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Bank Products

Banks and credit unions can provide a safe and convenient way to accumulate savings—and some banks offer services that can help you manage your money.

Deposits at banks and most credit unions are federally insured up to a limit set by Congress. And transaction (or checking) accounts and deposit accounts offer liquidity, making it easy for you to get to your funds for any reason—from day-to-day expenses to a down payment or money for unexpected emergencies. In addition to being insured by the FDIC, checking accounts let you transfer money by check or electronic payment to a person or organization that you designate as payee.

But remember, the interest you earn from bank products—including certificates of deposit (CDs)—tends to be lower than potential returns from other investments.

Types of Accounts