Checking or Savings?
Answers:
Checking would be better if you plan to use the money. With savings you won't earn anything if you continue to take money out. Plus the interest earned is low. 50 cents in a three month period wow! Yeah right. Checking you have easy access and you can receive a check visa or master card to make purchases.
Savings is for kids - Checking is all you need!
Savings is better, because you'll get a higher interest rate and you'll still be able to withdraw, but you'll have to go to the bank to do it, which reduces impulse buys.
If you have to write a lot of checks for your bills, then checking might be better, but if you don't have a lot of bills to pay get a savings account. If you need a little of each, then open up both.
Checking it shows financial responsibility to be able to pay bills, debts, loans, and you get a receipt, and you generally get a plastic ATM/Check Card from your Bank FREE with a FREE Checking Account.
Checking Accounts are EZ, convenient, ATM access, you can make purchases worldwide with your ATM/Check Card or Debit Card.
Savings Accounts of course compliment Checking and everyone should establish a SAVINGS ACCOUNT for emergency purposes. You generally need $300 in a balance to avoid a monthly or quarterly service charge unlike a Checking Account which is FREE. (No Interest) You can have a FREE ATM Card for your Savings Plan.
Both accounts should also offer FREE Online Banking. View your account activities, statements, etc. Its convenient. 23 hour access.
You should also consider opening BOTH.
Get some ideas for FREE with a consultation with a Banker.
You can also get some great tips at:
www.wellsfargo.com
www.bankofamerica,com
www.bankoftherockies.com
And establish a BUDGET for your household income and expenses monthly.
GOOD LUCK! :-)
Both. You should keep extra money in savings and spending money in checking.
You should have both. Have your income (pay checks or whatever) deposited into your checking account. Keep only enough in that account to enable you to write checks, and to cover the minimum so the credit union doesn't charge a fee.
Have everything else transferred into the Saving account so that it earns interest.
Do not open your accounts with a BANK - they will charge too much in fees. Instead, find a CREDIT UNION and open your accounts there. Credit unions are cooperatives - the customers own the bank (you'll effectively become a shareholder when you open your accounts) so their fees are much more reasonable.
It depends on your needs. Why not open both? Checking for dealing with your everyday expenses and savings for a rainy day.
Terry is right. A credit union is the way to go.
Actually you need both. Chequing is for bill payment. Savings is for medium term funds or long term depending on what you want to use it for whether it be an emergency fund or travel fund etc.
I have both. I have direct deposit to my checking with a set amount put into my savings every week, plus a percentage of my gross income into a 401k. It is good feeling to know you have something to fall back on if need be, or for that vacation you want to take. It also looks good when you are ready to get a car loan or purchase your first home. I guess it is just the security.
what a question.
Checking account is to pay your bills. It's a transactions account
Savings account is for your Saving.
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