Checking vs Savings Account: What's the Difference?

1 A checking account is a doorway and a savings account is a room, and money behaves differently in each.

2 Cash parked in a zero interest checking account is quietly paying your bank for the privilege.

3 Savings accounts often limit withdrawals on purpose, and that friction is a feature rather than a flaw.

4 Deposit insurance in the US, UK and Canada protects the depositor, not the account, so two accounts at one bank share one limit.

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