Checking vs Savings Account?

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10th Dec 2009 by Daniel Cross, ChFC

A checking account is one in which you are able to write checks out of it in place of carrying cash. Most do not carry an interest rate, although some banks offer interest-checking. These accounts can be somewhat restrictive as to a minimum balance required and pay such a small amount of interest as to be essentially pointless.
A savings account differs in that it does carry an interest rate, but may prohibit check writing, or limit it to around 5 checks per month. There has been a trend lately towards online banks as opposed to traditional "brick and mortar" banks as the rates offered are often much higher and still have FDIC protection for consumers.

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10th Dec 2009 In Banking 1 Answers | 1133 Views

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