Checking Accounts
Find an everyday account with low fees and the features you actually use.
Banking & Savings
Where to keep your money, how to earn more on it and how to avoid the fees that quietly eat into it.
Explore banking topics
Savings Accounts
Pick a safe, insured home for your savings that pays a fair rate.
High-Yield Savings Accounts
Earn a meaningfully higher rate on savings without market risk.
CDs (Certificates of Deposit)
Lock in a fixed rate for money you won’t need until a set date.
Online Banks
Higher rates and fewer fees — with a few trade-offs to understand.
Banking Fees
Stop paying the fees that quietly drain your accounts.
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Choosing where to keep your money
Where you keep your cash affects how much it earns, how much you pay in fees and how easily you can reach it. Most households need two kinds of accounts: a checking account for paying bills and everyday spending, and one or more savings accounts for emergencies and goals. Beyond that, certificates of deposit can lock in a rate for money you will not need for a while.
This hub covers checking accounts, savings accounts, high-yield savings, CDs, online banks and how to avoid banking fees.
Comparing account types
| Account | Best for | Access | Typical earnings |
|---|---|---|---|
| Checking | Bills, debit card, direct deposit | Unlimited | Often little or no interest |
| Traditional savings | Keeping savings next to checking | Easy transfers | Usually low APY |
| High-yield savings | Emergency fund, short-term goals | Easy transfers, 1–3 business days to external banks | Much higher APY than traditional savings |
| Money market account | Savings with check-writing | Checks/debit card at some banks | Often similar to high-yield savings |
| Certificate of deposit | Money you will not touch until a set date | Locked; early withdrawal penalty | Fixed APY for the term |
Rates on savings accounts are variable and move with the broader interest rate environment set in part by the Federal Reserve. CD rates are fixed for the term you choose.
Deposit insurance: the most important feature
Before comparing rates, make sure an account is federally insured. The FDIC insures deposits at member banks and the NCUA insures deposits at federally insured credit unions — each up to $250,000 per depositor, per institution, for each ownership category (such as individual, joint and certain retirement accounts). Some fintech apps are not banks themselves and hold your money at partner banks; read their disclosures to understand how and when insurance applies. You can confirm a bank’s status with the FDIC’s BankFind tool.
Earn more on your savings
The gap between the average traditional savings rate and competitive high-yield accounts can be large. Moving an emergency fund to a high-yield savings account is one of the simplest ways to earn more without taking market risk. Use the compound interest calculator to see the difference over time, or compare savings and CDs with the CD calculator.
Avoiding fees
Monthly maintenance fees, overdraft and nonsufficient-funds fees, out-of-network ATM fees and paper statement fees can quietly cost more than your savings earn. Many online banks and credit unions offer accounts without monthly fees, and traditional banks often waive fees if you meet a minimum balance or direct deposit requirement. Our banking fees guide explains how to avoid each one.
Frequently asked questions
Is my money safe in an online bank?
Deposits at an FDIC-member online bank are insured the same way as at a traditional bank: up to $250,000 per depositor, per insured bank, for each account ownership category. Credit union deposits have equivalent NCUA coverage. Always confirm the institution is insured before opening an account.
What is the difference between APY and interest rate?
The interest rate is the base rate the bank pays. APY (annual percentage yield) includes the effect of compounding over a year, so it shows what you actually earn. Compare savings accounts and CDs by APY.
How many bank accounts should I have?
Most people do well with at least a checking account for everyday spending and a separate savings account for emergencies. Many add more savings accounts for specific goals.
Can a savings account lose money?
An FDIC- or NCUA-insured savings account does not lose value from market movements, and insured balances are protected if the bank fails. Fees can reduce your balance, and inflation can reduce its purchasing power if your rate is lower than inflation.
This hub is part of our complete personal finance guide. Read our editorial standards.
Banking & Savings guides
All guides →What Is a High-Yield Savings Account? How It Works and When to Use One
What a high-yield savings account is, how its rates work, how it compares with regular savings, money market accounts and CDs, and what to check first.
Updated
Checking vs. Savings Account: Differences and How to Use Both
Checking vs. savings accounts compared: how each works, interest, fees, access and insurance, plus a simple system for using both to manage money.
Updated
How Does a CD Work? Certificates of Deposit Explained
How certificates of deposit work: fixed rates and terms, early withdrawal penalties, maturity, CD ladders and how CDs compare with high-yield savings.
Updated
What Is APY? Annual Percentage Yield Explained With Examples
What APY means, how annual percentage yield is calculated, how it differs from APR and interest rate, and how to use APY to compare savings accounts and CDs.
Updated
How Compound Interest Works (With Formula and Examples)
How compound interest works: the formula explained step by step, how time and compounding frequency affect growth, and how it works against you on debt.
Updated
Banking calculators
All calculators →Compound Interest Calculator
Project how savings grow with regular deposits and compounding interest.
CD Calculator
See what a certificate of deposit will be worth at maturity.