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Checking and savings accounts are essential types of banking accounts, but maybe you're wondering, do I really need both? And if I only want to have one account, which is more important to have?
In general, you'll find that a checking account is more essential because it’s how most people receive their paychecks as well as pay their bills. But, a savings account is a great way to shore up money so that you have it when you need to make a big purchase or expenditure.
Read on for a full comparison of checking vs. savings accounts so you can make sure you have everything you need to succeed!
Most checking accounts let you make many different types of transactions every day and usually, there's no charge.
Here's what you need to know about checking accounts:
A savings account is designed to encourage you to deposit your money and leave it there for as long as possible. There are various types of accounts you can open based on how much you plan to save and for how long.
Here's what you need to know about savings accounts:
Checking accounts come with a variety of features to suit different needs and wants. For example, a student may want different services than an executive employee who’s managing significant assets.
Similarly, a young professional will have different savings goals compared to an older person who is approaching retirement. So it's up to you to decide which checking and savings account features you need!
Have you been into a store lately and discovered they don't accept cash? While not strictly legal, this is becoming more common with the rise of digital wallets, Online Banking and Mobile Banking.
Combined with your checking account, these electronic services are your key to managing a busy twenty-first-century life:
Note that you can also use online and mobile banking to transfer funds between your Savings Account and Checking Account!
We all need a sense of financial security. For a student, that may be the luxury of $500 in a savings account to use when needed. Meanwhile, executives might be investing their assets in a diverse portfolio—but they need healthy cash reserves, too.
Choose a savings account if you want to create a cushion for your future:
Depending on which checking account you choose, you can sleep easy at night with one or more of these enhanced security features:
Now that you're up to speed on checking vs. savings accounts, you might be thinking about adding another account to what you've already got—or possibly taking your business elsewhere.
Keep in mind that not all financial institutions are created equal! Credit unions, like Foothill Credit Union, are not-for-profit organizations, which means we pass our revenue back to members through fewer fees, lower rates on loans, and higher yields on savings.
We also offer friendly local service and useful financial resources like the one below. Click the link for smart ideas about how to use Online Banking with your preferred checking and savings account.