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What Account is Best - and Why?
I have an x amount of money, say $100,000. What are the pros and cons of a checking account, MMDA, passbook savings account or a CD?
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 Your needs for the money should affect your decision on allocating it to one or more accounts. Funds for immediate spending needs, including paying regular bills, are usually best kept in a checking account. Ask the bank to help you select the best combination of interest rate and fees for your circumstances.
Funds that you don't need for regular spending should be in a savings or MMDA account; select the better option from the bank's selections. If there are any funds remaining that you are likely not to need access to for six months or more, consider a CD.
Visit at least two financial institutions, explain your situation and listen to the options the customer service representatives suggest. Make a choice based on a combination of account benefits, the customer service experience, convenience (banking hours, online banking, etc.), and costs.
Published on BankingQuestions.com 6/29/09
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