The bank product that is right for me depends on my individual needs and financial situation. Some of the most common banking products include checking accounts, savings accounts, certificates of deposit (CDs), money market accounts, and high-yield savings accounts.
Checking Accounts: Checking accounts provide convenient access to your funds, allowing you to write checks, use debit cards, and make online payments. The main benefit of a checking account is that it allows you to access your funds quickly and easily. The downside is that checking accounts typically don't earn interest, so they are not the best place to keep your money for long-term savings.
Savings Accounts: Savings accounts are a great option for those looking to save for the long-term. They typically earn more interest than checking accounts and are FDIC insured up to $250,000. The downside to savings accounts is that there are often fees associated with them and the interest rates are often lower than other types of accounts.
Certificates of Deposit (CDs): CDs are a great way to earn a higher rate of return on your money. They are FDIC insured up to $250,000 and are typically a safe and secure way to save for the long-term.