{"id":13667,"date":"2019-07-10T06:48:48","date_gmt":"2019-07-10T05:48:48","guid":{"rendered":"https:\/\/dont.wasteyourtime.co\/?p=13667"},"modified":"2019-10-31T19:48:57","modified_gmt":"2019-10-31T19:48:57","slug":"types-of-bank-accounts","status":"publish","type":"post","link":"https:\/\/traders-paradise.com\/magazine\/2019\/07\/types-of-bank-accounts\/","title":{"rendered":"Types of Bank Accounts"},"content":{"rendered":"\r\n<p style=\"text-align: right;\"><em>3 min read<\/em><\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"428\" class=\"wp-image-13668\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/07\/bank-account-1.jpg\" alt=\"Types of Bank Accounts\" srcset=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/07\/bank-account-1.jpg 800w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/07\/bank-account-1-300x161.jpg 300w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/07\/bank-account-1-768x411.jpg 768w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/07\/bank-account-1-370x198.jpg 370w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/07\/bank-account-1-760x407.jpg 760w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/07\/bank-account-1-424x227.jpg 424w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/figure>\r\n\r\n\r\n\r\n<p>Yes, you understand the point of saving money. But that still doesn&#8217;t assume that all of us know where or how we can <a href=\"https:\/\/en.wikipedia.org\/wiki\/Bank_account\">save it<\/a>. We can guess that most of you opened the first bank account at your young age. Maybe your first saving account was opened by your parents and put some money there for your future. Nevermind. Assume you know nothing about different types of bank accounts. Suppose you know something about two basic types: checking and savings accounts.<\/p>\r\n\r\n\r\n\r\n<p>Oh, wait! There are so many types of bank accounts!\u00a0<\/p>\r\n\r\n\r\n\r\n<p>There are really different types of bank accounts that banks offer. And that is the best part. You can open different bank accounts and split your money among them.<\/p>\r\n\r\n\r\n\r\n<p>Yeah, why not?\u00a0<\/p>\r\n\r\n\r\n\r\n<p>You can have at least four accounts.<\/p>\r\n\r\n\r\n\r\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_74 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/07\/types-of-bank-accounts\/#Lets_see_about_checking_account\" >Let&#8217;s see about checking account.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/07\/types-of-bank-accounts\/#Savings_account\" >Savings account<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/07\/types-of-bank-accounts\/#Certificates_of_deposit_CDs\" >Certificates of deposit (CDs)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/07\/types-of-bank-accounts\/#Money_market_accounts\" >Money market accounts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/07\/types-of-bank-accounts\/#Online_bank_accounts\" >Online bank accounts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/07\/types-of-bank-accounts\/#Brokerage_accounts\" >Brokerage accounts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/07\/types-of-bank-accounts\/#The_bottom_line\" >The bottom line<\/a><\/li><\/ul><\/nav><\/div>\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Lets_see_about_checking_account\"><\/span><strong>Let&#8217;s see about checking account.<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\r\n\r\n\r\n\r\n<p>Checking accounts provide you to have easy and everyday access to your money. First, you have to have some <a href=\"https:\/\/traders-paradise.com\/magazine\/2018\/09\/japanese-money-tap-ripple\/\">deposit<\/a> there. All you have to do is to have enough money to cover your shopping. Why this is so important? Because you would like to avoid overdrawing your account.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>Overdrawing signifies that you\u2019ve used more than you have in your account. So, the bank has to pay the entire value of your shopping. It will cost you more. It is sometimes very expensive because you have to pay for fees. You wouldn&#8217;t like that, so keep in your mind how much you are allowed to spend.<\/p>\r\n\r\n\r\n\r\n<p>This is so-called a basic bank account. You will deposit your salary into and use to handle operations like paying your utility bills. Also, it is valuable for shopping, and credit card payments. Sadly, this type of banks accounts will give you low or no interest on your balance.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>But there is something you can do. You can link this account to some high-interest one such as a savings account. There you will profit.<\/p>\r\n\r\n\r\n\r\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Savings_account\"><\/span><strong>Savings account<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\r\n\r\n\r\n\r\n<p>Savings accounts provide you to gain interest on your money deposit. Yes, everyone would like to earn interest. But, there is a trick. You have to respect some rules here. Savings account means it is for saving money. Most of us use savings accounts. The benefit of a savings account is interest. But the bank will limit you. For example, you will have a determined number of withdrawals or transfers you can execute in a month. The other trick is that the interest your account gains are income. Do you know what does that mean? You have to pay tax on that harvest. Nothing is for free. The banks are not charity organizations. But we need them, damn!<\/p>\r\n\r\n\r\n\r\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Certificates_of_deposit_CDs\"><\/span><strong>Certificates of deposit (CDs)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\r\n\r\n\r\n\r\n<p>It can be a pretty sure way to invest your money for some period of time. Also, you will get a fixed or variable interest rate. CDs are at <a href=\"https:\/\/traders-paradise.com\/magazine\/2019\/07\/money-management\/\">low risk<\/a>.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>If you arrange a fixed interest rate, you will earn that interest rate on your deposit until your CD matures. Certificates of deposit with more prolonged duration offer more interest rates. That&#8217;s logical. For example, the CD maturing in five years will provide you a higher rate than the other one that matures in two years. Certificates of deposit are very popular because give a higher interest rate than an ordinary savings account. But not all is so bright.<\/p>\r\n\r\n\r\n\r\n<p>If you want to withdraw money from the CD before it matures, the fees can be very costly.<\/p>\r\n\r\n\r\n\r\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Money_market_accounts\"><\/span><strong>Money market accounts<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"433\" class=\"wp-image-13669\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/07\/bank-account-2-1.jpg\" alt=\"Types of Bank Accounts\" srcset=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/07\/bank-account-2-1.jpg 800w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/07\/bank-account-2-1-300x162.jpg 300w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/07\/bank-account-2-1-768x416.jpg 768w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/07\/bank-account-2-1-370x200.jpg 370w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/07\/bank-account-2-1-760x411.jpg 760w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/07\/bank-account-2-1-424x229.jpg 424w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/figure>\r\n\r\n\r\n\r\n<p>With this type of bank account, you will not be tied up for any length of time like it is with CDs. Also, it will give you a higher interest rate than an ordinary savings account. The tricky part is that you can be limited to withdraw your money several times per month, usually five or six. You must know how often you can withdraw cash before opening the market account. Also, will you pay any fees for that? Also, your deposit has to be $1,000 or more, in many banks, it is somewhere between $5,000 and $10,000. It is a lot of cash but the interest rate is higher, so this is a really good type of account for higher emergency savings funds.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>Some money market accounts will provide you checks or a debit card. It will make easy to reach your cash instantly and without trouble. If you need to withdraw your money in an emergency, a money market account will give you that.<\/p>\r\n\r\n\r\n\r\n<p>If you can\u2019t get an available money market account, try with online banks. There you can find some low-cost alternatives.<\/p>\r\n\r\n\r\n\r\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Online_bank_accounts\"><\/span><strong>Online bank accounts<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\r\n\r\n\r\n\r\n<p>In the past, at the beginning of the internet, this was a separate type of bank accounts. Today, it is normal to have an online bank account. It makes our lives easier. We can transfer our money, check our account record, charge it, pay off our credit cards, invest in our brokerage accounts &#8211; with one click.<\/p>\r\n\r\n\r\n\r\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Brokerage_accounts\"><\/span><strong>Brokerage accounts<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\r\n\r\n\r\n\r\n<p>Brokerage accounts provide you added method to <a href=\"https:\/\/traders-paradise.com\/magazine\/2019\/02\/forex-traders-lose\/\">invest<\/a> your money. Having a brokerage account, you are able to invest in <a href=\"https:\/\/traders-paradise.com\/magazine\/2019\/03\/invest-stocks-little-money\/\">stocks<\/a> or bonds, or in both to diversify your investment portfolio. You can buy stocks and later, you can sell them at a higher price. Also, you can gain dividend, if you bought a stock of some good company that distributes its earnings to shareholders.<\/p>\r\n\r\n\r\n\r\n<p>Brokerage accounts are rated as higher risk. That being said, not all participants in the stock market are clever enough. Stocks may go up and down. Some of the investors are selling in a panic when they notice just a small decrease in stock price. So, they often lose money there.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>At the same time, brokerage accounts have a high potential to grow over a long period of time. This type of accounts will give your money to <a href=\"https:\/\/traders-paradise.com\/magazine\/2019\/02\/working-home\/\">work for you<\/a>. There is the risk involved, but you know what &#8211; no risk, no gain. That&#8217;s the whole philosophy.<\/p>\r\n\r\n\r\n\r\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_bottom_line\"><\/span><strong>The bottom line<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\r\n\r\n\r\n\r\n<p>Various types of bank accounts are good for various demands. Rely on your intentions, it is smart to park money into the account.<\/p>\r\n\r\n\r\n\r\n<p>Just use the proper tools and criteria for spending and saving. If you are smart, take care of your profits, and manage your money with due diligence, you may earn a lot. You can do it also if you are not. Just use some of the wonderful money management apps. <a href=\"https:\/\/traders-paradise.com\/magazine\/2019\/05\/best-money-apps-for-2019\/\">Here is our suggestion.<\/a> <\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>3 min read Yes, you understand the point of saving money. But that still doesn&#8217;t assume that all of us know where or how we can save it. We can guess that most of you opened the first bank account at your young age. Maybe your first saving account was opened by your parents and [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":13670,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1018,1023],"tags":[760,493,1062,1059,1060,1061,499,1058],"class_list":["post-13667","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-finance-secrets","category-bank-accounts","tag-bank-account","tag-banking","tag-brokerage-accounts","tag-certificates-of-deposit","tag-money-market-accounts","tag-online-bank-accounts","tag-open-banking","tag-savings-account"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Types of Bank Accounts. What you Have to Know? - Bank Accounts - TP<\/title>\n<meta name=\"description\" content=\"Various types of bank accounts are good for various demands. See here what will fit you most according to your personal needs\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/07\/types-of-bank-accounts\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Types of Bank Accounts. What you Have to Know? - Bank Accounts - TP\" \/>\n<meta property=\"og:description\" content=\"Various types of bank accounts are good for various demands. See here what will fit you most according to your personal needs\" \/>\n<meta property=\"og:url\" content=\"https:\/\/traders-paradise.com\/magazine\/2019\/07\/types-of-bank-accounts\/\" \/>\n<meta property=\"og:site_name\" content=\"Traders-Paradise\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/TradersParadisecom\" \/>\n<meta property=\"article:published_time\" content=\"2019-07-10T05:48:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-10-31T19:48:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/07\/bank-account-3-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1081\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Editor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Traders_Paradis\" \/>\n<meta name=\"twitter:site\" content=\"@Traders_Paradis\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Editor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/traders-paradise.com\/magazine\/2019\/07\/types-of-bank-accounts\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/traders-paradise.com\/magazine\/2019\/07\/types-of-bank-accounts\/\"},\"author\":{\"name\":\"Editor\",\"@id\":\"https:\/\/traders-paradise.com\/magazine\/#\/schema\/person\/ce94bb3c5a52307ca7be58f0e7b93ffe\"},\"headline\":\"Types of Bank Accounts\",\"datePublished\":\"2019-07-10T05:48:48+00:00\",\"dateModified\":\"2019-10-31T19:48:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/traders-paradise.com\/magazine\/2019\/07\/types-of-bank-accounts\/\"},\"wordCount\":1073,\"commentCount\":1,\"publisher\":{\"@id\":\"https:\/\/traders-paradise.com\/magazine\/#organization\"},\"image\":{\"@id\":\"https:\/\/traders-paradise.com\/magazine\/2019\/07\/types-of-bank-accounts\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/07\/bank-account-3-1.jpg\",\"keywords\":[\"bank account\",\"banking\",\"brokerage accounts\",\"Certificates of deposit\",\"Money market accounts\",\"online bank accounts\",\"open banking\",\"savings account\"],\"articleSection\":[\"\u00a0Personal Finance\",\"Bank Accounts\"],\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/traders-paradise.com\/magazine\/2019\/07\/types-of-bank-accounts\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/traders-paradise.com\/magazine\/2019\/07\/types-of-bank-accounts\/\",\"url\":\"https:\/\/traders-paradise.com\/magazine\/2019\/07\/types-of-bank-accounts\/\",\"name\":\"Types of Bank Accounts. 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