Final answer:
A savings account is for investing and accrues higher interest, while a checking account is for spending and offers easy access to funds.
Step-by-step explanation:
A savings account and a checking account are two different types of bank accounts with distinct features and purposes.
A savings account is typically used for investing and saving money over a longer period of time. It accrues higher interest, which means that the money you deposit in a savings account will grow over time. However, it may not be as accessible as a checking account, meaning there may be restrictions on withdrawals and transfers. Savings accounts usually offer low to zero interest rates, making them a less ideal option for everyday spending.
A checking account is designed for spending. It provides you with a checkbook and a debit card for easy access to your funds. Checking accounts are more easily accessible compared to savings accounts, allowing you to withdraw money, write checks, and make debit card transactions as needed. However, checking accounts generally offer lower interest rates or no interest at all.
Learn more about Savings account and checking account