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Insured Deposit Accounts

Checking Account

A checking account allows you to pay bills and make purchases with the money you deposited into the account. You can access your funds by writing a check, using your debit card, through online bill pay, or at an Automated Teller Machine (ATM).


Savings Account

A savings account earns interest. Interest is a percentage of your balance that the bank pays you for keeping your money at that bank. Generally, a savings account is not intended to be used like a checking account for everyday transactions, as a fee may be charged for more than a certain number of withdrawals a month. A savings account is a good place to save for your goals.


Non-Deposit Accounts

Many banks also offer non-deposit accounts or products that are not insured by the FDIC. It is a good idea to build an emergency savings fund in an insured bank account before investing. That way, you know the money you may need for an emergency or job loss will be there if you need it.

Stocks, bonds, and mutual funds are examples of non-deposit investment products. Investing involves taking on the risk of losing some or all of the money you invest in exchange for the opportunity to potentially earn more money. Non-deposit investment products are not FDIC-insured, so you could lose some or all of the money you invested or not gain as much profit as you expected. To learn more about investing, visit www.investor.gov.


Choosing a Bank and a Checking Account

Before opening an account, it is very important to shop around for the bank and bank account that best fits your needs.

When looking for a bank and a bank account, ask yourself several questions as you compare banks to find an account that is right for you.

Choosing a Bank and Bank Account Checklist

Bank Information
  • Does the bank offer the services I need?
  • Convenient branches and ATMs?
  • Bank hours?
  • Do employees speak my language?
  • Is it insured by FDIC?
Accounts
  • Requirements for opening account?
Checking Accounts
  • Minimum opening balance?
  • Minimum monthly balance?
  • Fees?
  • Fee waivers available?
  • Number of withdrawals per month without a fee?
  • Earns interest?
  • Deposit hold times?
Overdraft Programs
  • Low balance alerts offered?
  • Overdraft fees?
  • Link to a savings account to cover overdrafts?
  • Opt-out options?
Savings Accounts
  • Minimum opening balance?
  • Minimum monthly balance?
  • Annual percentage yield (APY)?
  • Fees?
  • Fee waivers available?
  • Withdrawal limits per month?
  • Services available?
Debit Cards
  • Fees?
  • Fee waivers available?
  • Rebates or bonuses for use?
  • Location/number of ATMs?
  • Debit card transactions requirements or limits?
Mobile/Online Banking
  • Is it available?
  • Transaction types and limits?
  • Fees?
  • Fee waivers available?
  • Online bill pay?