Bank Accounts in the US: An Overview
Bank Account Guide US Bank Accounts Money Market Checking Account
- An overview of the information in this Bank Account Guide, including how to choose a bank account
You have many choices concerning how you manage your money. We want to help you understand your choices if you decide to put money in an account at a depository institution such as a bank, savings and loan association, savings bank, or credit union. There are a variety of different types of bank accounts, such as: a checking account, money market account, savings account, certificate of deposit, and more. You want to determine the bank account that is right for you.
There are many reasons for opening a bank account. Having your money in a bank account is safer than holding cash. A bank account may be a less expensive way to manage your finances than alternatives such as buying money orders to pay your bills or paying a business to cash your paycheck. A bank account may help you save money, since it is often easier not to touch your savings if you keep them in a bank or other institution. Finally, having a bank account may make it easier to keep track of your money and how you spend it.
Choosing a bank account to open is like choosing other products. Many different products are available -- some plain, some fancy, some less and some more expensive than others. Because costs and features of bank accounts vary greatly, it is important to shop around to make sure the bank account you choose is the best one for you. As you read this guide, be sure to review Reduce Bank Fees: How to Pay Less in Bank Fees and Banking Tips: Dealing with a Bank.