If you'll be using your account mostly for day-to- day things - like groceries, paying bills and buying gas for your car - then we suggest a checking account and debit card that can be used to take care of your daily transactions. Otherwise, if your primary goal is to save money, then choose a savings account or a Certificate of Deposit (CD), which is great if you're saving for something down the road - like a vacation, car or college tuition.

With a CD, your money will grow at a competitive, fixed interest rate. In fact, CDs offer some of the best interest rates on your money. The only drawback is that you must lock in your money for a specified period of time - anywhere from seven days up to 10 years.

If you want to save gradually over the long term, consider a systematic savings program. For usually as little as $25 a month, you can establish an automatic savings routine to build up your nest egg. Savings accounts, CDs and all other deposit accounts are insured by the Federal Deposit Insurance Corporation (FDIC). You can find out more about federal deposit insurance at  www.fdic.gov.

Be sure to read our section on investing for additional options that could possibly earn you a better rate of return.