A savings account is a record of the money you are holding in the bank. In addition to passbook savings accounts, banks usually offer these other types of savings accounts: Statement savings accounts are similar to passbook accounts. Instead of a passbook, however, the bank sends a monthly record, a statement, to the customer. Money Market accounts are similar to statement savings accounts, but generally require a larger opening deposit. Certificates of Deposit are term savings accounts. This means that you promise to leave a certain amount of money in the bank for a specific amount of time. A Certificate of Deposit, or "CD," often requires a larger opening deposit than either a passbook or statement savings account. Club Accounts are also for a specific period of time, normally one year. These are different from a Certificate of Deposit in that you add small amounts of money over the course of the term. Club accounts are usually savings accounts with a purpose. For example, a person could open a Vacation Club Account to save money to take a vacation.