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What are the types of bank account ?

What are the types of bank account personal banking

Savings accounts

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Savings accounts are among the accounts in which funds are deposited for the purpose of saving them, where this interest is earned on the deposited funds, and this interest is considered income for the account holder from which the tax is deducted, and savings accounts are restricted to a certain number of financial operations that can be performed on the account monthly from withdrawing or transfer or otherwise.

Current account

The current account is used to meet the daily needs of customers, where they can easily access their money, conduct transactions and keep the money safely. Through the current account, the customer can pay bills and buy necessities in several ways, such as using checks or debit cards, etc., and current accounts have several types that vary according to the services they provide and fees monthly.

Certificates of deposit

Funds are deposited in certificates of deposit accounts with the intention of investing, based on a predetermined interest rate, where the client deposits funds for a long period of time specified by a certain number of months or years, and the client cannot withdraw from these funds, which he deposited before the specified time period and if He will have to pay a fine, as certificates of deposit are known with a higher interest rate than other traditional accounts.

Money market accounts

Money market accounts are similar to savings accounts, but the difference between them lies in the deposited amount and the interest rate. The interest rate in savings accounts is fixed, unlike money market accounts. The interest rate is linked to the money market. Money market accounts require large deposit amounts to avoid monthly fees. And get high interest rates.

Individual retirement account

The individual retirement account is intended for people who want to save their money for the future and for the retirement stage. The business owner has nothing to do with the individual retirement account, as it is concerned with the person and the financial organization only without the intervention of other parties.

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What are the types of bank account personal banking

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