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What are the major types of bank accounts and how do they work?


I know how credit and debit works but have heard of a few different account types and need to know what type have cedit card like cards you use at a store and which use checks. Thanks.

Checking - deposit money, write an order for the bank to pay (a check) a certain amount to a certain person/company. Usually these accounts cost a small fee - HOWEVER, many banks now offer "free checking".

Savings _ deposit funds and allow the bank to use them for a fee (interest). Collect your fee periodically (usually quarterly).

Certificate of Deposit (CD) - deposit a certain amount of money for a given period of time - usually for a higher rate of interest than a savings account. Forfeit all interest if you take the funds back prior to the agreed-upon date.

A debit card can be linked to checking or to savings, but not to a CD.
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