what's the difference between a savings account and a checking account?

Answer 1

1. You can't write checks off a savings account.
2. Checking accounts don't pay interest.
3. You usually can't pay bills online directly from a savings account.
4. Also, a savings account is legally not considered to be a "demand deposit" (which a checking account is), so the bank can legally make you wait 3 days to withdraw money (though they won't actually do that).

Answer 2

Savings accounts are for saving money and you can't write checks out of it. Checking accounts are for spending. Between the two is a money market account, it's like a savings account because it gains interest but like a checking account because you can write checks out of it (but not that many without paying a penalty)

Answer 3

Savings:
A deposit account intended for funds that are expected to stay in for the short term. A savings account offers lower returns than the market rates. Writing checks in a savings account generally costs more than if you were to do it in a checking account.

Checking:
A deposit account for funds intended for quick turnover. Checking accounts offer very low interest on unused cash balances.

Answer 4

savings account - extremely low minimum / maintaining balance. all you get is an ATM card.
checking account - you get a check book so that you can pay your creditors are service providers. interest rate is lower than savings account. this account has a higher maintaining balance than a savings account.