When you’re choosing a new bank account, generally you’ll want to look for checking accounts with low fees (maintenance, overdraft, ATM) and savings accounts with high interest rates.
Often, online-only providers are able to provide higher interest rates on savings accounts, due to their lower operating costs. If you’re setting aside the funds for a specific purpose, for a longer period of time, a certificate of deposit (CD) can be a way to earn a higher rate than a savings account.
Here are a few other NerdWallet resources to check out, to help you select the deposit product that’s right for you:
Checking accounts
Checking account comparison tool
Best Banks and Credit Unions for Mobile Banking
Savings Accounts
Best High-Yield Online Savings Accounts
CDs
What is a CD (Certificate of Deposit)?
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