There is a great deal of variation when it comes to different types of savings accounts and the rates that they can provide you with. Considering that many banks automatically create a savings account along with any checking account, most people already possess some sort of savings account. Unfortunately, these basic accounts will often offer rather low APY or annual percentage yield depending on the particular bank and plan you are signed up for.
The very first step towards making the right choice is knowing the difference between the many types of savings accounts that are available:
