Different Types of Savings Account
- Depositor obtains a booklet in which deposits, withdrawals, and interest are documented.
- Average interest rate is lesser at banks and savings and loans than at credit unions.
- Funds are easily accessible.
- Basically resembling a passbook account, except depositors receive monthly statements instead of a passbook.
- Accounts are usually accessible through 24-hour automated teller machines (ATMs).
- Interest rates are identical to passbook account.
- Money in the account is effortlessly available.
Interest-earning checking account
- This type of account merges benefits of checking and savings.
- Depositor makes interest on any vacant money in his/her account.