• Learn about different types of bank savings accounts.bank image by Pefkos from Fotolia.com
  
  There are several options available for those who wish to save money, but sometimes it can be hard to decide which route to take. To determine which type of savings account is best for you, consider how long you can leave your funds in the account and whether you are likely at some point to need immediate access to them. You should also consider the tax implications of earning interest and determine how much interest each different type of account is going to pay you.
  
  

Instant Access

• As the name suggests, instant-access accounts allow you to withdraw funds at any time without having to forfeit interest or incur a penalty fee. These accounts are best for individuals who wish to save money but also prefer to have access to their savings on short notice. They are flexible accounts that typically offer lower interest rates compared to other types.
  
  

Money Market Deposit Accounts

• Money market deposit accounts can be another good place to save your money, but access to your cash is a bit more limited. Money market accounts generally limit the number of withdrawals you can make. The Motley Fool reports that you are limited to a total of six transactions a month, and only three of those transactions can be in the form of checks. However, money market deposit accounts often pay higher rates than instant access accounts and, like instant access accounts, are FDIC insured.
  
  

Regular Savings Accounts

• Regular savings accounts are designed for individuals who prefer to place regular amounts of money into their accounts on a monthly basis. Often a bank will only offer high interest rate regular savings accounts to those clients who have an existing account with them. Regular savings accounts may also include annual bonuses aside from the interest as long as you are consistent with your deposits. Be sure to comply with all conditions so as not to lose the interest.