What kinds of bank accounts are there?

What kinds of bank accounts are there?

Mitchell Freedman, CPA/PFS (CEO, MFAC Financial Advisors) gives expert video advice on: What kinds of bank accounts should I have?; How do I open a bank account?; How can I compare banks and the services they offer? and more...

There was a time when it was very simple to make a decision about banking. You walked into a bank and you could get a checking account or you could get a savings account or both. Today there are a variety of choices that individuals have when they go into a financial institution. They can get a checking account, they can get a savings account, they can get a money market account. They can go to a desk where somebody will sell them financial products like mutual funds. You can get certificates of deposit. There are just a wide range of financial products that are available to a consumer today. Sometimes they can be very complicated because the comparison from one financial institution or bank to another can be difficult because while the product may sound the same, they may have different terms and conditions to them that makes comparison shopping an important issue.