While there are several different types of savings accounts, the three most common are the deposit account, the money market account, and the certificate of deposit.
Each one starts with the same basic premise: give your money to the bank and in return the money will earn interest.
What kinds of savings accounts should I have?
Types of savings accounts. Most banks have these three: Regular savings account: earns interest and offers quick access to funds. Money market account: typically earns more interest than a regular savings account in exchange for higher balance requirements; some provide check-writing privileges and ATM access.
What are 4 types of savings accounts?
Types of Savings Accounts
- Basic savings accounts.
- Online savings accounts.
- Money market accounts.
- Certificates of deposit (CDs)
- Checking accounts.
- Specialty accounts, such as student savings and goal-oriented accounts.
What should you have in savings?
Fast Answer: A general rule of thumb is to have one times your income saved by age 30, twice your income by 35, three times by 40, and so on. Aim to save 15% of your salary for retirement — or start with a percentage that’s manageable for your budget and increase by 1% each year until you reach 15%