2007-05-21 20:20:20 · 7 answers · asked by polly 2 in Business & Finance ➔ Taxes ➔ United States
neither, interest is down to nothing these days
2007-05-21 20:23:51 · answer #1 · answered by Anonymous · 0⤊ 1⤋
In general checking pays less then savings account. It use to be that a checking account couldn't pay interest, but they change the law, but basically you can figure that if a checking account would pay the same amount as a savings account why have a savings account? Basically the bank is giving less interest because they are giving you the service of the check writing.
Also in general the local banks pay next to nothing these days for both of them (but more for the savings), that is why I do all my banking online. The local ones tend to want to charge for everything too. Banks like Netbank and ETrade Bank pay more interest in every type account.
Also there is new kind of account account that is restricted to 6 withdraws a month, but the interest rate is 5.05% APR. Contrast that with .74% Netbank checking (.28% national average), savings (actually Money Market, which is basically the same thing) 3.05%, where national average is 0.82%
2007-05-21 21:35:54 · answer #2 · answered by Bulk O 5 · 0⤊ 0⤋
CD accounts are good. I have mine @ 6.12%... which isn't great, but a lot better than a dumb regular savings account. Their are lots of plans, I have Wamu (my bank Washington Mutual). I don't know what bank you have but you should check it out. It depends if you need the money or you just put a lot of money away. I just hope you don't have Bank of America or Wells Fargo >< If you are constantly taking the money out, it's not going to make a difference. So if you leave it in, you'll notice some earnings. My young sister has had a CD for about 4 1/2 years now and she has around $5,000 - $5,700 accumulated in interest. By the time she graduate high school she should have enough for a nice college. Just let the money settle.
2007-05-21 23:24:59 · answer #3 · answered by skylinefolife 2 · 0⤊ 0⤋
Those that pay don't pay much, but savings accounts virtually always pay more.
Most savings accounts pay at least some interest. Some checking accounts do but by means all do
You'll nearly always get a better deal at a Credit Union. Nearly all Credit Union checking accounts pay some interest.
2007-05-22 01:00:36 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Depends on the bank, but if the rates are different between the two, the savings account would usually be higher.
2007-05-22 02:58:19 · answer #5 · answered by Judy 7 · 0⤊ 0⤋
both just do some research at different types of accounts banks have
2007-05-21 20:27:43 · answer #6 · answered by Just Me 6 · 0⤊ 0⤋
Both.
2007-05-21 20:33:29 · answer #7 · answered by Agent319.007 6 · 0⤊ 1⤋