whats the diffrence between checking acount and savings acount?

Answer 1

Generally speaking:

A savings account offers a rate of return (interest) on the money in your account. There is no requirement to keep the money in for a specific length of time (unlike a certificate of deposit). There is a minimum to keep the account open. And if you want to withdrawal money, you have to go to bank (there is no checking feature). The purpose of the account is to accumulate (save money) for some future purpose.

A checking account generally offers no interest. There is no requirement to keep money for a specific length of time; in fact they assume that money will be coming in and going out. The is a minimum balance you have to keep in the account to keep it open. And (of course) you can pull money out by withdrawing, or by writing a check. It is used to disperse money -- for bills and such.

Keep in mind, there are hybrid accounts that encompass features of both a savings account and a checking account (for example a money market checking account). The basic differences are listed above.

Answer 2

A checking account is an account that you can write checks
in order to pay for things you can also get a debit card which
works like a credit card except the money comes out of your
account. A savings account you put money in and it accrues
interest. You have to withdraw money from this at the bank.
Your money is a little less accessible to you.

Answer 3

A checking account is designed for everyday use. It comes with checks and a checkcard. You pay your bills and buy things with this type of account.

A savings account is designed for saving money. You can get an atm card with this but the whole philosophy is to save. You can be penalized for excessive withdrawals.

Answer 4

A checking account is used for buying stuff and paying bills etc. A savings account is used to save money.

Answer 5

A checking account is effectively the same as having cash - you can use your money directly using your debit card or writing checks (cheques in UK). A savings account is where you stash cash to get the interest - that is, it grows in value whilst in the account.

Answer 6

the main difference is how many withdrawnals you can make a month most banks limit a savings account to 6 but a checking account is unlimited -- one you go to the bank and get your money (savings) and the other your write checks -- both can be interested bearing!!!

Answer 7

A savings account usually has a little higher interest. It's meant for the long term.

Checking is meant for bills etc. Quick in quick out.

Answer 8

With checking bills you place liquid components to pay costs, get money, and use money for form term use. Checking bills usually do no longer accrue activity. With reductions bills you place aside money for the destiny, do no longer plan to take it out in the fast term, and reductions bills usually compounds activity so your pile of money will boost.

Answer 9

You can't pay your bills by writing checks on your savings account .

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Answer 10

One you can touch anywhere and the other you can't touch unless you go to the bank.