Final answer:
A checking account facilitates transactions and provides easy access to your money. A savings account pays interest but requires a trip to the bank to access funds. Banks now offer accounts that blur the lines between checking and savings.
Step-by-step explanation:
Banks offer a range of accounts to serve different needs. A checking account typically pays little or no interest, but it facilitates transactions by giving you easy access to your money. A savings account typically pays some interest rate, but getting the money typically requires you to make a trip to the bank or an automatic teller machine. The lines between checking and savings accounts have blurred in the last couple of decades, as many banks offer checking accounts that will pay an interest rate similar to a savings account if you keep a certain minimum amount in the account, or conversely, offer savings accounts that allow you to write at least a few checks per month.