What are the types of banks?

The Different Types of Banks

• What Are Financial Institutions? The kinds of institutions that exist in the finance industry run the gamut from central banks to insurance companies and brokerage firms. ...
• Central Banks. ...
• Retail Banks. ...
• Commercial Banks. ...
• Shadow Banks. ...
• Investment Banks. ...
• Cooperative Banks. ...
• Credit Unions.

If you’re on the hunt for a new checking account or you want to start investing, you might need to set aside time in your schedule to do some research. That’s because there are many kinds of banks and financial institutions. By understanding the different types of banks and their functions, you’ll have a better sense of why they’re important and how they play a role in the economy. If you want a trusted expert to navigate this complicated terrain, head on over to SmartAsset’s financial advisor matching tool to get paired with a  financial professional who can guide you based on your particular needs.