Best Online Checking, Savings, CD & Banking Accounts

A savings account is an adult version of a child’s piggy bank. You’re putting money aside – reasons can vary from saving for a vacation to having an emergency fund – that you don’t plan to spend anytime soon. Savings accounts pay interest on your money, and these accounts have rules about how often you can withdraw your funds. Our savings account guide explains these and other rules, such as how maintaining a minimum balance can help you avoid fees or increase your interest rate.

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CD Accounts

A certificate of deposit can be your best way to get the highest interest rate on your savings. However, in exchange for the higher interest rate, you must agree not to touch the money in your CD account for a specified period. It can take months or years. If you withdraw funds from your certificate of deposit before the maturity date, you could lose some of your money. Our CD guide shows how these accounts work and how to find the right one for you.

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Verify accounts

Think of a checking account as a parking space for your money. Then think about what you would want in a parking spot – it’s kind of like what you would want in a checking account. You want it accessible, practical, at a reasonable and safe price. Our guide to checking account gives you the basics: opening an account, making a deposit, withdrawing, facing fees, paying bills, as well as what to look for in a checking account.

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Money market accounts

A money market account is a type of savings account that may be appealing to some savers. The biggest advantage is that money market accounts usually pay higher interest. Plus, MMAs can offer the convenience of coming with checks. Along with the higher interest, however, you may need to deposit more and maintain a higher minimum balance in your MMA. Our guide to money market accounts explains the ins and outs of these accounts and the features you should look for.

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Online banking

No cashiers, no branch managers, no drive-thru – online banks exist without physical sites that you can visit. But with the prevalence of customers going online, this may not present any problem. You may find that there are some advantages to online banking, such as better rates and lower fees. Our guide to online banking takes a look at financial institutions that offer traditional banking products and services while only existing in the digital world.

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Credit unions

In many ways, a credit union is like a bank: Credit unions offer the same type of accounts and services. And with their networks, credit unions can have as many ATMs and branches as regional and national banks. But a bigger difference is that credit unions are not-for-profit organizations. This often translates into better rates for savers and lower interest on loans. Our guide to credit unions explains how they work, how you can register, and how they can be an alternative for your banking needs.

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Student accounts

Part of what you learn as a student can be how to manage your money. And since you need a place to put your money, you might want to consider student bank accounts. Such accounts may offer student-friendly features, such as reduced fees, and financial institutions could benefit from the convenience of campus locations. Our guide to student accounts tells you what to look for when choosing a bank for your college years.

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David A. Albanese