Furthermore, you will need a legitimate means of identification and a utility bill as proof of address and complete signature specimen card(s). Regular or basic savings accounts generally allow you to earn interest on your money, although they usually pay lower rates than other savings products. Go to Accounting. Monthly maintenance fees may cancel out interest earnings. Different banks have different specifications with regard to interest rate, opening balance; minimum operating balance, among others. The National Credit Union Administration (NCUA) provides similar insurance for federally chartered and most state-chartered credit unions. When I’m not editing (or singing), you’ll find me here. Cash management accounts can offer benefits and features of both checking and savings accounts. The offers that appear on this site are from companies from which TheSimpleDollar.com receives compensation. You can find me on LinkedIn or follow me on Twitter @seemomwrite. © 2020 TheSimpleDollar.com a Red Ventures Company. And, in some cases, they can be intended for a specific type of person, rather than a goal. The fixed deposit account is for a stipulated period of time. This is because unlike the savings account, transactions on this account are unlimited. High-yield savings accounts can be FDIC or NCUA insured, just like traditional savings accounts. Cheque / Current accounts. Opening a specialty savings account might make sense if you have a singular purpose for saving money. Checking accounts … Based on federal regulations that limit “convenience withdrawals,” however, your ability to access cash may be limited to six times per month, as with a savings account. We are an independent, advertising-supported comparison service. Dakore Egbuson-Akande professionally known as Dakore Egbuson is a popular Nollywood actress. Banks and credit unions may allow you to manage your account online, via mobile banking, by phone or at a branch. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free – so that you can make financial decisions with confidence. Editorial Note: Forbes may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations. The four major types of bank accounts are: 1. Before joining Forbes, I was an editor, writer, and strategist for clients that provide banking, credit card, insurance, legal, and professional services. There are different types of bank accounts for different purposes. The interest rates are usually on the low side, compared to other savings options. These accounts, which may also be called money market savings accounts or MMSAs, allow you to earn interest on your savings. With the right type of account, saving for your future will become a lot easier. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. With a checking account, you can write checks against your balance to pay for goods or services. Types of bank accounts Before opening a bank account, it’s important to understand the different types of accounts available so you can choose one with benefits and services that match your daily needs. Also, you can walk into any banking hall of your choice to make further inquiries about the type of bank account you want to open; bearing in mind the purpose for opening it. To open a domiciliary account, you must have a utility bill, passport photographs, valid means of identification and a minimum opening balance which differs per bank and per preferred foreign currency. Obviously, there are downsides to consider when it comes to investing in a CD. Specialty savings accounts are designed to help you reach specific savings goals, rather than being a catch-all for money you don’t plan to spend. If you have any plans of working with Polaris Bank of Nigeria in any capacity then it is necessary that you know... Popular Nigerian striker, Odion Ighalo, has reacted to the unlawful killing of unarmed #EndSARS protesters at Lekki Toll Gate. However, there are a lot of minor variations on the general type of bank accounts (and account type offerings between countries) that we can also mention. Moreover, it is arguably the most popular bank account most bank users operate. Checking accounts are the most accessible type of bank account, allowing you to deposit and withdraw money as often as you want. Cash management accounts aren’t savings accounts per se. The Simple Dollar does not include all companies or all available products. Some checking accounts also offer debit cards that make using your account funds for purchases a breeze. This is like the most basic type of account. This is our ultimate guide to all the different bank account types. Forbes adheres to strict editorial integrity standards. It is just for deposits and withdrawals. There is a limit to the type of transaction one can carry out with a savings account. How we make money: The Simple Dollar is an independent, advertising-supported publisher and comparison service. This type of account is an account opened by multinational companies and big corporations business purposes. A savings account is an account that is suitable for saving. ; Hover your mouse to Chart of Accounts. Accounts can be FDIC insured when offered by a third-party bank. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. Moreover, it is completely different from the person or investment banking accounts, it is majorly for business purpose. A bank account is a financial account maintained by a bank or other financial institution in which the financial transactions between the bank and a customer are recorded. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our. While each of these accounts usually offer FDIC insurance on deposits up to $250,000, the right type of savings account for you depends on your savings style and personal goals. Some specialty accounts, such as IRAs, 529s and HSAs, have strict tax rules for making withdrawals. I'm a freelance financial journalist and a regular contributor to U.S. News and CreditCards.com. High-yield savings accounts are savings accounts that offer a higher APY, compared to regular savings accounts. Also, most banks require you to deposit at least $1,000 to open a CD, which creates a barrier of entry that most new savers can’t overcome right away. i. Tenants-in-common: This is mostly operated by business partners. In addition, for transfers made from foreign banks, holders of this account will pay a service charge in the foreign currency of choice. Current accounts are usually charged with maintenance fees. four major types of bank accounts. Laycon emerged victorious... Kiddwaya has come out to reiterate that he isn't in a relationship with Erica. Traditional savings accounts are what you may immediately think of when you consider where to save. ; Choose the account you want to modify and click the drop-down arrow next to the View register link. They can help you save money for a variety of specific financial goals. What's The Difference Between A Bank And A Credit Union? During this time, a fixed deposit account user cannot withdraw the money they have deposited until the duration elapses. It is important to note the type of account that fits your business or goal before opening one. Similar to regular or high-yield savings accounts, banks can impose a fee if you make more than six withdrawals per month, even though the relaxation of the federal Regulation D restrictions now allow for readier access to your funds. First and foremost, certificates of deposit don’t let you access your money easily — you can expect to pay a penalty if you cash out your CD early (though you can sometimes borrow against the money using a CD loan). Asking yourself these questions and others will help you narrow down your choices to only the best type of account for your needs. 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