As of 2015, the common types of bank accounts include checking and savings accounts as well as investment accounts. Individual financial institutions determine what types of accounts they offer, and there are different types of accounts within each category. A money market account is a type of savings account that commonly has different stipulations for account holders and provides a higher rate of interest, as Wells Fargo Bank explains.
Checking accounts offer the easiest access to bank customers' money. Customers are able to visit a branch to withdraw money, write checks to private or commercial payees, and withdraw money through ATMs. Checking accounts rarely offer interest and have varying standards concerning initial deposits and balance requirements, as stated on the Wells Fargo website.
Savings accounts offer a restricted level of access to money for account holders, but they allow customers to earn interest on saved money. Federal regulations require banks to maintain liquid reserves that cause banks to limit the number of withdrawals without penalty from savings accounts, according to the Office of the Comptroller of the Currency.
Certificates of deposit provide customers a way to save a certain amount of money over a predetermined period of time. Interest earned on CDs results from either fixed or variable interest, according to Wells Fargo.
Individual Retirement Accounts allow customers to save for retirement. Customers can choose among IRA options for the accounts that best serve their retirement planning strategies. Taxes and contribution limits are among the differences in IRA options, according to Wells Fargo Bank.