While banks may use different names for the accounts, the following types of checking and savings accounts are offered by most financial institutions.
 
Regular Checking — Generally, this type of account is for the customer who does not maintain a high balance and uses a checking account for paying bills and daily expenses. Some basic accounts may require either direct deposit or a low minimum balance to avoid any fees. Look for a bank that offers a checking account linked to another account. Your savings balance may offset your checking account balance requirement.

Interest-bearing Checking — A simple way to earn interest on the funds you have on deposit. With these accounts, the higher your balance, the more interest you earn. This type of account usually requires a minimum balance to open and an even higher balance to maintain in order to avoid fees. Interest is usually compounded daily on the average daily available balance. If you cannot maintain high minimum balances, avoid these accounts as it may cost you more in fees than the low interest you'll earn on your balance.

Joint Checking — An account owned by two or more people, usually sharing a household and the associated expenses. Each person has equal access to the account. Most accounts, be it checking, savings or money market, allow for joint use.

Express Checking — For people who rarely step inside a bank, these accounts are a good way to get low-priced checking from a large bank. They usually offer unlimited check writing, low minimum balance requirements and low or no monthly fees. The downside to this type of account is that teller fees can be as high as $3 per visit. These accounts are popular with students and young customers who are always on the go and don't want to spend a lot of time on banking transactions.

No Frills Checking — These "no-frills" accounts are for people who don't write many checks on a monthly basis and cannot meet minimum required balances to avoid regular checking fees. No-frills accounts usually have monthly fees ranging from zero to $6, require low, if any, minimum balance and allot a certain number of checks per month.

Savings — Savings accounts allow you to make withdrawals, but without the flexibility of using checks. The number of withdrawals or transfers you can make on the account each month may be limited. Many banks offer more than one type of savings account (i.e., passbook savings, statement savings). With a passbook savings account, you have a record book to enter withdrawals, deposits and keep track of transactions. With a statement savings account, the institution mails you a statement that shows your withdrawals and deposits. As with other accounts, there may be various fees on savings accounts, such as minimum balance fees.

Senior/Student/Special Accounts — Some banks offer special accounts for children, students, senior citizens or special savings plans such as Christmas Clubs or Vacation Plans. These special accounts usually don't carry any fees. The benefits vary from bank to bank, but may include free checks, ATM use, better rates on loans and credit cards, or discounts on everything from travel to prescriptions.

Money Market — This account combines checking with savings and/or investment opportunities and helps you pursue higher earnings. It requires a high minimum balance to open ($1,000 - $10,000), and higher balances must often be maintained to avoid fees. While you are able to make withdrawals, it is not as convenient as doing so from a checking account and there are limitations on the number of checks you are allowed to write. A Money Market account is for people who want to put their money where it will earn a market interest rate. These accounts pay more interest than basic checking or savings accounts; however, the interest rates can fluctuate, depending upon market conditions.

Certificates of Deposit (CDs) — Time deposits are often called CDs and are for people who want to lock-in an interest rate. They usually offer a guaranteed rate of interest for a specified period of time (e.g., one year). Banks offer CDs that allow you to choose the length of time, or term that your money is on deposit. Terms can range from several days to several years with the longer term typically having a higher annual percentage yield. Once you choose the term you want, generally you must leave the money in the account until the term ends, known as maturity. Some banks will let you withdraw the interest, while your initial deposit amount (the principal) must remain in the account. If the bank allows you to withdraw your principal funds before maturity, a penalty is usually charged.