The main account used to pay bills and receive payments. Able to write checks and use a debit card. Plain vanilla account - low interest rates but also low minimum balance requirements. Can be used for overdraft protection. Liquid account. Minimum balance requirement to avoid a fee is usually $1,000 or more. Interest rate is higher than a basic savings. Pays a fixed interest rate for a specific period of time. Terms vary from 3 months to 10 years. Penalties for early withdrawal. 1. Basic Savings Account 2. Checking Account 3. Money Market Account (MMA) 4. Certificate of Deposit (CD)