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Checking & Savings Accounts: What's the Difference?

Last updated June 25, 2021

When you go to the bank to open an account, you’ll typically have two options for the type of account you’d like to open: checking or savings. 

What is a Checking Account?

A checking account is a bank account for everyday expenses. Most people find them convenient because they allow employers to directly deposit funds in your account on payday, as opposed to waiting for a paper check to cash. Generally, there's no limit to how often you can access your money, as these accounts come with a personal debit or ATM card and personal checks. 

What is a Savings Account?

A savings account  is not intended for everyday use. The money you put into a savings account is meant to stay in it – and eventually collect interest over time. To help you decide which account is best for you, check out this comparison below of pros and cons for each account type:

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