Types of bank accounts??

Question

what are all the different kinds of bank accounts that you can open up?

simple descriptions of each one would be handy and so would personal likes and dislikes too.

Answer 1

There's loads of information out there, but it depends where you're based. Are you in the US? I'll assume so. I found the following article which talks about the different types:

http://thebestbank.blogspot.com/2008/08/...

That might help you. It's no good for me as I'm in Australia and the account types are different here!

Answer 2

Ask the bank.  Go to the bank's website and compare the different accounts to find out what you need.  I have two free checking accounts and a saving's account.  That's my favorite combination.

Answer 3

I'm gonna take a guess and say you are a student..so a free checking student account or/and a savings account

Answer 4

1) Saving Account (Individual or Joint-names ).(Islamic or ordinary)

2) Fixed deposit saving accounts (individual or joint-names)

3) Current or corporate account.(individual and business partners)

4) Investment share or trust fund accounts.

If you go to any bank, the customer service officer will assist you on your preferrences.

Answer 5

The banks are looking for people that work and deposit money weekly and around the n.y. area several will pay you either a smaller interest rate on a checking account with interest and some give you a bonus of up to 100.00 for opening a new account especially on line without any charges for checks. Look around .

It all depends on how much you have or will be depositing but some brokerage accounts will get you up to 5 percent if you tie up your money for a long period of time. ask questions as options are different . easy access is lower interest rate . every ones needs are different.

Do you get free atm use or free checks?

Ask Ask Ask. The deals are out there.

Try Bankrate.com  

Answer 6

Checking Account - Generally pays no interest with lower balances.  This is the most common bank account used for everyday banking.

You can write checks and are not penalized for everyday deposits or withdrawls.

Legally, no minors can own one without a co-signer.

Savings Account - Pays interest no matter what the balance.

Unlike the checking account however, withdrawls are usually limited per month without fees (e.g. 3-5 / mo).  Deposits however are always unlimited.

Appeals to minors since there are no age restrictions on a savings account.

Money Market Account - This is just the banks fancy way of saying "Savings Account with Higher Interest".  Not much more to it except that you generally have to keep higher balances with this account than you would on a typical savings account.  Usually more than $10,000.

CD's - A bank investment that allows you to "lock-up" your money for usually the best interest rate the bank has to offer.

The longer your committment to not-touch the money (i.e. "term") the higher the bank is willing to pay you (interest).

Usually the cheapest CDs are $1,000 with the max being $1,000,000.

Answer 7

I suggest a credit union.  Free checking in most cases along with a very low min balance requirement.

Answer 8

Simple accounts don't pay interest and charge you per check written.

Accounts that do pay interest normally require you keep enough money in bank to provide them with money to loan and often you are restricted as to how many times you can move money in and out.

  Many banks will drop fees if money arrives by direct deposit, many employers won't go thru the troubles of setting up direct deposit.

Take a look at a credit union which may have lower charges and usually is easier to get loans at, sitting down with person with approval.

Answer 9

With any account , what you really need to look at are fees. The bottom line to remember is that every bank will charge you a fee for something. It's a matter of what fees you are comfortable with paying.

Fees that are definitely not ok to pay include Debit Card Fees(use, maintenence), monthly service charges, and a fee to access internet and telephone banking.

Never, ever allow your bank to charge you for a debit card. They make money from you using it, so if they charge you to have, they're just being greedy.

Don't allow them to require a minimum balance. Find a bank that will offer no minimum balance with direct deposit instead.

But, again, bottom line: decide what fees you are comfortable with paying.

P.S. find out about early account closure fees in case you decide you don't like your bank after a month or two.