Accounts that earn interest
The most common type of account that earns interest is a traditional savings account. Local banks offer these accounts with modest annual percentage yields (APYs). While the interest rates on traditional savings accounts aren't usually the best available, in some many cases the bank does not require a minimum deposit. In the past a traditional savings was also referred to as a "passbook" account since the bank updates the balance on a printed passbook, but now you can simply monitor the balance online.
A certificate of deposit (CD) account is another common savings account that earns interest. With a CD account you must deposit the money and leave it there until the account reaches its maturity date. During the savings period, usually about six or more months, interest accrues. The bank commonly pays a slightly higher rate on CD accounts compared with traditional savings accounts. If you decide to withdraw money from the CD account before maturity be prepared to pay a penalty.
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