Hey Everyone!
Today we'll be talking about bank accounts - specifically, savings and checking accounts. At some point in life, everyone will have a bank account - and rightly so, because bank accounts are pretty useful. Here's why:
Savings Accounts
One main feature of a savings account is that you can earn interest on the funds in the account.
It is not usually used directly as money (eg. writing a check).
Chequing Accounts
Chequing accounts generally do not pay interest. If a bank does offer interest on a specific type of checking account, the rate is usually much smaller than one that can be earned on a savings account.
You can typically make unlimited withdrawals from a checking account, and you have the use of a debit card as well the ability to pay with personal checks.
We hope that cleared up the confusion over the two!
Comment below!
The cashsmart Team
In the case of my bank, there is no difference in the account. Savings accounts offer no interest and can be withdrawn from an unlimited amount of times...
ReplyDeleteThanks for the clarification. Both are good for the own uses, although for cash I prefer to store it in a chequing account.
ReplyDeleteNo problemo
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