If you’re planning to apply in any of the available banking jobs in Myanmar, it is mandatory to know about the necessary information involved in banking. Learn more about the different types of bank accounts in order to gain more knowledge regarding your chosen career!

Savings account

If you are planning to save up money for future expenditure, opt to apply for a savings account because it will help you to collect interest on your money. With this type of account, you can compound interest rates on an annual, monthly, weekly, or daily basis. Different savings accounts vary in terms of interest rates, how rates will calculated, and minimum opening deposit. 

Checking account

Applying for a checking account has a number of benefits. One of them is that it allows you to easily check your money so you can keep track of your expenses and remaining funds. If you apply for a checking account, you will be offered the option to get a debit card or use checks when purchasing something. In order to maximize the use of this bank account, know all the benefits of getting one such as the availability of online applications and the offered packages that might help with the monthly service fees by the chosen bank.

Money market account

The money market account may be distinguished as similar to savings accounts; the only difference is that you need to retain a higher balance so that you will not get a monthly fee. With this type of account, you can have tiered interest rates, which means that you might receive better rates if you have a higher balance. There are some accounts which require you to write checks against the funds you own but on a limited basis only. 

Certificate of Deposit (CD)

This type of bank account gives you the option to invest your funds at a specific interest rate within a chosen time. Compared to the savings account, the interest rate you can get from opening a CD is higher because your deposited funds are tied to the certificate’s lifespan, which may last for months or even years! Just ensure that you do not withdraw these funds to avoid certain sanctions.

Individual Retirement Accounts (IRAs)

The sole purpose of IRAs is to help you save for your retirement – something that is strongly recommended especially if your boss doesn’t offer retirement benefits. This type of account is also beneficial if you want to save more funds than what your employer is offering. There are two types of IRAs: the traditional one and the Roth IRA. Roth IRA is commonly used since withdrawal is tax-free for this account. Meanwhile, the traditional IRA is tax-deductible. Before applying for an Individual Retirement Account, make sure that it will suit you well. Also, make sure to study all of its benefits in order to ensure that you will really from it in the future.

Review the different types of bank accounts stated above to know more regarding banking. Bank accounts are just some of the things that you should learn about if you want to work in this field in the future. To excel in your chosen career, make sure to equip yourself with the necessary information that will help you serve your customers better.