Types of Banks

You may hear of different types of banks: investment banks, retail banks, commercial banks, online banks, and others. What do all the words mean? Different types of banks specialize in different lines of business. See the basics on each type of bank.

Banks come with a variety of names, and one bank can function as several different types of banks. Some of the most common types of banks are:

• Retail banks
• Commercial banks
• Investment banks
• Central banks
• Credit unions
• Online banks
• Savings and loans

You may not be able to use some of the banks above depending on who you are and what you need. For ideas on finding the right bank for your needs, see Choosing a Bank.