Let’s take a look at the difference of checking and saving accounts

Both banks are extremely efficient and beneficial places to keep your money and your important things in. Checking and saving accounts have almost everything in common. You can conveniently place your cash flow in the bank. As it is completely safe.

Some people say that checking accounts is best while others have the same opinion about saving accounts. 

Checking account 

A checking account means that you can easily access and withdraw money on everyday basis. A debit card is issued in the checking account. With the help of it, you can withdraw cash from any ATM of any bank. The debit card helps you pay for products too. You can easily pay for monthly expenses with the help of your debit card.

The checking account produce low interest rate. Which means you do not have to pay extra amount while you use money from the debit card.

Savings Account 

If you have a certain amount of money which you’re not going to use for awhile then you can store them in the saving account. This is what the savings account is best for.

However, accessing your money through a checking account is easier than saving. Because saving accounts have some limitations and rules and regulations which are tough for a consumer. So this makes it hard to gain access to your money. 

The savings account does not provide a debit card. Which means you can only access a small amount or a certain amount of money through the savings account every month. And if you exceed a certain number of payments, then the bank charges you extra for it.

Unlike the debit card or checking account you cannot send or transfer money through bank to bank with saving account. 

The savings and checking account both have limitations. Sometimes these limitations can get completely different from each other. 

The withdrawal limit of the savings account varies from bank to bank. Usually the limit is the same for each bank, but there is only a certain amount that you can take from the ATM with the help of your debit card. 

Similarly only a specific amount is required to withdraw per week and specific amount per month. These standards are set and you cannot change them. If you need an amount larger than that then you need to withdraw through the check. 

Both accounts are better. Which is the best? It entirely depends upon your needs. Whether you go for a savings account or checking account, the main aspect that you should look for is your need and availability of the account. Whichever suits you best will be the one for you.