checking account vs. savings account

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What is the difference between a checking account and a savings account?

A checking account and a savings account have several key differences such as their interest rates and withdrawal rules. Both are bank accounts designed to keep your money safe. But a checking account is more for holding money for regular spending, while a savings account is designed for longer-term goals.

Should you use a checking account or a savings account?

Checking accounts are better for regular transactions such as purchases, bill payments and ATM withdrawals. They typically earn less interest — or none. Savings accounts are better for storing money. Your funds typically earn more interest. You might have a monthly limit on how often you can withdraw money without paying a fee.

Why should you choose a savings account?

There’s one standout reason to choose a savings account: earning interest. If your goal is to build your savings, savings accounts are often far better places to keep your money than checking. A savings account is the ideal place for money you don’t need to spend right now but can’t afford to lose.

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