Savings accounts allow you to store your money in the bank and be paid a small amount of interest. Checking accounts are the most liquid of the banking accounts because you can write checks to transfer money out of the account. Certificates of deposit are a type of account that requires the account holder to put money into account for a specified period of time in exchange for a guaranteed rate of return. Money market deposit accounts are similar to savings accounts. However, they usually pay higher interest rates because they have higher minimum account balance requirements.
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