Please ensure Javascript is enabled for purposes of website accessibility

This device is too small

If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.

Skip to main content

Types of Bank Accounts

Updated
Kailey Hagen
Brittney Myers
By: Kailey Hagen and Brittney Myers

Our Banking Experts

Ashley Maready
Check IconFact Checked Ashley Maready
Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield

Choosing the right bank for your money is only half the battle. Once you've settled on that, you have to decide which types of bank accounts you're going to use. There are four main options you'll come across -- checking accounts, savings accounts, money market accounts, and certificates of deposit (CDs) -- and each of them are discussed in detail below.

Checking accounts

Checking accounts are the best accounts for everyday spending. This is for a few reasons:

  • They give you easy access to your money. Most checking accounts offer several ways for you to withdraw your money, including the ability to write checks and a debit card with ATM access.
  • They don't have deposit or withdrawal limits. Unlike some other accounts, you aren't usually restricted on how many times you can make a withdrawal from your checking account.

Some of the best checking accounts also enable you to earn interest on your funds. But these are rare -- and even those that do offer interest usually have a lower rate than what you'll find with the other types of bank accounts.

Checking accounts typically have FDIC insurance. This protects your money up to $250,000 per person, per bank, per ownership category, in the event of bank failure. All licensed U.S. banks have this on their deposit accounts. If you open a checking account through a credit union, you'll get National Credit Union Administration (NCUA) insurance. This is the same as FDIC insurance, except it's for credit unions.

Take a look at a few checking accounts available now:

Checking account comparison

We recommend comparing checking account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.

Show Best Offers Available in

Account APY Promotion Next Steps
0%
Min. to earn: N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
0.40% (up to 3.30%)
Rate info Circle with letter I in it. To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. to earn: Monthly direct deposits totaling at least $1,500
Use promo code AXOS300 and apply by June 30th, to earn up to a $300 bonus!
0.50%
Rate info Circle with letter I in it. You can earn the maximum savings APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
Cash bonus up to $300 with direct deposit set up (see details when you click 'Open Account')

Savings accounts

Savings accounts are intended to hold money you don't plan to spend immediately. It's a great place for your emergency fund or money you're saving for a near-term goal, like a home down payment.

Money you keep in a savings account earns interest over time. How much you get depends on how much money you keep in the account, as well as its annual percentage yield (APY). A higher APY means more money for you.

Rates vary from one savings account to another and over time, but here's a look at what some of the best savings accounts have to offer right now:

High-yield savings account comparison

We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.

Show Best Offers Available in

Account APY Promotion Next Steps
up to 4.60%
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
N/A
4.35%
Rate info Circle with letter I in it. 4.35% annual percentage yield as of March 18, 2024
Min. to earn: $1
N/A
5.05% APY for balances of $5,000 or more
Rate info Circle with letter I in it. 5.05% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
N/A

The downside to savings accounts is that you're often limited to a certain number of monthly withdrawals, and exceeding that can carry penalties. A federal law known as Regulation D used to restrict all savings accounts to six monthly withdrawals. The government waived this at the start of the COVID-19 pandemic and has yet to reinstate it, but some banks still persist in charging fees for more than six monthly savings account withdrawals.

LEARN MORE: What is Regulation D?

Savings accounts also rarely offer you any means of withdrawing money directly. Most don't have debit cards or check-writing capabilities, so you must transfer the money to a checking account before you can actually withdraw the funds.

How much money should you keep in your savings account?

There's no limit on how much you can keep in a savings account, but at maximum, you should stick to $250,000 or less ($500,000 or less if you have a joint savings account) because that's how much is covered by FDIC insurance. Keeping any more in the account could put you at risk of loss if your bank goes under.

More practically, you generally shouldn't keep more in your savings account than you need for your short-term financial goals. Even the best high-yield savings accounts can't out-earn other types of long-term investments, so consider your options for your mid- and long-term savings.

Money market accounts

Money market accounts share some of the features of checking and savings accounts, which makes them a good place for your emergency fund. Like savings accounts, they earn interest, and sometimes money market account APYs can be higher than savings account APYs.

Many money market accounts also include checks and/or a debit card so you can directly withdraw funds from the account. You can also transfer funds to a checking account if you prefer.

Some money market accounts are subject to the same limits on monthly withdrawals as savings accounts, so consider this if you plan to move your money around a lot. Additionally, money market accounts often have higher minimum deposit requirements than savings accounts. This can make them less accessible to those with small balances.

Money market accounts are also protected by FDIC insurance, but just like checking and savings accounts, you don't want to keep more than $250,000 in one or you're putting yourself at risk of loss.

Compare a few money market accounts to get a better idea of current offerings:

Show Best Offers Available in

Rates as of Mar 18, 2024
Offer
 
 
 
Account
Rating
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
APY 5.25% Rate info Circle with letter I in it. To ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts. 5.00% 4.00%-4.05% Rate info Circle with letter I in it. 4.00% applies to balances under $100K, Need $100,000+ to earn 4.05%
Min. to earn APY $0 $100 $0.01-$100,000 for 4.00%; $100,000+ for 4.05%
Next Steps

Certificates of deposit (CDs)

Certificates of deposit (CDs) are a special type of savings account that enables you to earn a higher APY on your savings -- but only if you agree not to touch your money for a while. You also have to be willing to deposit at least a few hundred dollars, as CDs almost always have minimum balance requirements.

Every CD has a term, which can range from as little as few days to as long as 10 years or more. Most fall within the six-month to five-year range. This is how long you agree to leave your money untouched in the CD. If you fail to do so, you'll get slapped with early withdrawal penalties.

The best CD rates are even higher than savings account interest rates. Normally, your CD's APY is locked in for the full term, though this varies depending on the type of CD. That can pose a risk because, if you lock in a low rate and interest rates later rise, you're stuck with what you've got.

Some people get around this with a strategy known as CD laddering. This is where you open several CDs of different lengths -- for example, a 1-year CD, a 2-year CD, a 3-year CD, a 4-year CD, and a 5-year CD. You deposit equal amounts in each one, and then as each CD term ends, you reinvest the funds in a new 5-year CD. This enables you to take advantage of the higher interest rates on long-term CDs while still giving you regular access to some of your cash.

Because you're not supposed to take any money out of your CD before the term is up, you won't have access to any checks or debit cards from this account. But you get the same FDIC insurance as the other bank accounts described above.

Take a peek at some of the various rates and terms offered today:

Rates as of
Bank & CD Offer APY Term Min. Deposit Next Steps
APY: 5.10% Term: 10 Months Min. Deposit:  $0
APY: 4.70% Term: 1 Year Min. Deposit:  $2,500
APY: 4.71% Term: 1 Year Min. Deposit:  $1
APY: 4.97% Term: 9 Months Min. Deposit:  $1
Member FDIC.
APY: 4.75% Term: 1 Year Min. Deposit:  $500
Huntington Bank Standard CD
Member FDIC.
APY: 0.05% Term: 1 Months Min. Deposit:  $1,000
Freedom Bank High-Yield CDs from Raisin
Member FDIC.
APY: 5.06% Term: 1 Months Min. Deposit:  $500
APY: 3.00% Term: 1 Months Min. Deposit: 
APY: 3.00% Term: 2 Months Min. Deposit: 
Freedom Bank High-Yield CDs from Raisin
Member FDIC.
APY: 5.10% Term: 3 Months Min. Deposit:  $500
APY: 3.00% Term: 3 Months Min. Deposit:  $0
APY: 3.00% Term: 3 Months Min. Deposit:  $500
APY: 2.00% Term: 3 Months Min. Deposit:  $2,500
APY: Up to 4.51% Term: 3 Months Min. Deposit:  $2,500
Huntington Bank Standard CD
Member FDIC.
APY: 0.05% Term: 3 Months Min. Deposit:  $1,000
APY: 3.50% Term: 3 Months Min. Deposit: 
APY: 5.41% Term: 3 Months Min. Deposit:  $1
First National Bank Standard CD
Member FDIC.
APY: 1.00% Term: 3 Months Min. Deposit:  $500
APY: 4.90% Term: 5 Months Min. Deposit: 
Member FDIC.
APY: 1.00% - 5.00% Term: 6 Months Min. Deposit:  $250.00
All America Bank CD
Member FDIC.
APY: 4.75% Term: 6 Months Min. Deposit: 
Member FDIC.
APY: 5.00% Term: 6 Months Min. Deposit:  $2,500
Member FDIC.
APY: 5.52% Term: 6 Months Min. Deposit: 
Member FDIC.
APY: 5.45% Term: 6 Months Min. Deposit:  $1,000
Member FDIC.
APY: 0.05% Term: 6 Months Min. Deposit:  $1,000
Salem Five Bank CD
Member FDIC.
APY: 5.00% Term: 6 Months Min. Deposit:  $10,000
APY: 5.10% Term: 6 Months Min. Deposit:  $2,500
First Internet Bank of Indiana CD
Member FDIC.
APY: 5.22% Term: 6 Months Min. Deposit:  $1,000
Generations Bank High-Yield CD from Raisin
Member FDIC.
APY: 5.21% Term: 6 Months Min. Deposit:  $1
APY: Up to 2.51% Term: 6 Months Min. Deposit:  $2,500
Vanguard Brokered CD
Member FDIC.
APY: 5.15% Term: 6 Months Min. Deposit:  $1,000
APY: 4.95% Term: 6 Months Min. Deposit:  $500
Valley Bank CD
Member FDIC.
APY: 4.75% Term: 6 Months Min. Deposit:  $500
APY: 4.40% Term: 6 Months Min. Deposit:  $0
Huntington Bank Standard CD
Member FDIC.
APY: 0.10% Term: 6 Months Min. Deposit:  $1,000
Bask Bank CD
Member FDIC.
APY: 5.15% Term: 6 Months Min. Deposit:  $1,000
NASA Federal Credit Union Share Certificate
Federally insured by NCUA.
APY: 4.50% Term: 6 Months Min. Deposit:  $1,000
APY: 4.25% Term: 6 Months Min. Deposit:  $2,500
APY: 5.05% Term: 6 Months Min. Deposit:  $500
APY: 3.00% Term: 6 Months Min. Deposit:  $500
APY: 4.80% Term: 6 Months Min. Deposit:  $0
Member FDIC.
APY: 5.00% Term: 6 Months Min. Deposit:  $1,000
Member FDIC.
APY: 5.00% Term: 6 Months Min. Deposit:  $500
APY: 3.80% Term: 6 Months Min. Deposit: 
APY: 4.35% Term: 6 Months Min. Deposit:  $0
APY: 4.00% Term: 6 Months Min. Deposit:  $1,000
APY: 4.00% Term: 6 Months Min. Deposit: 
Freedom Bank High-Yield CDs from Raisin
Member FDIC.
APY: 5.10% Term: 6 Months Min. Deposit:  $500
Member FDIC.
APY: 5.05% Term: 6 Months Min. Deposit:  $500
Fidelity CD
Member FDIC.
APY: 5.45% Term: 6 Months Min. Deposit:  $1,000
First National Bank Standard CD
Member FDIC.
APY: 1.00% Term: 6 Months Min. Deposit:  $500
First Tech CD
APY: up to 4.91% Term: 6 Months Min. Deposit:  $500
Republic Bank of Chicago CD
Member FDIC.
APY: 0.50% Term: 6 Months Min. Deposit:  $1,000
APY: 5.23% Term: 6 Months Min. Deposit:  $1
Generations Bank CD
Member FDIC.
APY: 5.00% Term: 6 Months Min. Deposit:  $1,000
Member FDIC.
APY: 4.76% Term: 6 Months Min. Deposit:  $1,000
Member FDIC.
APY: Up to 5.05% Term: 6 Months Min. Deposit:  $1,000
First National Bank Special CD
Member FDIC.
APY: 5.20% Term: 7 Months Min. Deposit:  Up to $10,000
APY: 4.75% Term: 7 Months Min. Deposit:  $500
Member FDIC.
APY: 5.01% Term: 7 Months Min. Deposit:  $500
APY: 5.00% Term: 7 Months Min. Deposit: 
Huntington Bank Promotional CD
Member FDIC.
APY: 5.13% Term: 7 Months Min. Deposit:  $1,000
APY: Up to 5.01% Term: 7 Months Min. Deposit:  $2,500
APY: 5.15% Term: 9 Months Min. Deposit:  $0
APY: 5.15% Term: 9 Months Min. Deposit:  $2,500
NASA Federal Credit Union High-Yield Certificate
Federally insured by NCUA.
APY: 5.55% Term: 9 Months Min. Deposit:  $10,000
APY: 5.10% Term: 9 Months Min. Deposit:  $500
Huntington Bank Standard CD
Member FDIC.
APY: 0.10% Term: 9 Months Min. Deposit:  $1,000
Salem Five Bank CD
Member FDIC.
APY: 5.00% Term: 9 Months Min. Deposit:  $10,000
APY: 4.45% Term: 9 Months Min. Deposit:  $0
APY: 4.25% Term: 9 Months Min. Deposit:  $2,500
Member FDIC.
APY: 5.30% Term: 9 Months Min. Deposit:  $500
Freedom Bank No Penalty CDs from Raisin
Member FDIC.
APY: 5.10% Term: 9 Months Min. Deposit:  $1
Member FDIC.
APY: 3.75% Term: 9 Months Min. Deposit:  $500
Generations Bank High-Yield CD from Raisin
Member FDIC.
APY: 5.31% Term: 10 Months Min. Deposit:  $1
APY: 4.90% Term: 11 Months Min. Deposit:  $1,000
Huntington Bank Promotional CD
Member FDIC.
APY: 4.86% Term: 11 Months Min. Deposit:  $1,000
APY: 4.75% Term: 11 Months Min. Deposit:  $0
Freedom Bank No Penalty CDs from Raisin
Member FDIC.
APY: 5.15% Term: 1 Year Min. Deposit:  $1
Member FDIC.
APY: 0.05% Term: 1 Year Min. Deposit:  $1,000
APY: 4.00% Term: 1 Year Min. Deposit:  $0
Member FDIC.
APY: 5.50% Term: 1 Year Min. Deposit: 
APY: 4.90% Term: 1 Year Min. Deposit:  $0
Member FDIC.
APY: 5.35% Term: 1 Year Min. Deposit:  $1,000
Fidelity CD
Member FDIC.
APY: 5.45% Term: 1 Year Min. Deposit:  $1,000
Bask Bank CD
Member FDIC.
APY: 5.20% Term: 1 Year Min. Deposit:  $1,000
Member FDIC.
APY: Up to 4.80% Term: 1 Year Min. Deposit:  $1,000
Member FDIC.
APY: 4.76% Term: 1 Year Min. Deposit:  $1,000
Member FDIC.
APY: 1.00% - 4.75% Term: 1 Year Min. Deposit:  $250.00
APY: 5.15% Term: 1 Year Min. Deposit:  $500
NASA Federal Credit Union Share Certificate
Federally insured by NCUA.
APY: 4.60% Term: 1 Year Min. Deposit:  $1,000
APY: 1.50% Term: 1 Year Min. Deposit:  $500
All America Bank CD
Member FDIC.
APY: 4.75% Term: 1 Year Min. Deposit: 
Connexus Credit Union Share CD
APY: Up to 4.81 Term: 1 Year Min. Deposit:  $5,000
APY: 4.90% Term: 1 Year Min. Deposit:  $0
First Tech CD
APY: up to 4.55% Term: 1 Year Min. Deposit:  $500
First Internet Bank of Indiana CD
Member FDIC.
APY: 5.35% Term: 1 Year Min. Deposit:  $1,000
First National Bank Standard CD
Member FDIC.
APY: 1.00% Term: 1 Year Min. Deposit:  $500
Vanguard Brokered CD
Member FDIC.
APY: 5.30% Term: 1 Year Min. Deposit:  $1,000
APY: 5.00% Term: 1 Year Min. Deposit:  $0
APY: 4.75% Term: 1 Year Min. Deposit:  $1,000
APY: 4.25% Term: 1 Year Min. Deposit: 
Member FDIC.
APY: 5.35% Term: 1 Year Min. Deposit:  $1,500
Republic Bank of Chicago CD
Member FDIC.
APY: 0.75% Term: 1 Year Min. Deposit:  $1,000
APY: 5.00% Term: 1 Year Min. Deposit:  $5,000
APY: 4.65% Term: 1 Year Min. Deposit:  $0
APY: 4.95% Term: 1 Year Min. Deposit:  $500
Generations Bank CD
Member FDIC.
APY: 5.20% Term: 1 Year Min. Deposit:  $1,000
Flushing Bank CD
Member FDIC.
APY: 5.00% Term: 1 Year Min. Deposit:  $1,000
Valley Bank CD
Member FDIC.
APY: 4.50% Term: 1 Year Min. Deposit:  $500
Huntington Bank Standard CD
Member FDIC.
APY: 0.10% Term: 1 Year Min. Deposit:  $1,000
Member FDIC.
APY: 5.30% Term: 1 Year Min. Deposit:  $500
Member FDIC.
APY: 5.15% Term: 1 Year Min. Deposit:  $2,500
APY: 5.25% Term: 1 Year Min. Deposit:  $2,500
Salem Five Bank CD
Member FDIC.
APY: 5.55% Term: 1 Year Min. Deposit:  $10,000
Member FDIC.
APY: 2.75% to 3.75% Term: 1 Year Min. Deposit:  $500
First National Bank Special CD
Member FDIC.
APY: 5.00% Term: 13 Months Min. Deposit:  Up to $10,000
SchoolsFirst Federal Credit Union CD
Federally insured by NCUA.
APY: 5.00% Term: 13 Months Min. Deposit:  $500
Member FDIC.
APY: 5.25% Term: 13 Months Min. Deposit:  $1,000
APY: 5.15% Term: 13 Months Min. Deposit: 
APY: 5.25% Term: 13 Months Min. Deposit: 
Republic Bank of Chicago CD
Member FDIC.
APY: 4.33% Term: 13 Months Min. Deposit:  $1,000
Member FDIC.
APY: 4.65% Term: 13 Months Min. Deposit:  $1,000
NASA Federal Credit Union High-Yield Certificate
Federally insured by NCUA.
APY: 5.30% Term: 15 Months Min. Deposit:  $10,000
Member FDIC.
APY: 4.00% Term: 15 Months Min. Deposit:  $500
Flushing Bank CD
Member FDIC.
APY: 4.60% Term: 15 Months Min. Deposit:  $1,000
Federally insured by NCUA.
APY: 5.10% Term: 16 Months Min. Deposit:  $500
APY: 4.45% Term: 1.5 Year Min. Deposit:  $0
First Internet Bank of Indiana CD
Member FDIC.
APY: 5.07% Term: 1.5 Year Min. Deposit:  $1,000
Member FDIC.
APY: 5.15% Term: 1.5 Year Min. Deposit:  $1,000
Member FDIC.
APY: 2.00% Term: 1.5 Year Min. Deposit:  $500
Member FDIC.
APY: 4.60% Term: 1.5 Year Min. Deposit:  $1,000
APY: 4.50% Term: 1.5 Year Min. Deposit:  $0
Fidelity CD
Member FDIC.
APY: 5.50% Term: 1.5 Year Min. Deposit:  $1,000
Salem Five Bank CD
Member FDIC.
APY: 4.50% Term: 1.5 Year Min. Deposit:  $10,000
APY: 3.25% Term: 1.5 Year Min. Deposit:  $0
Member FDIC.
APY: 4.60% Term: 1.5 Year Min. Deposit:  $1,000
Member FDIC.
APY: 2.85% Term: 1.5 Year Min. Deposit:  $500
Bask Bank CD
Member FDIC.
APY: 4.50% Term: 1.5 Year Min. Deposit:  $1,000
APY: 4.50% Term: 1.5 Year Min. Deposit:  $0
APY: 4.60% Term: 1.5 Year Min. Deposit:  $1,000
Member FDIC.
APY: 0.05% Term: 1.5 Year Min. Deposit:  $250.00
Republic Bank of Chicago CD
Member FDIC.
APY: 1.00% Term: 1.5 Year Min. Deposit:  $1,000
APY: 4.75% Term: 1.5 Year Min. Deposit:  $500
APY: 4.40% Term: 1.5 Year Min. Deposit:  $2,500
Member FDIC.
APY: 0.05% Term: 1.5 Year Min. Deposit:  $1,000
Member FDIC.
APY: 5.55% Term: 1.5 Year Min. Deposit:  $1,000
Member FDIC.
APY: 5.00% Term: 1.5 Year Min. Deposit:  $2,500
Member FDIC.
APY: 5.55% Term: 1.5 Year Min. Deposit: 
APY: 4.90% Term: 1.5 Year Min. Deposit:  $2,500
APY: 1.50% Term: 1.5 Year Min. Deposit:  $500
APY: 4.80% Term: 1.5 Year Min. Deposit:  $500
APY: 4.27% Term: 1.5 Year Min. Deposit: 
First National Bank Standard CD
Member FDIC.
APY: 1.00% Term: 1.5 Year Min. Deposit:  $500
APY: 4.50% Term: 1.5 Year Min. Deposit:  $0
Huntington Bank Standard CD
Member FDIC.
APY: 0.10% Term: 1.5 Year Min. Deposit:  $1,000
Vanguard Brokered CD
Member FDIC.
APY: 5.20% Term: 1.5 Year Min. Deposit:  $1,000
First National Bank Special CD
Member FDIC.
APY: 3.50% Term: 19 Months Min. Deposit:  Up to $10,000
APY: 4.30% Term: 2 Year Min. Deposit: 
APY: 4.00% Term: 2 Year Min. Deposit:  $0
Member FDIC.
APY: 0.05% Term: 2 Year Min. Deposit:  $250.00
APY: 4.00% Term: 2 Year Min. Deposit:  $0
Fidelity CD
Member FDIC.
APY: 5.40% Term: 2 Year Min. Deposit:  $1,000
APY: 4.50% Term: 2 Year Min. Deposit:  $2,500
Bask Bank CD
Member FDIC.
APY: 4.50% Term: 2 Year Min. Deposit:  $1,000
APY: 4.40% Term: 2 Year Min. Deposit:  $500
Connexus Credit Union Share CD
APY: Up to 4.56% Term: 2 Year Min. Deposit:  $5,000
Member FDIC.
APY: Up to 4.30% Term: 2 Year Min. Deposit:  $1,000
APY: 3.30% Term: 2 Year Min. Deposit:  $5,000
APY: 4.40% Term: 2 Year Min. Deposit:  $1,000
APY: 4.20% Term: 2 Year Min. Deposit:  $0
Member FDIC.
APY: 4.50% Term: 2 Year Min. Deposit:  $500
Member FDIC.
APY: 4.50% Term: 2 Year Min. Deposit:  $2,500
Salem Five Bank CD
Member FDIC.
APY: 3.25% Term: 2 Year Min. Deposit:  $10,000
First Tech CD
APY: up to 2.25% Term: 2 Year Min. Deposit:  $500
All America Bank CD
Member FDIC.
APY: 4.25% Term: 2 Year Min. Deposit: 
Member FDIC.
APY: 4.65% Term: 2 Year Min. Deposit:  $1,500
APY: 1.50% Term: 2 Year Min. Deposit:  $500
Member FDIC.
APY: 0.05% Term: 2 Year Min. Deposit:  $1,000
APY: 4.00% Term: 2 Year Min. Deposit:  $2,500
Member FDIC.
APY: 2.00% Term: 2 Year Min. Deposit:  $500
Member FDIC.
APY: 4.25% Term: 2 Year Min. Deposit:  $1,000
APY: 4.20% Term: 2 Year Min. Deposit:  $0
APY: 4.50% Term: 2 Year Min. Deposit:  $500
Member FDIC.
APY: 5.40% Term: 2 Year Min. Deposit:  $1,000
Republic Bank of Chicago CD
Member FDIC.
APY: 1.25% Term: 2 Year Min. Deposit:  $1,000
Member FDIC.
APY: 5.40% Term: 2 Year Min. Deposit: 
Generations Bank CD
Member FDIC.
APY: 4.24% Term: 2 Year Min. Deposit:  $1,000
Huntington Bank Standard CD
Member FDIC.
APY: 0.10% Term: 2 Year Min. Deposit:  $1,000
Valley Bank CD
Member FDIC.
APY: 4.00% Term: 2 Year Min. Deposit:  $500
Vanguard Brokered CD
Member FDIC.
APY: 5.10% Term: 2 Year Min. Deposit:  $1,000
NASA Federal Credit Union Share Certificate
Federally insured by NCUA.
APY: 4.45% Term: 2 Year Min. Deposit:  $1,000
First National Bank Standard CD
Member FDIC.
APY: 1.00% Term: 2 Year Min. Deposit:  $500
First Internet Bank of Indiana CD
Member FDIC.
APY: 4.85% Term: 2 Year Min. Deposit:  $1,000
Member FDIC.
APY: 5.00% Term: 25 Months Min. Deposit:  $1,000
First National Bank Special CD
Member FDIC.
APY: 3.50% Term: 25 Months Min. Deposit:  Up to $10,000
APY: 3.75% Term: 30 Months Min. Deposit:  $2,500
APY: 1.50% Term: 30 Months Min. Deposit:  $500
Member FDIC.
APY: 4.75% Term: 35 Months Min. Deposit:  $1,000
First National Bank Special CD
Member FDIC.
APY: 3.00% Term: 35 Months Min. Deposit:  Up to $10,000
Republic Bank of Chicago CD
Member FDIC.
APY: 1.50% Term: 3 Year Min. Deposit:  $1,000
Member FDIC.
APY: 5.15% Term: 3 Year Min. Deposit:  $1,000
Member FDIC.
APY: 5.15% Term: 3 Year Min. Deposit: 
First Tech CD
APY: up to 2.45% Term: 3 Year Min. Deposit:  $500
Member FDIC.
APY: 4.25% Term: 3 Year Min. Deposit:  $1,500
All America Bank CD
Member FDIC.
APY: 3.75% Term: 3 Year Min. Deposit: 
APY: 1.50% Term: 3 Year Min. Deposit:  $500
Member FDIC.
APY: 0.05% Term: 3 Year Min. Deposit:  $250.00
Member FDIC.
APY: 4.40% Term: 3 Year Min. Deposit:  $500
Huntington Bank Standard CD
Member FDIC.
APY: 0.10% Term: 3 Year Min. Deposit:  $1,000
APY: 4.10% Term: 3 Year Min. Deposit:  $0
Member FDIC.
APY: 4.30% Term: 3 Year Min. Deposit:  $2,500
APY: 3.00% Term: 3 Year Min. Deposit:  $0
APY: 4.30% Term: 3 Year Min. Deposit:  $500
APY: 2.85% Term: 3 Year Min. Deposit: 
Member FDIC.
APY: 4.15% Term: 3 Year Min. Deposit:  $1,000
APY: 4.00% Term: 3 Year Min. Deposit:  $2,500
Vanguard Brokered CD
Member FDIC.
APY: 5.00% Term: 3 Year Min. Deposit:  $1,000
APY: 4.25% Term: 3 Year Min. Deposit:  $500
NASA Federal Credit Union Share Certificate
Federally insured by NCUA.
APY: 4.35% Term: 3 Year Min. Deposit:  $1,000
APY: 4.15% Term: 3 Year Min. Deposit:  $0
APY: 3.75% Term: 3 Year Min. Deposit:  $2,500
APY: 3.50% Term: 3 Year Min. Deposit:  $0
Salem Five Bank CD
Member FDIC.
APY: 2.00% Term: 3 Year Min. Deposit:  $10,000
APY: 4.00% Term: 3 Year Min. Deposit:  $0
Fidelity CD
Member FDIC.
APY: 5.15% Term: 3 Year Min. Deposit:  $1,000
Member FDIC.
APY: 2.00% Term: 3 Year Min. Deposit:  $500
First National Bank Standard CD
Member FDIC.
APY: 1.00% Term: 3 Year Min. Deposit:  $500
First Internet Bank of Indiana CD
Member FDIC.
APY: 4.75% Term: 3 Year Min. Deposit:  $1,000
APY: 4.10% Term: 3 Year Min. Deposit:  $1,000
APY: 3.35% Term: 3 Year Min. Deposit:  $5,000
Member FDIC.
APY: 0.10% Term: 3 Year Min. Deposit:  $1,000
Member FDIC.
APY: up to 1.75% Term: 37 Months Min. Deposit:  $1
Member FDIC.
APY: 4.75% Term: 45 Months Min. Deposit:  $1,000
Vanguard Brokered CD
Member FDIC.
APY: 5.05% Term: 4 Year Min. Deposit:  $1,000
APY: 4.20% Term: 4 Year Min. Deposit:  $500
APY: 1.61% Term: 4 Year Min. Deposit: 
Member FDIC.
APY: 3.95% Term: 4 Year Min. Deposit:  $1,000
APY: 4.00% Term: 4 Year Min. Deposit:  $0
APY: 2.50% Term: 4 Year Min. Deposit: 
APY: 4.05% Term: 4 Year Min. Deposit:  $1,000
APY: 3.75% Term: 4 Year Min. Deposit:  $2,500
Member FDIC.
APY: 0.15% Term: 4 Year Min. Deposit:  $1,000
Member FDIC.
APY: 4.90% Term: 4 Year Min. Deposit: 
NASA Federal Credit Union Share Certificate
Federally insured by NCUA.
APY: 4.20% Term: 4 Year Min. Deposit:  $1,000
APY: 3.50% Term: 4 Year Min. Deposit:  $0
APY: 3.40% Term: 4 Year Min. Deposit:  $5,000
All America Bank CD
Member FDIC.
APY: 3.49% Term: 4 Year Min. Deposit: 
First Internet Bank of Indiana CD
Member FDIC.
APY: 4.54% Term: 4 Year Min. Deposit:  $1,000
Salem Five Bank CD
Member FDIC.
APY: 2.25% Term: 4 Year Min. Deposit:  $10,000
APY: 4.05% Term: 4 Year Min. Deposit:  $0
Fidelity CD
Member FDIC.
APY: 4.90% Term: 4 Year Min. Deposit:  $1,000
APY: 4.00% Term: 4 Year Min. Deposit:  $500
Member FDIC.
APY: 4.90% Term: 4 Year Min. Deposit:  $1,000
Member FDIC.
APY: 4.15% Term: 4 Year Min. Deposit:  $1,500
APY: 3.00% Term: 4 Year Min. Deposit:  $0
Member FDIC.
APY: 2.00% Term: 4 Year Min. Deposit:  $500
Huntington Bank Standard CD
Member FDIC.
APY: 0.10% Term: 4 Year Min. Deposit:  $1,000
Republic Bank of Chicago CD
Member FDIC.
APY: 1.50% Term: 4 Year Min. Deposit:  $1,000
First National Bank Standard CD
Member FDIC.
APY: 1.00% Term: 4 Year Min. Deposit:  $500
NASA Federal Credit Union High-Yield Certificate
Federally insured by NCUA.
APY: 4.60% Term: 49 Months Min. Deposit:  $10,000
First National Bank Special CD
Member FDIC.
APY: 3.00% Term: 52 Months Min. Deposit:  Up to $10,000
Member FDIC.
APY: 4.75% Term: 59 Months Min. Deposit:  $1,000
APY: 4.00% Term: 5 Year Min. Deposit:  $0
Huntington Bank Standard CD
Member FDIC.
APY: 0.10% Term: 5 Year Min. Deposit:  $1,000
APY: 3.45% Term: 5 Year Min. Deposit:  $5,000
APY: 4.00% Term: 5 Year Min. Deposit:  $0
Member FDIC.
APY: 3.90% Term: 5 Year Min. Deposit:  $1,000
Member FDIC.
APY: 2.00% Term: 5 Year Min. Deposit:  $500
Fidelity CD
Member FDIC.
APY: 4.85% Term: 5 Year Min. Deposit:  $1,000
All America Bank CD
Member FDIC.
APY: 3.49% Term: 5 Year Min. Deposit: 
APY: 4.00% Term: 5 Year Min. Deposit:  $500
First Tech CD
APY: up to 3.55% Term: 5 Year Min. Deposit:  $500
APY: 4.00% Term: 5 Year Min. Deposit:  $2,500
First National Bank Standard CD
Member FDIC.
APY: 1.50% Term: 5 Year Min. Deposit:  $500
Republic Bank of Chicago CD
Member FDIC.
APY: 1.50% Term: 5 Year Min. Deposit:  $1,000
APY: 3.25% Term: 5 Year Min. Deposit: 
First Internet Bank of Indiana CD
Member FDIC.
APY: 4.59% Term: 5 Year Min. Deposit:  $1,000
Member FDIC.
APY: 4.15% Term: 5 Year Min. Deposit:  $1,500
Vanguard Brokered CD
Member FDIC.
APY: 5.00% Term: 5 Year Min. Deposit:  $1,000
APY: 3.90% Term: 5 Year Min. Deposit:  $0
APY: 3.75% Term: 5 Year Min. Deposit:  $0
Member FDIC.
APY: 4.80% Term: 5 Year Min. Deposit:  $1,000
APY: 1.50% Term: 5 Year Min. Deposit:  $500
APY: 4.10% Term: 5 Year Min. Deposit:  $500
Member FDIC.
APY: 4.30% Term: 5 Year Min. Deposit:  $500
Salem Five Bank CD
Member FDIC.
APY: 2.25% Term: 5 Year Min. Deposit:  $10,000
APY: 3.95% Term: 5 Year Min. Deposit:  $1,000
NASA Federal Credit Union Share Certificate
Federally insured by NCUA.
APY: 4.10% Term: 5 Year Min. Deposit:  $1,000
APY: 3.75% Term: 5 Year Min. Deposit:  $2,500
Member FDIC.
APY: 4.00% Term: 5 Year Min. Deposit:  $2,500
Member FDIC.
APY: 0.25% Term: 5 Year Min. Deposit:  $1,000
Member FDIC.
APY: 0.05% Term: 5 Year Min. Deposit:  $250.00
Member FDIC.
APY: 4.80% Term: 5 Year Min. Deposit: 
APY: 3.00% Term: 5 Year Min. Deposit:  $0
First National Bank Special CD
Member FDIC.
APY: 3.00% Term: 61 Months Min. Deposit:  Up to $10,000
Member FDIC.
APY: up to 2.00% Term: 61 Months Min. Deposit:  $1
APY: 1.50% Term: 6 Year Min. Deposit:  $500
Huntington Bank Standard CD
Member FDIC.
APY: 0.10% Term: 6 Year Min. Deposit:  $1,000
APY: 4.00% Term: 6 Year Min. Deposit:  $500
APY: 3.75% Term: 7 Year Min. Deposit:  $2,500
APY: 3.75% Term: 10 Year Min. Deposit:  $2,500

Which bank account is right for me?

Each bank account described above has its pros and cons. If you're still not sure which types of bank accounts are right for you, ask yourself the following questions:

  • How often do I plan to withdraw money?
  • Do I want the option to directly withdraw funds from the account?
  • How much do I plan to keep in the account?

Your answers should guide you toward the type of account that's best for you. And feel free to open more than one if that suits you. You could open a checking account for everyday spending, a savings account for your emergency fund, and a CD for some of your other savings you don't plan to use for a while. Figure out the combination that works best for you and know you can always add, change, or remove accounts down the road.

FAQs

  • That depends on your situation. Checking accounts are best for everyday spending. Savings accounts, money market accounts, and certificates of deposit (CDs) are better places for your savings.

  • Checking accounts are meant to hold money for everyday spending. There's no restrictions on withdrawals and most include checks and a debit card. But you don't usually earn much (if any) interest on your funds. Savings accounts offer better interest rates, but it's often more difficult to withdraw funds without first transferring them to a checking account. Plus, savings accounts can carry penalties if you make too many monthly withdrawals.

  • There are four major types of bank accounts: checking accounts, savings accounts, money market accounts, and certificates of deposit (CDs).

Our Banking Experts