Finder's pick for a bank account: American Express® Personal Savings High Yield Savings
- Monthly fees: $0
- Interest compounded daily
- Minimum deposit to open: $0
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.
There are many different types of bank accounts out there to choose from. Deciding on which account you need depends on your financial goals. Broken down to its fundamental level, your goal is to either spend, save or do both. We’ve researched and reviewed over 100 bank accounts to help you compare what’s out there and what type of account is best for your financial lifestyle and goals.
A bank account helps you save for the future, pay bills, spend conveniently, transfer money where you need it and get cash when you want it. Financial institutions offer bank accounts to give you a secure location to hold your money.
Having a bank account can help you manage your everyday finances and keep track of your money. Benefits of owning one are:
|Basic checking account||Interest bearing checking account||Savings account||Money market account||Certificate of deposit (CD)|
|Best for||Those who want a basic spending account to pay bills, transfer funds and make purchases||Those who want an account that earns interest and gives them access to extra features||Those who want to earn interest on their savings||Those who want a checking and savings hybrid that earns interest but is accessible||Those looking for a short-term investment with a locked in interest rate|
|Minimum deposit||$0 to $25||$100 to $500||$0 to $100||$2,500 to $10,000||$500 to $10,000|
|FDIC or NCUA insured|
|Withdrawal limits||six a month||six a month||Can’t withdraw until maturity|
Paying bills or building your nest egg?
Compare savings options, interest rates and balance requirements.
The key differences and how they can affect your ability to save.
The right choice depends on how often you use it and whether you want to earn interest.
Click any company logo below to compare more bank accounts from that brand.
The amount of bank accounts you open depends on your personal financial goals. Most people typically have two accounts — a checking and a savings account. If you’re starting out with your first bank account, you’ll want to open up a checking account. And once you’re ready to start saving, you can open up a savings account. As your savings start to increase, most people tend to look into other types of accounts, such as CDs. And if you’re looking for a hybrid between a checking and savings account, you can consider a money market account or an interest-bearing checking account.
Skip waiting at the bank branch.
Close your account and find a bank that meets your needs.
Joint accounts are best for people who are working towards a similar financial goal together.
Is it possible to reverse a foreign exchange transaction on my transaction account? You will need the help of your bank in most circumstances, but if you have the supporting documentation then you should be able to reverse a foreign exchange transaction.
Is it possible to cash out an international check? Yes, some US financial institutions will accept an international check deposit, although the funds could take longer to clear and you may be charged international transaction fees.
Do foreign banks charge a fee to receive an international money transfer? Yes, there are foreign banks who will charge your recipient upon receiving funds from an international money transfer. Remember to take into account exchange rates and recipient fees.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.