[Ans] Which type of account will typically have the highest interest rate?

Step 1 : Introduction to the question "which type of account will typically have the highest interest rate?"

A bank account is a financial account maintained by a financial institution for a customer. A bank account can be a deposit account, a credit card account, or any other type of account offered by a financial institution, and represents the funds that a customer has entrusted to the financial institution and from which the customer can make withdrawals

Step 2 : Answer to the question "which type of account will typically have the highest interest rate?"

There are many type of Bank accounts like Deposit, Transactional (Checking), Current, Personal, Savings Bank account (India), Transaction deposit (USA), Savings, Individual Savings Account (ISA) (UK), Time deposit (Bond) / Fixed deposit, Certificate of deposit (USA), Tax-exempt special savings account (TESSA) (UK), Tax-Free Savings Account (Canada), Money-market.

A savings account is a deposit account held at a retail bank that pays interest but cannot be used directly as money in the narrow sense of a medium of exchange. In general  Savings accounts typically have higher interest rates than others.

Step 3 : Other interesting facts related to the question "which type of account will typically have the highest interest rate?"

All financial institution have their own names for the various accounts which they open for customers.

Financial institution have a variety of fees for the maintenance of various accounts and for the processing of certain transaction.

The laws of each country specify the manner in which accounts may be opened and operated.