Banking products and services vary depending on the bank or financial institution. Full-service banks tend to offer a wider variety of products and services than other banks. Here are some of the products and services you may find at a bank.
Savings Accounts
A savings account is a deposit account you can add money to while potentially earning interest. Savings accounts are often subject to monthly withdrawal limits and may require monthly maintenance fees. You’d typically open a savings account to hold money you don’t need to access regularly.
Read More: Best High Yield Savings Accounts
Checking Accounts
Checking accounts allow you to deposit money, make purchases with a linked debit card, write checks or pay bills online. Many banks also let you link a savings account to your checking account for overdraft protection. Some checking accounts earn interest or rewards on purchases, though they’re exceptions rather than the rule.
CD Rates
Certificate of deposit (CD) accounts are time deposit accounts. When you open a CD, you deposit money and earn a fixed interest rate for a set time period. Once the CD matures, you can withdraw your initial deposit and the interest earned. CD rates vary by bank, though online banks tend to pay more interest on CDs than traditional banks do.
Credit Cards
Credit cards can be a convenient way to make purchases and pay them off over time. Some also offer rewards in the form of cashback, points or miles. You’re more likely to find credit cards offered by brick-and-mortar banks and credit card issuers, though some online banks provide them. When comparing a bank’s credit card options, it’s helpful to look at the rewards structure, the annual percentage rate (APR) and any fees you might pay, including the annual fee.
Other Products and Services
Banks can offer other products and services in addition to the accounts mentioned above. Many of the best banks offer:
- Mortgage loans
- Personal loans and lines of credit
- Auto loans
- Business loans
- Student loans
- Insurance products
- Retirement accounts
- Wealth management services
Keep in mind, however, that many of these services involve additional fees.
