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Checking vs. Savings Accounts
Know what each account is designed to do and where fees can show up.
Money Basics · 4 min
Step 1
Checking accounts are generally built for frequent spending, bill payments, and deposits. Savings accounts are generally designed to hold money you do not need for everyday purchases.
Step 2
Account rules can vary, including minimum balances, overdraft policies, withdrawal limits, and fees. Read the account disclosures instead of assuming every bank works the same way.
Step 3
A simple setup is to give everyday money and savings different jobs so it is easier to see what is available to spend.
Try this: Use MoneyBuddy to track savings separately from everyday spending.