I am not familiar with the banking industry. As a student I had awfully little money to spare so I never had any experience with transacting business with banks. It all modified when after finishing varsity I was hired by one of the largest commercial banks as a sales and service associate. I did not know much about the job but I passed the bank examination and the interview.
I was supplied with a book detailing my obligations and duties with a list of all the services and products being offered by the bank. I was allotted as the New Accounts clerk, where most clients inquire abut almost anything concerning their accounts with the bank. My main responsibility was to open varied accounts for clients. There are 3 most common accounts offered by banks and other financial institutions. One is the checking account which is mostly used to pay bills, another is the high-interest account which is the most typical account, and there's the certificate of deposit (CD) or time deposit account.
If you just need to save your cash and find a safe place to put whatever additional money you have, you can choose either a savings or a CD account. While a savings account can be withdrawn on demand, CDs have a specific term of maturity. You can only withdraw your cash on maturity together with the accumulated interest.
Saving account interest rates are much lower than CD rates. This is as CDs are kept in the bank's care for a longer time period and you can't withdraw it anytime you desire. Should you need to withdraw it, a penalty is imposed on the account.
Anyhow, there is also a saving account that provides a higher interest rate than the basic deposit account, it is named the cash market account. It needs a bigger maintaining balance and withdrawal is limited to just a couple of times each month.