For most people, managing money involves deposit accounts through banks or credit unions. Interest-bearing accounts like savings accounts, money market accounts and certificates of deposit (CDs) are designed for longer-term savings, while checking accounts help you manage everyday banking transactions. Individual retirement accounts (IRAs) are tax-advantaged retirement savings accounts. Storing money in accounts like these is an important part of personal or business finance management.
Financial institutions with deposit insurance through the Federal Deposit Insurance Committee (FDIC) or National Credit Union Administration (NCUA) ensure that your deposits are protected on balances up to $250,000. Sometimes those institutions offer perks, sign-on bonuses and opportunities to waive account fees. Interest rates may change over time, but keeping your money in some types of deposit accounts helps keep it safe — and you can earn a little bit of interest on the balance, too.