Checking vs Savings Accounts

What is the primary benefit of a checking account?

• Offers investment opportunities

• Earns high interest rates

• Allows for long-term savings

• Provides access to money for everyday needs

What is the primary benefit of a savings account?

• Offers investment opportunities

• Provides access to money for everyday needs

• Allows for long-term savings

• Earns high interest rates

What is the main difference between checking and savings accounts?

• Checking accounts offer limited access to avoid impulse buys

• Savings accounts are designed for spending

• Checking accounts pay higher interest rates

• Savings accounts pay interest on balances

What can you do with a checking account?

• Make payments, withdrawals, and transfers

• Receive deposits via transfers and deposited checks

• Set aside money for longer-term goals

• Earn interest on balances

Do checking accounts come with any fees?

• No, they are completely fee-free

• Yes, they may have overdraft, ATM, and monthly maintenance fees

• No, but they have high minimum balance requirements

• Yes, but only for senior citizens

What are the limitations of a savings account?

• No fees for making too many withdrawals

• Unlimited withdrawals per month

• High interest rates

• Relatively lower interest rates and limited withdrawals

Should you have both checking and savings accounts?

• No, only one account is necessary

• Yes, but only if you have a high income

• Yes, because they serve different purposes

• No, it's better to have multiple checking accounts

How secure are checking and savings accounts?

• Secure only if you have a high balance

• Completely secure from all types of fraud

• Relatively secure due to built-in security features

• Not secure at all

Which type of account, if any, do you have?

• Checking

• Savings

• Both

• Neither