Checking and savings accounts are popular options for keeping money safe. Both are deposit accounts protected by deposit insurance, but savings accounts are meant to hold money to accrue interest, and checking accounts are for spending.
Checking accounts are designed for everyday spending. They come with a debit card and offer a convenient way to make purchases, withdraw cash, transfer funds and deposit money. They offer ATM access through a debit card and don’t have transaction limits.
Savings accounts provide a safe place to store your money while earning an annual percentage yield (APY), which means your balance passively earns interest. Most savings accounts limit you to up to six transactions per month. They don’t come with debit cards or checks, but some accounts might offer an ATM card.
| Checking | Savings | |
|---|---|---|
| Best for | Spending | Saving |
| Interest | Sometimes, average rate 0.07% | Yes, average rate 0.38% |
| Debit card | Yes | No |
| Checkwriting | Yes | No |
| ATM access | Yes | Sometimes |
| FDIC insurance | Yes | Yes |
| Minimum deposit | Typically between $0 and $100+ | Typically between $0 and $500+ |
| Transaction limits | No | Yes, typically up to 6 per month |
| Common fees |
|
|
Checking accounts are meant for frequent transactions and everyday use. Savings accounts are more restrictive but let you passively earn on your balance.
Pick a checking account if …
Pick a savings account if …
If you’re not sure which to choose, there are also hybrid accounts, like the SoFi Checking and Savings account, which is a checking and savings account in one. A money market account is another option to consider. They earn interest like a savings account but often come with a debit card and checkwriting privileges like a checking account.
Checking and savings accounts are both safe as long as the bank or credit union is federally insured through the FDIC or NCUA. This federal insurance protects deposit accounts up to $250,000 if your bank fails or goes bankrupt.
However, a checking account may be more vulnerable to fraudulent activity because it comes with a debit card. A thief can steal your card information to withdraw funds or rack up unauthorized purchases. That’s why it’s considered best practice to keep just one or two months’ worth of expenses in a checking account and the rest in savings.
Opening both accounts with the same institution offers convenience, but it may not be the best idea for everyone.
Checking accounts are made for everyday use, so comparing their fees and functionality is key in choosing the right one.
The number one factor in choosing a savings account is how much it can earn over time.
Use the tab to narrow down top checking and savings accounts by fees, opening deposits and APY. Select Compare box on up to four providers to see features side by side.
The Finder Score crunches over 300 checking accounts from hundreds of financial institutions. It takes into account the product's monthly fees, overdraft fees, opening deposit, customer support options, ATM network and features — this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of checking accounts against what we consider is the best option: no monthly fees, no overdraft fees, a large ATM network of 50,000 or more, additional features outside of typical banking services, and the optional perk of earning interest. Accounts that are nearly free to maintain and use are scored the highest, while accounts with costly fees and few features are scored the lowest.
The Finder Score crunches over 250 savings accounts from hundreds of financial institutions. It takes into account the product's interest rate, fees, opening deposit and features - this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of savings accounts against FDIC-reported national averages as a baseline. Accounts with rates well over the national average are scored the highest, while accounts with rates well below are scored low.
Open a checking account to get easy access to your money or a savings account to earn interest and limit spending — or open both to cover all your financial bases.
The BNPL app Klarna has a new savings account that can earn up to 3.78% APY, but you’ll need the highest membership tier to get that rate.
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SoFi’s high-yield savings account is a hybrid checking and savings account featuring a high APY, cashback rewards and minimal fees.
The Vio Bank Savings account offers a competitive 3.99% APY, but there are a few downsides to consider before signing up.
The LevelUp High-Yield Savings account has one of the highest APYs available, no monthly fees and an optional ATM card.
Switching your savings account helps you take advantage of higher rates and cash bonuses to grow your savings. Here’s what you need to know to get started.
