Different Types of Bank Accounts

Learn of the different types of bank accounts and services including loans, savings, checking and more at online banking consultant. Choose an account or banking service from the categories below to learn more:

Listings of Different Bank Accounts

Consultant explaining the different kinds of bank accounts



Checking Accounts

There are several different accounts, including Online checking account, business checking account, student checking account and more. Simply said, these are bank account that allows easy access to the funds. It is an account that is operated by businesses to paying the bills and making most of the financial transactions.

If a person has a checking account then he can access it by using a debit card, setting up an automatic transfer or writing a check. These transactions are marked as debit in the account. When any deposits are made into the account then they are classified as credit. Initially, when someone opens an account then he has to keep a running balance for tracking the amount in his account. The aim of keeping a running balance is to ensure that the account owner does not overdraw. What you should know? It is important to balance accounts each month as it will help to catch any error that the bank or the account holder has made. At times, people get worried about deposited cash not being displayed in the total account balance. One should be aware of the bank’s policy of making deposits available in the account. Banks apply an interest rate to some of these accounts.

Credit Cards

Credit cards available to banking customers today include Student credit cards, secured credit cards, no credit credit cards and credit cards for fair credit. There are also those for business, bad credit, prepaid credit, online credit, unsecured, poor credit, virtual credit card and more.


Loans

Some of the many types of loans include Unsecured loans, debt consolidation loans, small business loans, quick cash loans, online loans, guarantor loans and secured loans. There are also payday loans, installment loans, student loans, home equity loan, home improvement loans, bridging loans, and more.

Mortgages

A mortgage loan is a legal agreement by which a society or a bank lends money to people who are ready to purchase a new property, but do not have enough cash for a substantial upfront payment. To better understand what is a mortgage, it is important to know some facts. Most mortgage loans last anywhere from 20 to 30 years, so this legal agreement is made of several parts: collateral (usually your home), interest, principal (down payment), insurance and additional taxes.

These include home mortgage, subprime mortgage, refinance mortgage and buy to let mortgage. There are also commercial mortgage, second mortgage, fixed rate mortgage, and more. The mortgage will continue to be a very important factor in our society, enabling people to enjoy the life they want and buy the house they can’t afford at the moment.

Savings Accounts

There are many types of savings accounts. These include Regular savings accounts, high yield savings, joint savings account and child savings account. There are also health savings account, retirement savings, student savings account, and more. Some persons however prefer a certificate of deposit or other bank account that will pay a higher interest rates.



Other Banking Services

Banks also offer Debit cards, international bank draft, International wire transferbank guarantee, trade finance, letter of credit and more. Also you can check out our information on hedge funds, internet banking, money market account, mutual funds and wealth management.

You can contact online banking consultant us if you would like to use our consultancy services to find the accounts and services that will bring you greatest benefits. Our team looks forward to hearing from you.

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