Wizi Bank — Bank Account Basics | wizi-bank.com
Four account styles side by side: checking, savings, high-yield savings and money market, compared by purpose, interest, access and fees.
A checking (current) account is built for daily payments. Money moves out through debits, transfers and card purchases many times a week, and the account is not designed to accumulate interest; its job is throughput, not yield.
A savings account is built for storing money. Almost all savings accounts accrue compound interest over time, quoted as an APY that already includes compounding, and some limit convenient withdrawals per month to encourage the money to stay saved.
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A high-yield savings account serves the same storing purpose as a standard savings account but typically earns about 10 times more interest. Because APY is an effective rate, the comparison between a standard and a high-yield offer is a direct subtraction of two numbers.
A money market account is a savings-style account that pairs interest accrual with a different access profile; like the other savings forms, its interest is quoted as APY and its fees appear on the bank's published fee schedule.
Across all four, the cost side is the same list: monthly maintenance, overdraft, out-of-network ATM and wire transfer fees. The opening deposit for a basic savings account is commonly 0 to 100 USD, and in the United States FDIC insurance covers up to 250,000 USD per depositor per insured bank.
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