Editing Difference Between Savings Account and Checking Account
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When applying for an account in the bank, you are given several options. Each bank has a different set of offerings to give, but the constant selections are the savings and checking accounts. Here, we will discuss the differences between a savings account and a checking account. | When applying for an account in the bank, you are given several options. Each bank has a different set of offerings to give, but the constant selections are the savings and checking accounts. Here, we will discuss the differences between a savings account and a checking account. | ||
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A savings account is more of an investment account rather than one for everyday transactions. It is designed to save your money and help you earn interest. Thus, savings accounts typically have more restrictions when it comes to withdrawing cash. Savings accounts typically don’t have check-writing privileges or an attached debit card, but these can vary per bank. Savings accounts generally charge little to no fees. | A savings account is more of an investment account rather than one for everyday transactions. It is designed to save your money and help you earn interest. Thus, savings accounts typically have more restrictions when it comes to withdrawing cash. Savings accounts typically don’t have check-writing privileges or an attached debit card, but these can vary per bank. Savings accounts generally charge little to no fees. | ||
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A checking account is a transaction account that allows account holders to frequently withdraw money with fewer restrictions. These accounts generally allow making payments/transactions with checkbooks, mobile applications, and debit cards. Because there is faster turnover for money in checking accounts, they typically have higher fees than savings accounts. Most checking accounts do not pay interest to account holders. | A checking account is a transaction account that allows account holders to frequently withdraw money with fewer restrictions. These accounts generally allow making payments/transactions with checkbooks, mobile applications, and debit cards. Because there is faster turnover for money in checking accounts, they typically have higher fees than savings accounts. Most checking accounts do not pay interest to account holders. | ||
