Hey! So from my experience, a savings account is where I keep money that I don’t need right away. It’s like storing money for a rainy day and it even earns some interest over time, which is pretty cool. On the other hand, my checking account is what I use all the time to pay my bills, use my debit card, and get cash out. Basically, everyday stuff. Hope this helps!

Overview of Savings and Checking Accounts

A savings account is primarily designed for long-term storage of funds and earns interest over time, making it ideal for building up savings. It typically offers a higher interest rate compared to checking accounts but comes with limitations on the number of transactions you can make each month.

A checking account, on the other hand, is intended for daily use including depositing paychecks, paying bills, and withdrawing money. They often come with no limits on the number of transactions. However, checking accounts usually offer lower or no interest on the deposited amount.