Savings accounts allow customers to set aside money and earn interest while maintaining liquidity. Money in savings accounts may not require reserves from banks and can be lent out. Withdrawals sometimes incur fees, though most savings accounts do not limit withdrawals like certificates of deposit. Checking accounts are transactional accounts that allow liquid withdrawals and deposits through various methods, but do not earn high interest rates. Mortgages are loans secured by real estate that must be paid back with interest over time through scheduled payments. Certificates of deposit are interest-bearing savings certificates with fixed maturity dates and interest rates.

1. FINANCIAL INSTITUTIONSCATALUñA, JENNIFERC.

2. Savings accountsSavings accounts are accounts maintained by retail financial institutions that pay interest but cannot be used directly as money (for example, by writing a check). These accounts let customers set aside a portion of their liquid assets while earning a monetary return. For the bank, money in a savings account may not be callable immediately and therefore often does not incur a reserve requirement freeing up cash from the bank's vault to be lent out with interest.

3. Withdrawals from a savings account are occasionally costly and are sometimes much higher and more time-consuming than the same financial transaction being performed on a demand (current) account. However, most savings accounts do not limit withdrawals, unlike certificates of deposit. In the United States, violations of Regulation D often involve a service charge, or even a downgrade of the account to a checking account. With online accounts, the main penalty is the time required for the Automated Clearing House to transfer funds from the online account to a "brick and mortar" bank where it can be easily accessed. During the period between when funds are withdrawn from the online bank and transferred to the local bank, no interest is earned.A transactional deposit account held at a financial institution that allows for withdrawals and deposits. Money held in a checking account is very liquid, and can be withdrawn using checks, automated cash machines and electronic debits, among other methods.

4. A checking account differs from other bank accounts in that it often allows for numerous withdrawals and unlimited deposits, whereas savings accounts sometimes limit both. Checking accounts can include business accounts, student accounts and joint accounts along with many other types of accounts which offer similar features.

5. In exchange for the liquidity, checking accounts typically do not offer a high interest rate, but if held at a chartered banking institution will be FDIC guaranteed up to $100,000 per individual depositor.