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    Breaking Down the Different Types of Bank Accounts

    According to one study, about 25% of Americans don’t have any type of bank account, or they don’t have enough money to put into a bank account.

    If you’re part of the minority of Americans who don’t have a bank account, you should really look into opening one.

    There are all kinds of types of bank accounts that you could open, but we’ll break them all down for you so that you can decide which one is right for you!

    Savings Account

    A savings account might be one of the more popular options that people open. Some people even have a savings account opened for them as children because their parents wanted to start saving for them.

    A savings account is normally the first interaction you have with a bank, and it will help establish you as a member there. A savings account is also a great place to put the money that you want to save. For doing this, you’ll actually get rewarded!

    Most savings accounts will pay you some percentage of interest on the money that you have in their account. It’s kind of like a “thank you” for banking with them.

    This bank account is good for anyone who wants to try and save up some more money while also earning money back. However, the drawback is that the money you make on a savings account might have lower rates than what you could get elsewhere.

    Checking Account

    A checking account is probably the second most popular bank account type.

    With a checking account, you can deposit your money in there and use it to pay your bills, pay off your credit card, or use your debit card for everyday purchases.

    Normally with a checking account, you’ll also get a set of checks in your name where you can withdraw money.

    Some checking accounts do have a fee that you have to pay if you don’t have enough money in the checking account, so you should make sure you read all of the fine print before you sign up for it.

    Checking accounts will occasionally offer interest on however much money you have in there, but this rate is normally lower than what a savings account would offer you. For this reason, it’s financially smarter to leave your money in a savings account if you’re not going to be using it.

    Bank accounts
    Different types of bank accounts

    Money Market Account

    A money market account is normally like a savings account, but you’ll have to save more money in here. They normally require a minimum balance that you have to keep in there, or you’ll be charged a fee.

    However, the rates of how much interest you’ll get back are determined by a tiered interest rate. This means that if you have a higher balance, you’ll be able to have a higher rate.

    With some money market accounts, they’ll also provide you checks so that you can withdraw money from this account.

    Brokerage Account

    If you are looking to invest your money rather than letting it sit in a savings account, you could open a brokerage account.

    Through a brokerage account, you’ll be able to put your money to work by investing it in bonds and stocks. To make money, you should research stocks and try and buy them when they’re low. Once you do that, you’ll be able to sell them when they’re higher.

    In addition to investing in stocks, you might be able to earn dividend payments as well.

    However, brokerage accounts might be the riskiest account you could open. The stock market fluctuates all the time, so you could end up losing your money if you sell your stocks for a lower price than what you bought them.

    For this reason, you shouldn’t use this account to store your savings or spending money.

    Certificate of Deposit Account

    A Certificate of Deposit (CD) account will hold your money for a fixed set of times. For example, some people might keep money in there for one month. Others might keep it in there for one year.

    Depending on how long you decide on it, you’ll have to keep it in there for a while until it reaches that time period. These are great accounts for people who have a hard time keeping their money in a regular savings account.

    IRA Account

    An Individual Retirement Arrangement (IRA) account is also kind of like a savings account, but it’s not as risky as a brokerage account is.

    An IRA was created so that people could use it as a way to save for retirement. You can put $6,000 in here each year if you’re under 50 years of age. If you’re over 50, you can put in an additional $1,000 a year.

    When you set up an IRA, there are two different types that you could set up.

    A Roth IRA is not tax-deductible, and you make the deposits after you’ve paid your taxes. With this IRA, you don’t have to be a certain age to be able to withdraw money from your account.

    A traditional IRA is normally tax-deductible. However, that means when you withdraw money, that will also be taxed until you reach a certain age.

    Learn More About the Different Types of Bank Accounts

    These are only a few of the different types of bank accounts, but there are many more options out there.

    We know that it can be overwhelming when it comes to managing your money, but we’re here to help you.

    If you’re struggling with loans specifically, you came to the right place.

    This article was brought to you by TFC Title Loans, we try to bring to you the most informative information. If you are interested in getting a title loan local to you, we are able to help you with our large referral network.

    We will help you to get the most money by using the equity that you have in your vehicle, the application is fast and we can provide you with same-day funding.

    All of our referral partners are in compliance with the CFPB. We will help you to get the money that you need but from a trusted and reliable title lender.

    This informational blog was brought to you by TFC Title Loans, the fastest and closest lender in town for your car title loan. Apply now to find out how much you can get in your car title loan.

    Disclosures

    DISCLAIMER: As our policy to make sure you know what we do and what are our limitations, we offer you these disclaimers. We are NOT A LENDER and we do not make short term cash loans or credit decisions. We are a referral service and work only with licensed lenders/brokers.

    We may act as the broker for the loan and may not be the direct lender. Loan proceeds are intended primarily for personal, family and household purposes. We do not offer or service student loans.

    *Loan amounts by the lenders vary based on your vehicle and your ability to repay the loan.

    *Since we do not lend money directly we cannot offer you a solicitation for a loan, except in the state of California. In all other serviced states we WILL match you with a lender based on the information you provide on this website. We will not charge you for this service and our service is not available in all states. States that are serviced by this Web Site may change from time to time and without notice. Personal Unsecured Loans and Auto Title Loans are not available in all states and all areas.

    *Auto Title Loan companies typically do not have pre-payment penalties, but we cannot guarantee that every lender meets this standard. Small Business Loans typically do have pre-payment penalties and occasionally will use your car as collateral to secure the loan.

    *All lenders are responsible for their own interest rates and payment terms. TFC Title Loans has no control over these rates or payments. Use of the work competitive or reasonable does not mean affordable and borrowers should use their own discretion when working directly with the lender.

    *The amount of people who applied for a loan and we helped and those who received a loan is not the same. We cannot guarantee we will find a lender who will fund you.Just because you give us information on this web site, in no way do we guarantee you will be approved for a car title loan or any other type of loan. Not all lenders can provide loan amounts you may see on this web site because loan amounts are limited by state law and/or the lender. Some lenders may require you to use a GPS locator device on your car, active all the time. They may or may not pay for this or charge you for this. This is up to the lender and we have no control over this policy of the lender. Typically larger loans or higher risk loans use a GPS.

    *In some circumstances faxing may be required. Use of your cell phone to receive updates is optional.

    *Car Title Loans are expensive and you may have other ways to get funding that is less expensive. These types of loans are meant to provide you with short term financing to solve immediate cash needs and should not be considered a long term solution. Residents of some states may not be eligible for a loan. Rejections for loans are not disclosed to our firm and you may want to contact the lender directly.

    *Car Title Loan lenders are usually licensed by the State in which you reside. You should consult directly with these regulatory agencies to make sure your lender is licensed and in compliance. These agencies are there to protect you and we advise making sure any lender you receive money from is fully licensed.

    *Trading Financial Credit, LLC dba TFC Title Loans, Car Title Loans California, Dineromax. If you are using a screen reader and are having problems using this website, please give us a call at 1-844-242-3543 for immediate assistance.

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