MAJOR TYPES

• Checking accounts: A deposit account held at a bank or other financial institution, for the purpose of securely and quickly providing frequent access to funds on demand, through a variety of different channels. Because money is available on demand these accounts are also referred to as demand accounts or demand deposit accounts.

• Savings accounts: Accounts maintained by retail banks that pay interest but can not be used directly as money
  

• Money market deposit account: A deposit account with a relatively high rate of interest, and short notice (or no notice) required for withdrawals. In the United States, it is a style of instant access deposit subject to federal savings account regulations, such as a monthly transaction limit.

• Time deposit: A money deposit at a banking institution that cannot be withdrawn for a period of time. Generally speaking, the longer the term the better the yield on the money.