If I can write checks with my savings account why do I need a checking account?

Answer 1

You can't write checks on your savings account. You may have an interest bearing account with check writing privileges, but it is NOT a savings account. It sounds like you have a money market account. These usually allow less than 5 check per months. If you write more, you should still have a regular checking account.

Answer 2

The government has a law that says you cannot write more than 3 checks in a statment cycle off a savings account, and you cannot have more than 6 electronic withdrawls. Some banks will close your account if you exceed these limits, some will just charge you large fees.

This is why you need a checking account and not just a savings.

Answer 3

The saving account usually has a limited amount of checks you can write each month. Savings and checking accounts are for 2 different things. Checking accounts are for taking care of your regular financial business. Savings are for emergencies, dream vacations, retirement and things that are not usually part of your regular spending.

Answer 4

Savings accounts or Money Market checking accounts both of which pay interest have a 3 check monthly limit on them. Some also have limits on total transactions such as transfers and withdrawals. Their main purpose is to earn you interest. The checking account is to let you spend without carrying cash.

Answer 5

Actually, from my experience the savings account is actually a back-up plan when your checking account falls below 0. Otherwise, the checking account is the primary and that's where you would make your deposits for future use through the checking option.