps your money grow a little over time. You put money in and get some extra back, called interest. You can't take money out too many times. It's great for saving for surprises or fun things soon. Choose one with good interest and connect it to your checking account.

This is like a mix of checking and savings. It gives more extra money than a simple savings account. You can write checks or use a card, but not too much. It's good if you want more growth but still need to get your money sometimes. Check for rules about how much you must keep in it.

A CD keeps your money for a set time and gives more extra money back. You can't take it out early without a fee. It's perfect for money you don't need right away, like for a trip. Look at different times and amounts of extra money to find the best.

An IRA helps you save for retirement with tax help. There are types where you pay taxes later or not at all when you take money out. You add money each year up to a limit. It's for growing money over many years. Talk to an expert to choose the right kind.

This account is for two or more people to use together. It's good for sharing costs like home bills. Everyone can use it, so you need to trust each other. It's helpful for families. Decide if it's for spending or saving, and talk about rules.

Like a normal savings but with way more extra money back. Often from online banks with no stores. It's for growing money without much work, like for emergencies. Compare the extra money rates and make sure it's safe with insurance.

This keeps work money separate from your own. It helps with taxes and tracking. It has tools for businesses like taking payments. It's must-have for people with their own work. Look at fees, how many buys you can do, and if it works with your books.