Most banks and credit unions enable you to place your money in a checking account, a savings account, a CD, or an MMA. I discuss the pros and cons of each of these below.
What is a checking account?
Best for: Those who want a safe place to keep their money with few restrictions on accessing it.
Not for: Those who want to earn a lot of interest on their money.
You should open a checking account for money you plan to use for everyday spending. Unlike savings accounts, CDs, and money market accounts, there are no restrictions on when or how often you can withdraw money from a checking account, as long as you don’t withdraw more money than you have. They’re ideal for paying bills and you can easily turn your checking account funds back into cash as needed with the included debit card. You can also purchase