Traditional savings accounts typically offer lower earnings in comparison to other types of savings accounts, but may also offer more flexibility and accessibility to your money. Unlike checking accounts, these accounts are designed to encourage customers to start saving money by paying interest on their deposits. When you think of a savings account, a traditional savings account is likely what comes to mind. Understanding the many types of savings and deposit accounts available may help you choose the right savings account for you. Some offer higher returns, others more flexibility in accessing your money, or unique features. These can include traditional savings, certificates of deposit, high yield and student savings accounts. There are many types of savings and deposit accounts to choose from that may help you reach your financial goals.
Part of the foundation to your personal finances may be creating a regular savings habit.
