I am fairly certain there are very few people that have not had a savings account at some point in their life time. From children to seniors and every age in between, there are different accounts that perform in a variety of ways for individuals of all ages.

Gone are the days of banker’s hours and rigid rules. Today's banks cater to each generation's needs in an effort to increase their customer base and keep their clientele happy in an extremely competitive industry.

With the variety of financial institutions we have competing for our money, it's important to tailor your accounts to match your lifestyle. It just takes a bit of research to find which one works best for you.

Typical Accounts

Children's, or Minor's accounts, generally offer higher interest rates when there are regular scheduled deposits and normally waive maintenance fees until they reach adulthood. Be sure to ask if there are there tax incentives for the different types of accounts and if there are any tax fees to be aware of. Each state, or province will have their own laws so it’s best to familiarize yourself with the laws pertaining to where you live.

Student accounts much like the children accounts, usually do not charge service fees until the age of 18 for a savings account. There is usually a minimum deposit required depending on the institution. As the student ages and the amount of transactions increase, there may be associated fees so again, its a good idea to keep up to date on any changes and modify the accounts as the student becomes more involved in their own banking.

Bank accounts for the general adult population are plentiful and offer many rewards to cater to our interests. For those who uses little actual cash, and more plastic, a standard service fee with unlimited transactions is your best bet. For those with less account activity, there are often higher interest incentives.

Today many banks offer reward programs for using their branch credit cards such as travel points or yearly cash back incentives. Some may even add cash to your savings by using their services cards in specific ways.

Banks also recognize that seniors have spent most of their lives saving to make sure that their retirement is as comfortable as possible. Bonds, accounts and shares all mount up to make senior saving a very lucrative industry. In terms of profit, seniors make these businesses significant money and most institutions are happy to pay it back via preferential rates of interest and free services.

Read the Fine Print

It's very important to read the terms and conditions of any account before you opening it to understand exactly what you are signing up for. Be aware of the penalties if you exceed your transactions per month or withdraw money before a specific time. There may also be preferred interest rates if your balance is kept above a certain amount.

There are different rules for different banks and its worth taking the time to shop around before you decide. Whether you have been with the same institution for years, it may be more financially sound for you to consider switching to another provider.

Let’s face it, we all work hard for our money and if banks and other financial institutions are willing to compete with free bonuses and free cash, then it's worth finding the best place to make your money grow for you.