Somerville Logo

1

  • Home
  • Deposits
  • Loans
  • Online Banking
    • Log In
    • Mobile Banking
  • Mortgage Center
  • Locations
    • ATMs
  • Contact
  • Jobs
  • Blog

Which is the Best Bank Account for Me?

Which is the Best Bank Account for Me – A Checking Account, A Savings Account, or a Money Market Account?

It is a known fact that we all have a multitude of options when it comes to the safe placement of our money; however, the three most common options are a checking account, a savings account, and a money market account. If you are reading this, chances are, you are trying to determine which is most appropriate for your individual needs. All of these choices are typically federally insured for up to a total of $250,000 for each depositor. This means all of the account types properly protect your money.

You may choose one type of account, or a combination of different types of accounts – the choice is yours! Each and every single one of these account types have distinct advantages. In this brief guide, we will review these.

Checking Account

If you are an individual that needs to have the ability to get to your money at any time (unrestricted access), a checking account is likely the best option for your individual needs.

This is also the perfect type of account for the person that really does not have a massive amount of interest in maximizing the total amount of interest that is earned on the account. Best of all, these accounts either have low monthly fees or absolutely no fees at all.

These accounts allow you to access your money through internet-based transfers, the use of an ATM machine, utilization of a debit card, and through the use of personal checks.

Savings Account

The savings account is perfect for you if you are interested in earning interest on cash and establishing a bit of a financial cushion for those expenses that often arise unexpectedly.

The money that is kept in the savings account is typically not used to pay bills or handle the expenses of day-to-day life. These accounts are regulated by a federal regulation.

This states that only six transfers may be performed each month that are described as “convenience”; that is, those made online, transfers by phone, and direct withdrawals. Most savings accounts do not limit withdrawals taken directly from the bank branch, the ATM, or through the traditional mail system.

Money Market Account

If you have a lot of cash that needs to be deposited, the money market account is likely your best option. These accounts earn a very high amount of interest. The deposit requirement typically starts with a minimum of – at least – $1000.00. In most instance, you will have the option of ordering checks and/or a debit card for the account. A money market account is NOT the same as market mutual funds – so be VERY sure not to confuse the two.

If you have an interest in ensuring the optimal protection of your money, let us here at Somerville National Bank help you! We have several branches and all of our agents have the knowledge and experience to help you make the most of your money and to ensure your future financial success.

Simply visit us at one of our locations today:

6 Locations

Post navigation

Previous
Next

Articles by Month

  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • August 2018
  • June 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015

Somerville Bank has 7 Locations.

Find the Office Nearest You

Click Here for Mobile Banking

Recent Posts

  • How to Make the Most of Your Money in the New Year and Beyond
  • Locating a Long-Lost Safe Deposit Box or Bank Account
  • Stimulus Checks and Fraud
  • Gift Cards – A Comprehensive Consumer Guide
  • Don’t Fall Victim to Scams This Holiday Season

Categories

  • Banking News
  • Community
  • Latest News
  • Mortgage Loans
  • facebook
  • Sitemap

© 2018 Somerville Bank

    FDIC Logo     Website Questions? Call our main office (513) 726-6471 Privacy Policy