A checking account, you can use to pay for daily money transactions such as groceries or gas and there are no withdrawal restriction. They come with debit cards to use at ATM's and any place that accepts debit cards. You can also overdraft the account which means you can spend money you don't have at the moment but then pay it back with a small interest fee. A savings account you put money into regularly, but lends that money out temporarily. Its an account that earns interest over time and you use that to spend money for bills or big payments., but takes a long time to withdrawal the money.