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How to Choose the Best Bank Account Type for You

Knowing the type of bank account that would best work for you has its advantages. Many are not aware that lifestyle is a major factor when determining the type of account. Take into consideration the features of each account and you would identify the one which you think your money will most likely be secured in. This is not to say that the other types are not secured, rather, they have different uses, and you will be most interested to learn that each functionality will bring you convenience. To help you choose, we had enumerated the main types that you may commonly come across or heard of:

Savings account

This is one of the most common types of bank account. For employees receiving their salary on a pay day, you can be sure that 95% to 100% of them at least access the savings option in an ATM. Savings account allows you to accumulate interest or incentives on the amount or funds saved within a certain period of time. These interest rates can be accumulated on a daily, weekly, monthly, or annual basis. Keep in mind though that every savings account has a required deposit amount to preliminarily open, and even a maintaining balance to sustain for a long run. It is also notable to mention that this type of account is applicable for those who do not withdraw for a long time, as it accumulates interest for a certain period of time.

Checking account

Unlike the savings account, this one is applicable for those who usually withdraw money for their everyday needs; it also keeps your cash secure. You may use a debit card or check to avail of products and services, and even pay bills. Keep in mind that each checking account has an equivalent package, containing features that match your purchasing habits. There are also options to waive certain monthly service fees, as you would indeed be using this account more often and you would like to avoid accumulating service fees from numerous transactions.

Current account

This may very well be the type of account that describes the first two, in the sense that it features similar traits with both of them. It is also an account for everyday use, rendering it flexible in functionality. Two or more people can even set up this type of account and call it a joint account. It works like a current account except each person has a check book and card.

With the proper knowledge of bank account types, you finally decide to open one; however, you still haven’t chosen which bank to apply for. Well, worry no more. If you’re a resident of Bacoor, Cavite, Batangas, then the Cebuana Lhuillier Rural Bank is your one-stop spot for opening your own savings account. All transactions are real time, erasing all the hassles that you may experience in other establishments. So what are you waiting for? Visit the Cebuana Lhuillier Rural Bank now – we assure a fast, easy and secure transaction.

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