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Breaking Down Different Types of Bank Accounts

ASB June 22, 2021 | 5 min read Personal

Opening a bank account is one of the most important decisions you can make, so it's important to have all the facts. Lance Masuda, Director of Customer Solutions and Support, breaks down the difference between a checking account, savings account, and CD. Check out the video below to learn more.

Both savings accounts and certificates of deposit (CDs) allow you to put aside money for the future while checking accounts are for more immediate use. This is partially because savings accounts and CDs accumulate interest over time, meaning the money in your account increases, while this is not the case for checking accounts.

When deciding what type of account to open, it’s good to consider why you’re opening an account in the first place. If you want to save money to put towards a goal, savings accounts and CDs are a smart option; if you want to easily deposit and withdraw money, a checking account may be best.

Click here to open an account online. You can open any type of account and even create a joint bank account. If you’d prefer to do it in person, you can also visit one of our branches. After opening your account, you can use tools like online banking and your bank’s mobile app to manage your money, create a budget, and track your goals. You can also add your debit card to your virtual wallet so you always have it with you.

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