BANKING AFFAIRS

Detailed explanation-1: -Interest. Savings Account: Will usually earn you an interest between 4% to 6% on a pre-specified basis. Since these accounts do not allow unlimited transactions, it is easier to accumulate more funds over a period of time. Current Account: In the case of current accounts, banks usually do not provide any interest.

Detailed explanation-2: -A money market account is an interest-bearing account you can open at your financial institution. Most banks and credit unions offer a money market account option. These accounts usually pay a higher rate of interest than a basic savings account.

Detailed explanation-3: -Interest-bearing checking accounts are bank accounts that pay interest on your balance. They usually don’t pay as high a rate as a savings account, but checking accounts usually give you the most flexible access to your money.

Detailed explanation-4: -Types of Interest-Bearing Accounts They include savings accounts, high-yield online savings accounts, money market accounts and Certificates of Deposit.

Detailed explanation-5: -Credit unions have savings accounts, just like banks, but these differ slightly. They are known as share accounts and accrue interest in the form of variable dividends. If you’re not familiar with share savings accounts at credit unions, there’s no better time to learn than now!