Give two types of bank account except cheque account and explain how each work
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Savings accounts :
You open a savings account at the bank.
The bank pays you interest on the money that you deposit and leave in that account.
The bank then loans that money out to other people,but they charge a slightly higher interest rate on the loan than what they pay you for your account.
Money market account:
A money market account or money market deposit account is a deposit account that pays interest based on current interest rates in the money markets.Their advantages include higher interest rates, insurance protection, and checkwriting and debit card privileges. Potential disadvantages include limited transactions, fees, and minimum balance requirements.
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