There are a lot of kinds of saving accounts existing in the banks today. Therefore you must identify the one which would best suit your needs. The basic bank account is the typical savings account most banks offer to their customers. This basic account could be majorly used for paying short-term expenses and storing money. These types of accounts mostly have low interest rates and have withdrawal restrictions. Next are the high yield savings accounts which have a significantly higher interest rate. This type of account has some restrictions on minimum balances and withdrawing.