What is the difference between a checking and savings account?

The main difference between checking and savings account is that checking accounts are for everyday use and savings accounts are for longer term saving.

They’re both deposit accounts, so they both allow you to access your money, but there are some differences.

Savings Accounts are great for making sure you have money available for emergencies or large purchases, and don’t spend it on everyday purchases. You’ll still be able to access your money by ATM, in online and mobile banking and with the help of a bank teller. They typically have higher interest than checking accounts and that interest will accrue over time, helping you grow your balance.

Checking Accounts don’t limit the number of transactions that can be made per month. And, to make managing money easier and more convenient, checking accounts can come with debit cards, check books, online and mobile banking, and other digital tools you can use to quickly access cash, pay bills and pay friends and family.