© 2024 M&T Bank and its affiliates and subsidiaries. All rights reserved.
Wilmington Trust is a registered service mark used in connection with various fiduciary and non-fiduciary services offered by certain subsidiaries of M&T Bank Corporation including, but not limited to, Manufacturers & Traders Trust Company (M&T Bank), Wilmington Trust Company (WTC) operating in Delaware only, Wilmington Trust, N.A. (WTNA), Wilmington Trust Investment Advisors, Inc. (WTIA), Wilmington Funds Management Corporation (WFMC), Wilmington Trust Asset Management, LLC (WTAM), and Wilmington Trust Investment Management, LLC (WTIM). Such services include trustee, custodial, agency, investment management, and other services. International corporate and institutional services are offered through M&T Bank Corporation’s international subsidiaries. Loans, credit cards, retail and business deposits, and other business and personal banking services and products are offered by M&T Bank. Member, FDIC. 
M&T Bank Corporation’s European subsidiaries (Wilmington Trust (UK) Limited, Wilmington Trust (London) Limited, Wilmington Trust SP Services (London) Limited, Wilmington Trust SP Services (Dublin) Limited, Wilmington Trust SP Services (Frankfurt) GmbH and Wilmington Trust SAS) provide international corporate and institutional services.
WTIA, WFMC, WTAM, and WTIM are investment advisors registered with the U.S. Securities and Exchange Commission (SEC). Registration with the SEC does not imply any level of skill or training. Additional Information about WTIA, WFMC, WTAM, and WTIM is also available on the SEC's website at adviserinfo.sec.gov. 
Private Banking is the marketing name for an offering of M&T Bank deposit and loan products and services.
M&T Bank  Equal Housing Lender. Bank NMLS #381076. Member FDIC. 
Investment and Insurance Products   • Are NOT Deposits  • Are NOT FDIC Insured  • Are NOT Insured By Any Federal Government Agency  • Have NO Bank Guarantee  • May Go Down In Value  
Investing involves risks and you may incur a profit or a loss. Past performance cannot guarantee future results. This material is provided for informational purposes only and is not intended as an offer or solicitation for the sale of any security or service. It is not designed or intended to provide financial, tax, legal, accounting, or other professional advice since such advice always requires consideration of individual circumstances. There is no assurance that any investment, financial or estate planning strategy will be successful.
Wilmington Trust

Types of Bank Accounts

Where you put your money can be as important as what you do with it.

With slight variations depending on region or type of financial institution (bank versus credit union, for example), there are generally three types of bank accounts, each with their own distinct purpose and impact on your day-to-day life: checking, savings, and money market accounts. By being informed about each, you can leverage them to balance liquidity and earning potential. Banking is composed of deposits and lending. We will first start with deposits.

Checking account

As the most common type of bank account, a checking account provides a place to keep your money, which is then accessible by writing checks, through transfers, or by debit card. Checking accounts are most often used to pay bills, transfer funds (PayPal, Venmo, Zelle), or draw cash. They offer the ease and convenience of quick access to your funds, without the need to carry cash. For the privilege, your bank may charge a monthly or annual fee, which may be waived based on your relationship balances.

Savings account

Similar to a checking account, a savings account is another way to store your money at a higher rate until you need it. Unlike a checking account, savings accounts earn interest (the rates are usually posted at your bank branch or website), but cannot be used directly as money (for example, by writing a check). Savings accounts let customers set aside a portion of their funds while earning a monetary return.

Money market account

Money market accounts are interest-bearing accounts that generally pay a higher interest rate than regular savings accounts and often include check-writing and debit card privileges. They may also come with restrictions that make them less flexible than a regular checking account.

You could lose money by investing in a money market fund. Although a money market fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Contact

To determine how Wealth Compass can help meet your objectives, please contact Director of Private Banking Jon Coppola or your Wilmington Trust advisor.

This presentation is for informational purposes only and is not intended as an offer or solicitation for the sale of any financial product or service. This presentation is not designed or intended to provide financial, tax, legal, accounting, or other professional advice since such advice always requires consideration of individual circumstances. If professional advice is needed, the services of your professional advisor should be sought.

Wilmington Trust is a registered service mark used in connection with various fiduciary and non-fiduciary services offered by certain subsidiaries of M&T Bank Corporation including, but not limited to, Manufacturers & Traders Trust Company (M&T Bank), Wilmington Trust Company (WTC) operating in Delaware only, Wilmington Trust, N.A. (WTNA), Wilmington Trust Investment Advisors, Inc. (WTIA), Wilmington Funds Management Corporation (WFMC), and Wilmington Trust Investment Management, LLC (WTIM). Such services include trustee, custodial, agency, investment management, and other services. Loans, credit cards, retail and business deposits, and other business and personal banking services and products are offered by M&T Bank, member FDIC.

© 2024 M&T Bank Corporation and its subsidiaries. All rights reserved.