What are the types of account in a bank

Question

Accepted Answer

Types of accounts in a bank include savings, checking, money market, certificate of deposit (CD), and individual retirement accounts (IRA).

Savings account: Earns interest on deposited funds
Checking account: Used for everyday transactions
Money market account: Offers higher interest rates than savings accounts
Certificate of deposit (CD): Fixed-term account with higher interest rates
Individual retirement accounts (IRA): Designed for retirement savings

Accepted Answer

Be straight forward and start your answer by telling the information which can match the question asked by an Interviewer.  The types of accounts in banks are:

Checking Account:  You can access the account as saving account but, unlike saving account, you cannot earn interest on this account. The benefit of opening a checking account in a bank is there is no limit for withdrawal.
Money Market Account:  This account gives both the benefit of savings account and checking accounts.  You can withdraw the amount and yet you can earn higher interest on it.  This type of account can be opened with a minimum balance.
Certificate of Deposit Account (CD):  By the opening of such account you have to deposit your money for the fixed period like five years or seven years, and you will earn the interest on it. The rate of interest will be decided by the bank, and you cannot withdraw the funds until the fixed period expires.
Saving Account:  You can save your money in such account and also earn interest on it.  The number of withdrawal is limited and need to maintain the minimum amount balance in the account to remain active.

What are the types of account in a bank

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