A personal bank account is one that is opened in order to receive, save, and expend funds for personal purposes. There are different types of Personal Bank Accounts. They are:
Checking Account
A checking account is a very liquid account kept for the purpose of keeping and withdrawing cash deposits at a financial institution such as a bank.
Transaction Accounts
A transactional account is also called a checking account in some cases. As the name implies, it is used for transactions starting from when one recieves their salary, then for payment of bills after which the balance is moved to a saving account.
Time Deposit Account
This is an account that bears interest where money is fixed for some time in exchange for an above-average interest on such money. An example is a certificate of deposit.
Money Market Account
It is an account that yields interest but one that is typical to credit unions. It is a hybrid account because it has features of the checking account and the savings account. One of such features is that it offers a higher interest rate than traditional savings or checking accounts.
Deposit Account
This is the same thing as a regular Savings Account. Traditionally, it comes with a guaranteed interest rate valid on specified dates.
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