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What are the different types of bank accounts?

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Question added by FATEH BOUCHENE , institut d'emission , banque centrale d'algerie
Date Posted: 2017/07/01
Mohamed Fayez Ahmed Gadel-Rab
by Mohamed Fayez Ahmed Gadel-Rab , Tax Auditor , Egyptian Tax Authority - Egyptian Ministry of Finance

There are many types of bank accounts, its different from bank to other, but the most popular A/Cs are:- 

 

- Savings Accounts:- These are intended to provide an incentive for you to save money. You can make deposits and withdrawals, but usually can't write checks. They usually pay an interest rate that's higher than a checking account.

 

- Basic Checking Accounts:- Sometimes also called "no frills" accounts, these offer a limited set of services at a low cost. You'll be able to perform basic functions, such as check writing.

 

- Interest-Bearing Checking Accounts:- In contrast to "no frills" accounts, these offer a more comprehensive set of services, but usually at a higher cost . Also, unlike a basic checking account, you are usually able to write an unlimited number of checks.

 

- Money Market Deposit Accounts (MMDAs):- These accounts invest your balance in short-term debt such as commercial paper, Treasury Bills, or CDs. The rates they offer tend to be slightly higher than those on interest-bearing checking accounts.

 

 

- Certificates of Deposit (CDs):- These are also known as "time deposits", because the account holder has agreed to keep the money in the account for a specified amount of time, anywhere from three months to six years

Mir Mir Ahmed
by Mir Mir Ahmed , Sr. Accounts Executive , International Television Channel Limited

There are many types of bank account maintain by banks as per their business policy.

Mainly two types of bank account 1. Savings Account and 2. Current Account.

Other type bank accounts are followed these two type accounts.