Final answer:
Checking accounts facilitate everyday transactions with easy access to funds, and savings accounts accrue interest but are not as easily accessible; however, recent banking practices have blurred the differences between the two.
Step-by-step explanation:
A checking account typically offers little to no interest but facilitates daily transactions by providing easy access to funds via checks and debit cards, whereas a savings account generally provides a higher interest rate but may require trips to the bank or ATM for withdrawals, although modern banking has blurred these lines with checking accounts earning interest and savings accounts offering limited check-writing abilities.