Bank Account Types in the USA: Explained.

Checking accounts allow for frequent transactions.

Savings accounts offer higher interest rates.

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Money market accounts have tiered interest rates.

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CD accounts offer fixed interest rates for a set period.

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Joint accounts can be shared by multiple people.

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Business accounts are designed for commercial use.

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Student accounts may have lower fees and minimum balances.

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Senior accounts may offer additional perks.

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Online-only accounts offer convenience and potentially higher interest rates.

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High-yield accounts offer higher interest rates but may have higher fees or restrictions.

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IRA accounts are for retirement savings.

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Brokerage accounts allow for investment in securities.

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