Banks are there to safeguard money, and have employed different ways to do so. Due to the growth of technology, the banking sector has seen tremendous changes. With the rise of Internet and mobile banking, an influx of options has made banking easier for customers. There are many types of bank accounts. It is important that you chose the best ones based on your needs. In order to open a bank account, you need to be eligible. You will need valid identification. You can deposit the money through a deposit receipt or through an ATM machine. There are five types of accounts, savings account, checking account, interest checking accounts, money market accounts and certificate of deposits (CD’s). Checking Account This is the most basic version and is available for personal, business, student and joint transactions. The personal accounts have more relaxations when compared with business accounts. Banks offer a variety of customizations for these types of accounts. This includes no requirement for minimum balance, facility to use ATM cards and checks. Checking accounts usually allow for unlimited deposits and multiple transactions, and it is the most flexible type of account. Saving Account As the name specifies, savings accounts are created for the primary purpose; Saving.

A few years ago, opening a bank account meant several trips to the bank branch and even more formalities to be completed. Visiting a nearby branch and waiting until your account could make most of us procrastinate the much-needed task. Opening a bank account is necessary and there is no way you can get away from it. But the good is that you can now open a bank account online. Well, yes. With the development in technology, several banks have begun to offer this facility. If you wish to open a bank account online, you can do so with much ease. However, there are few challenges that people may face sometimes. Here are some reasons when you will be left with no option but have to visit the bank: Age factor – When you try to open a bank account online, you will have to fill in details about your age. Individual who are under the legal age of 18 may not be able to go ahead with the procedure. The reason behind this is that any person who is under 18 can not open an independent bank account. One will have to start a joint account with a guardian.