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Old 12-25-2009, 08:08 AM
nash nash is offline
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Default Checking account and saving account
What is the differences between checking account and saving account? They look similar to me. You put money in your account and withdraw it whenever you need, right. Sorry, it's a newbie question.
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Old 01-03-2010, 03:49 AM
stevensonjames88 stevensonjames88 is offline
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Here in my country, checking or current account doesn't have an interest earnings.I just use this to issue cheques to suppliers of my business and other bills, handy and no need to go to the bank to withdraw money. While savings account is interest bearing hence I earn a little from this when I park my money there. Although all my savings account are enrolled online and I can just pay bills online, I usually use cheques to handle large amounts and not savings account.
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Old 08-12-2010, 09:52 AM
zzj0770 zzj0770 is offline
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What is the differences between checking account and saving account? They look similar to me. You put money in your account and withdraw it whenever you need, right. Sorry, it's a newbie question.
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Old 08-12-2010, 07:27 PM
SEOArbiter SEOArbiter is offline
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Checking is generally used for everyday use, like bill paying. Savings accounts are longer-term and typically gain some interest, or an increase in value.
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Old 09-27-2010, 10:32 AM
janeyjane janeyjane is offline
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stevensonjames88 basically explained it plus a lot of savings accounts can penalise you if you withdraw from them too often and sometimes if you withdraw even one lump sum. And current or checking accounts are a lot more accessible than savings accounts.
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Old 10-05-2010, 03:07 PM
Allan Allan is offline
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There are mainly 3 differences (but details depend on your country and your specific bank):
1. The amount of interest you can earn. Usually, the amount is higher for a savings account
2. If you want to write cheques, you need a current account.
3. The amount of money you can withdraw per day.

Some banks might restrict other things you might want to do, e.g. remit money.
Hope this helps.
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Old 10-07-2010, 11:45 AM
Herry00 Herry00 is offline
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The difference between checking and savings account is that savings accounts tend to earn higher interest rates. Another difference is that overdraft protection can be added to a checking account.
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Old 10-08-2010, 11:40 AM
Herry00 Herry00 is offline
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There is no limit on the number of withdrawals you can make from a checking account but savings accounts have a limit on withdrawals basically three to six a month.
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Old 10-22-2010, 01:11 PM
Adia Adia is offline
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checking account, a bank account against which the depositor can draw checks that are payable on demand.

savings account, an account maintained by a customer with a depository institution for the purpose of accumulating funds over a period of time.
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Old 01-07-2011, 02:50 PM
schlamphure schlamphure is offline
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Savings accounts usually pay you interest on your money while its sitting in it. Some banks only allow a certain amount of transactions out of a savings account.
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