Types Of Savings Accounts

Deposit Options

Most people have a deposit account.

  • Deposit Account:  With this type of account there are no restrictions on how much, or how often you make a deposit.
  • Regular Saver:  This is where you make a specific deposit every single month.  The best example of this is for the bank’s youngest customers, e.g. kids who have a "Christmas Club" or "Holiday Club" savings account.  Here you put in a set amount every month (say $10) and then are able to withdraw the money, plus interest, for the holidays.  A bank issues a passbook to record your deposit and shows you the interest amount you have accumulated each time you make a deposit.  This is a great way to start to learn about savings and interest.  Nowadays instead of just one fixed amount, most banks allow you to make a deposit within a specified range.  And this might be good for people who have a job and want part of their pay check to automatically be put into a savings account.  It also usually pays a good interest rate.