Bank savings accounts have traditionally been one of the simplest and most convenient ways to save. These accounts typically have the lowest minimum deposit requirements and the fewest withdrawal restrictions. But they often pay the lowest interest rates of any of the savings alternatives. However, when banks are competing for your deposits, they may offer substantially higher interest or other benefits for opening a savings account.

Traditional savings accounts used to be called passbook savings accounts, since tellers would record your deposits and add the interest you'd earned in a small booklet called your passbook. These days, electronic records make passbooks unnecessary. But some banks still offer old-fashioned passbook accounts, especially for children's savings accounts.

A qualified investment professional can help you make sound investment decisions. Investment professionals include registered financial professionals, also known as registered representatives or stockbrokers, investment advisers and financial planners. The person or team of professionals you work with will depend on the type of financial help you seek. When you choose an investment professional, it always pays to Ask and Check.