What's the difference between a checking and savings account?
If you're unsure about whether to open a checking or a savings account, we can help. Both accounts are secure ways to store your money and allow you regular access to the money you have deposited.
Checking accounts allow quick access to your funds on a day-to-day basis, and some checking accounts are interest bearing. Savings accounts have withdrawal limits, are interest bearing, and are typically used for storing money long term.
It's useful to have both a checking and a savings account in order to keep your money secure, have quick access and save over time.
Purpose of a checking account.
A checking account is a deposit account that lets you keep your money in a secure place while still allowing you to easily pay for daily expenses. If you use checks or have a debit card, the money withdrawn typically comes from your checking account. You can also access funds from your checking account online, and track your spending with online banking.
It is important that you continue to balance your checkbook so you know exactly what you have spent and how much you have available in your account. Checking accounts are an easy way to access your money and use when you need it.
Purpose of a savings account.
A savings account is a smart choice when you want to save money for the future. There is a limit to the number of withdrawals you can make from a savings account, and sometimes there are minimum balance requirements, so day-to-day access isn't as feasible. But while only some Huntington checking accounts earn interest, all savings account feature a range of interest rates, making them a good choice for long-term growth. Compare savings accounts to see which one makes the most sense for you.
Advantages of having a checking and a savings account.
At Huntington, there are several advantages to opening both a checking and savings account. Linking your savings account to a checking account at the same bank makes it very easy to transfer money between the two, as well as waive Monthly Maintenance Fees. You can set up scheduled transfers to help you get to your savings goals even faster. You could also avoid Overdraft Fees by linking your savings account as overdraft protection for your checking account.
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