You can deposit money into a checking account in a few ways. You might deposit your paycheck into the account only to withdraw it to buy items or pay your mortgage and utility bills. Usually, the money you deposit into a checking account is there on a short-term basis. Think of a checking account as your “everyday account.” It’s a place to keep the money you use to pay your bills or cover everyday expenses. FDIC insurance protection means your covered deposits are guaranteed and your money is safe.įrom there, you may be able to choose from these types of bank accounts: 1. The FDIC insures many bank accounts for up to $250,000 per depositor (per bank account category) per bank. ![]() No matter which type of account you choose, look for protection from the Federal Deposit Insurance Corporation (FDIC). Some accounts are designed to encourage you to save, while others provide a place to store your money until you need to spend it. Generally speaking, you have four options if you decide to open an account at a bank. Have Questions? Contact Us! What Are Four Types of Bank Accounts? No matter your situation, learn more about the different types of bank accounts and their features below. Perhaps you are opening a new account for the first time or want to be more informed about where your money goes. Each one serves a slightly different purpose, and the rules that govern one might not apply to others. Several types of bank accounts are available. ![]() Bank accounts provide a place to securely deposit your cash, allowing you to save for a specific goal or access your money when you need to pay bills. Where you decide to put your money plays a significant role in determining your financial security and future. ![]()
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