Many banks require checking account holders meet some criteria for example, to set up the direct deposit of paychecks into a checking account, the account owner must usually maintain a minimum balance or make a minimum number of transactions each month.
No facilities other than internal online transactions with some banks (i.e., transfer from savings to checking) Overdraft, external online transactions (money transfer, manual/automatic bill pay) To use money, account holder must first transfer it to checking account (usually) Yes, but amount varies wildly by bank or credit unionĪ type of bank account that is designed for everyday money transactions.Īn account that accrues more interest than a checking account does intended for saving money. Saving money risk-free for short- or long-term Allowed to withdraw only a portion of the account balance. Differences - Similarities - Checking Account versus Savings Account comparison chart
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