accounts have blurred in the last couple of decades, as many banks offer checking accounts that will pay an

interest rate similar to a savings account if you keep a certain minimum amount in the account, or conversely,

offer savings accounts that allow you to write at least a few checks per month.

Another way to deposit savings at a bank is to use a certificate of deposit (CD). With a CD, you agree to deposit

a certain amount of money, often measured in thousands of dollars, in the account for a stated period of time,

typically ranging from a few months to several years. In exchange, the bank agrees to pay a higher interest rate

than for a regular savings account. While you can withdraw the money before the allotted time, as the

advertisements for CDs always warn, there is “a substantial penalty for early withdrawal.”
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