Checking accounts and debit cards are technically two separate products, but you usually can’t get one without the other. While they both allow you to manage your money and make transactions, there are a few differences that set them apart.
Many checking accounts offer an accompanying debit card to access funds. Though some savings accounts also offer debit cards, and digital-only banks or mobile apps are increasingly offering debit cards linked to their account or service. Ultimately, a debit card is dependent on another source for the funds it accesses.
| Checking account | Debit card | |
|---|---|---|
| About | Unlimited access to your money through deposits, withdrawals, checks, bill pay service and an optional debit card. | Payment card linked to a financial account used to withdraw cash at ATMs or swipe for payments at retailers or online. |
| Online transfers | Yes | No |
| Check writing | Yes | No |
| ATM access | Via debit card | Yes |
| FDIC or NCUA insurance | Yes | Depends on the account it’s linked to |
| Monthly fees | Varies by bank | No |
| Point of sale purchases | Yes with debit card | Yes |
| Online transactions | Yes | Varies by bank |
| Account features | Yes | No |
| Store money | Yes | No |
No. Checking accounts are a place to store money for everyday transactions separately from your savings. Debit cards are tools to access the money in linked accounts through ATM withdrawals and point-of-sale transactions.
You technically can’t get a debit card without a checking account (and vice versa). The only exception is if you find a prepaid debit card or a digital bank account that doesn’t offer physical debit card. With that in mind, here are some pros and cons of each:
These products are best used together, but here are some important factors you should think about if you’re considering one over the other:
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A checking account can help you store and manage your money while allowing you to make transfers and online purchases. Debit cards can be used to withdraw cash and make point-of-sale transactions.
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