What is a Certificate of Deposit, and what is the difference between it and a simple savings account? These accounts are more commonly known as “CD” accounts. They are insured and virtually risk-free and are similar to a savings account. But, they differ from a savings account in that they are assigned a specific ‘term.’ These terms are often three month, six month or one to five years.

Selecting a bank is not a difficult process, and armed with information, you can make a good choice as opposed to a mediocre choice in your banking institution. However, making the choice more complicated is the fact that there are a number of ‘online only banks’ that are competing for your business.

Along with the savings account, the checking account is the most basic of financial account available to a consumer. This is the account that places you in control of your own finances. You manage the money coming in and going out of this account on almost a daily basis.

Second to the personal checking account, the savings account is the most basic of financial accounts that there is available to you.

The reason banks came into being was to have a safe place to secure your cash. Then, the concept of earning interest on your balance was born, and hence the savings account was born.

Actually, a Money Market Deposit Account is more of a savings account. But, it has checking features along with the ability to withdraw funds via a debit card. So, it seems more like a checking account.