There are several savings accounts that banks offer.  Depending on your needs, you will find one of the followings to be the right account for you.

Money Market Account

This account usually pays higher rate of interest and usually requires a higher minimum balance to earn interest.

Certificate of Deposit (CD)

This is an account where you leave your money for a set period of time, such as three months, six months, or a year. The length of time is called a term.  The longer you promise to keep your money in the account, the higher the interest rate. There is a penalty for withdrawing your money early.

Statement Savings Account

This account earns interest, and you will receive a monthly or quarterly statement that lists all your transactions: withdrawals, deposits, fees and interest earned.

Club Account

This is an account you join to save money for a special reason, such as a holiday, family vacation, or college. These accounts usually require you to make regular deposits.