Bank accounts take the form of savings accounts, checking accounts, money market accounts and certificate of deposits. Each is designed to meet a specific purpose. From daily spendings to savings in the long term, there is one to meet your every need. It is best that you weigh your needs and then choose the type of account.

One among the many bank accounts available to depositors, Certificates of Deposits (CDs) is one of the most favored. They combine less risk with more returns. CDs are basically time deposits held for a specified time frame, from 3 months to 6 years and carry a fixed interest rate. Return on CDs CDs are more rewarding than your regular savings accounts.

The online space has come to be a real boon for many. Thanks to the internet, you can now do everything at the tips of fingers, while lying on your couch. From ordering food online to making reservations for your next holiday, you can do it all through the online space.

A few years ago, opening a bank account meant several trips to the bank branch and even more formalities to be completed. Visiting a nearby branch and waiting until your account could make most of us procrastinate the much-needed task. Opening a bank account is necessary and there is no way you can get away from it.

Today, banks offer a variety of discounts and perks to seniors, making it easy to open and access an account. A senior bank account is specially designed to attract older adults through its unique features. For instance, some checking accounts may waive the monthly service fee for people over 50.

In today’s world, almost everyone holds a bank account. Banks offer different types of accounts to meet the needs of individual customers. Most banks give you the option to choose between five different types of accounts. The choice is up to the customer, depending on his or her needs. Here is a brief description of each types of individual bank account.