Compare Bank Accounts
There are a number of different types of bank accounts to choose from, offered by literally hundreds of different banks. Understanding which is the best bank account for you used to take hours of research, and even then you couldn't be sure. Nowadays, however, we've made the process of comparing bank accounts simple.
What are the different types of bank accounts?
There are several different types of bank accounts that consumers and businesses can open. The main ones include: savings accounts, checking accounts, CD accounts (certificate of deposit), online bank accounts, and brokerage accounts.
Each type of bank account has it's own benefits and drawbacks based on what you are trying to accomplish with your money.
Savings accounts are designed to allow people to earn favorable interest payments on their capital, while still being able to access their money. It's well-known that savings account rates are lower than normal right now, but there are still online savings accounts that can get you a decent interest rate.
Checking accounts are similar to savings accounts, but allow the account holder to write checks and use a debit card to pay for products or services using the
money in their account. Checking accounts often offer lower interest rates than savings accounts, and sometimes also charge fees to use. However, there exist many free online checking accounts.
Certificates of Deposit
Certificates of deposit, also known as CDs, offer higher interest rates than savings and checking accounts. There are many online CD accounts that offer great CD rates.
Online Bank Accounts
Online bank accounts are becoming ever more popular because they are able to offer better interest rates and lower fees than traditional banks. Online bank accounts are able to do this because they have less expenses than traditional banks do, so they pass the savings on to you.
Brokerage accounts are deposit accounts that can be used to buy and sell securities such as stocks, bonds, and more. Many brokerage accounts are available online and offer a wide-range of options for the customer.
What are the best bank accounts?
There's no one right answer to the question, "what are the best bank accounts?" This is because each bank account differs based on what you are trying to accomplish. Compare the bank account resources on MyRatePlan to make a decision for yourself.