Different Types of Savings Accounts

If you’re looking to put money aside for future needs and watch it grow, a savings account can be a great option.

Traditional Savings Account

There are no restrictions on the number of In-person withdrawals and transfers (at the teller or ATM) you can make on a basic savings account.

Online Savings Account

If you choose an online savings account from an institution with FDIC insurance, then your funds will be protected, even if the online bank were to go out of business.

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High-Yield Savings Account

Like other savings accounts, withdrawals from high-yield savings accounts may be limited to six per month, and going over the withdrawal limit may trigger a fee.

Money Market Account

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Money market accounts can be found at both traditional and online-only banks and are similar to traditional savings accounts in terms of liquidity, safety, and transaction limits.

Certificate of Deposit (CD)

CDs come with a specific term–often between three months and five years–during which you need to keep your money in the account.

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