Scottish Socialist Voice
Banking System: Checking VS Savings Accounts
The banking system can be a very tricky atmosphere especially went it actually comes to choosing which bank to use to store your money in. Many banks offer checking and savings accounts but what is the real difference. It might be very obvious, savings is usually an account where you save money on whereas a checking account might be an account where your direct money is used via a debit card so that you don't have to be carrying around cash. Using one or the other is simply a matter of choice how you handle your money at the end of the day is a decision that most of us face when choosing the right bank for us.
Checking Account
A checking account is mostly used to be able to use your money in your bank account immediately. You simply write out a check to a company and if you have the funds in your bank account your bank will honor it. Checking accounts are more convenient and you are able to do many more things with it. Many companies allow you to use your checking account to pay your bills and they are even allowed to be used to place bets on sportsbooks in Las Vegas Casinos.
Savings Account
A savings account is mostly used to save money and some banks don't allow you to touch the money you save for a period amount of time. In some institutions it is required that you have to have a limit on your savings account and if you do not meet that requirement they will charge you a fee, the whole purpose is for you to be able to save money and prioritize your spending habits.
