What is the difference between checking&saving accounts?
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The Curious Bag
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Checking accounts and savings accounts are banking options that offer the security of FDIC insurance, and there are several key differences between the account types.
Interest Rates
Savings accounts pay a higher interest rate than checking accounts, if the checking account pays any interest at all.
Liquidity
Checking accounts allow customers to write checks, but savings accounts will limit the number of transactions in the account per month; if you go past the limit, you will be charged fees.
Account Minimums
Savings accounts usually have lower minimum-balance requirements than checking accounts to avoid being charged a monthly maintenance fee.
Online Access
According to Investopedia, checking accounts can be accessed online for paying bills online, such as your monthly credit card bill. Savings accounts do not have this feature.
Account Fees
Virtually no savings accounts have annual fees. Some checking accounts still maintain annual fees.
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