In the Zone

Types Of Bank Accounts

There are two primary types of bank accounts that you should be aware of:

Savings account:

  • After you create your budget, you can now identify money that you are able to put aside and save. No amount is too small and it allows you to keep your money in a safe place while it earns a small amount of interest each month. Cannot be spent unless transferred to checking account.

Checking account:

  • Allows for easy access to your money. It is the account that you will use to pay your bills, ATM cash withdrawals, and most of your spending via a debit card.