What are the different kinds of bank accounts?

There are several, like a checking or a savings account, then there are commercial accounts for people who have businesses, then of course there are "in trust" accounts, these are accounts that are set up by one person for another e.g.: a grandparent can open such an account for a grandchild, and put money away every month until the child becomes of age. the best thing to do is to go and see a branch manager and ask what is best for you.