When it comes to saving your cash in a secure and reliable location, there are so many different options available to consumers today that it can be tough to figure out where to begin. Browsing alternative types of savings account and selecting the option that is right for you will be a matter dependent on several different factors, including how long you can leave your cash to generate interest and how often you need to access your money. Here are three of the most common types of savings accounts available today.

Regular Saving Accounts

Almost any bank that you'll come across today will offer some form of basic, or "regular" savings account that you can either apply for by phone, online, or in person. What makes this account different to a checking account is that you will not be able to write checks, and you may have to make a larger deposit when opening the account. You may also find that there is a highly balance requirement for daily deposits. Because banks generally make their savings vehicles differently, you shouldn't always expect these types of savings accounts to be referred to as "regular" accounts.

Most of the time, these accounts are easy to maintain and set up, and you can usually link them directly with your checking account, allowing you to move money easily between two accounts. Having two accounts linked can sometimes be helpful in allowing you to avoid over-draft charges.

Online Savings Account

An online savings account is different from a regular account because you deal with your cash exclusively through an internet connection. Usually, because there is no need for a brick-and-mortar building, online accounts will pay a higher interest rate. However, one of the drawbacks of these types of savings accounts, aside from not being able to deal with people in person, is that you may find you sometimes have to wait longer to gain access to your money. For example, instead of being able to transfer money to your checking account directly, there may be a couple of days of delay. Many online savings account do not require a minimum deposit to be opened, nor will they need a monthly maintenance fee, or minimum daily balance.

Automatic Savings Accounts

A number of banks offer automatic savings options, which can be a great way of developing a money-saving habit. At certain banks, by establishing such a plan, you can even lower your banking fees. To set up an automatic savings plan, you will need to find out the specific dollar amount that you are willing to have transferred from your checking account to your savings account on a monthly basis. Usually, it is on the same day every month, except for when that day falls on a holiday.

If you have a good idea of how much money you typically have left over to save after paying out for regular expenses every month, you can have that amount transferred directly into your savings account. On the other hand, you may decide to allocate funds to different places on a monthly basis, such as an investment account, retirement account and savings account meaning that you'll need to divide your money more carefully.