What are the main differences between checking and savings accounts?

Question: What are the main differences between checking and savings accounts?

The main differences between checking and savings accounts are their purposes, features, and usage. A checking account is typically used for frequent transactions, such as paying bills or making purchases. It allows you to deposit and withdraw money frequently without any restrictions, and often comes with a debit card and/or checks for easy access to funds. Checking accounts also usually have lower interest rates compared to savings accounts. In contrast, a savings account is intended for long-term saving goals and offers higher interest rates on the balance. It typically has limitations on the number of withdrawals you can make in a month and may require a minimum balance to avoid fees. Unlike checking accounts, savings accounts usually do not come with a debit card or checks, as they are meant for infrequent withdrawals and primarily focused on accumulating savings.