What's the difference between a savings account and checkings?

What can you do with checking that you can't with savings and vice versa?

Best Answer:

Joeyoj: You need a checking account to write checks on to pay your bills. You need a savings account to put away funds for your future. The checking account will pay little or no interest on the funds you leave in it. The savings account will pay a better interest rate of the funds in it. You should have both kinds of accounts. Use the checking account to pay bills. Use the savings account to begin your pursuit of economic independence. Try to put away ten percent of your take-home pay into the savings account. Also,try to put away all weird little monies you get such as a rebate on a purchase or Christmas gift check from a relative into your savings account. Over time you will probably exchange the savings account with a money market account…and likely branch out to certificates of deposit and mutual funds as you increase the balance in the money market account.

Other answer:

Joeyoj:
Savings accounts are for savings. In the US you are limited to 6 withdrawals per month. Although, unfortunately interest rates are very low, so most savings accounts do not pay any more interest than interest bearing checking accounts.

Checking accounts (what Europeans apparently call current accounts) are for paying bills. So you usually get a debit card with a credit card logo that can be used anywhere that accepts credit cards (without actually getting credit). There is no monthly limit to number of checks, debits, electronic payments, or withdrawals (in person), although, there may be a daily cash withdrawal limit from ATMs for your own protection if your card is lost or stolen.

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coraann:
Does each term not define itself?
Robt:
Ur parents can explain the reality of both to u locally

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