What types of accounts do savings associations typically manage?

Savings associations, often known as savings and loan associations, primarily focus on accepting deposits and making loans. They are designed to manage various types of deposit accounts that cater to consumers' needs for saving and managing their money effectively.

Time deposits, or certificates of deposit (CDs), are accounts where the money is deposited for a specified period, usually offering higher interest rates compared to regular savings accounts. Savings deposits are used for individuals to save money while earning interest, typically having more favorable terms than checking accounts. Checkable deposits refer to accounts that allow for checks to be written, giving customers quick access to their funds.

Thus, savings associations manage time, savings, and checkable deposits to help individuals with their financial needs. This comprehensive approach allows customers to choose how they want to save or use their money while benefiting from the association's services.