What are the different types of savings accounts ?

Account

Saving deposit account is the most common type of saving account. Jumbo, high interest, rewards, joint and student saving accounts are other types of bank accounts. High interest is used for accounts which pay more than the average interest rate.  Jumbo provides a higher interest rates on large deposits . 

Rewards saving account may pay in the form of special incentives, and joint accounts are held by multiple parties. Student saving is specifically designed for young savers and it requires a low minimum balance. 

Investment can be made in retirement saving where a deduction of a fixed amount like $5500 can be made up to the age of retirement and the money can be withdrawn on retirement. It also includes employer-sponsored tax free savings 

Some health savings provide tax-deductible contribution schemes.