What is the difference between a savings and checking account?

>>26231696
Are you literally 12?

Why am I not surprised at this comment's unoriginality

>>26231696
Check is for spending, savings is for saving.

Let's play "Why the fuck was this posted here?"

>>26231756
Basically this.

Savings accounts are mainly for you to keep money in and don't do anything with it.

Checking accounts are for money you plan to spend. (with checks/debit cards)

a checking account
if you're dumb enough to be asking this, I doubt you have enough to justify putting what you have in a savings account

>>26231758
18 year old autistic college student's first time away from home: the thread

File: sDwAIC3.jpg (92KB, 650x866px) Image search: [Google]

92KB, 650x866px

>>26231739
No, 19. I've just been using my work's debit card and cashing checks for the last 2 years. I figure it was time to open a bank account but I don't know what I am doing.

>>26231756
Ok so should I use the savings account for a deposit of $20 every paycheck or something? Is it even necessary to have both?

>>26231773
>>26231774
So should I just open a checking account then? I have 2 jobs but they don't pay enough to support myself. Why can't I use a checking account to save money or use my savings account to buy things? I don't understand.

>>26231828
Yes. Open both. put like 50 from each pay check into savings, don't touch it.

Savings accounts are a waste. It's supposed to be for you to store money for the future, but money in savings accounts don't grow. Might as well keep it in a checking account if you don't want to open up investment accounts.

>>26231828
It isn't necessary to have both. It's tough maintaining a savings account if you don't have a lot of money.

File: 1388410296120.png (458KB, 499x631px) Image search: [Google]

458KB, 499x631px

>>26231854
I don't make enough to put $50 in my savings account every pay day. I get about $150 from my A job every Thursday and $200 from my B job every 2 weeks.

>>26231860
I think I'm just gonna open a checking account at chase for $100.

>>26231922
how much rent do you pay?

Savings accounts have limited withdrawals. In the US you are limited to 6 withdrawals per month with a savings account.

Checking accounts offer unlimited withdrawals, but will probably have fees if you don't have direct deposit or a high average balance.

File: heston_by_arapito-d5dqyen.jpg (102KB, 774x1032px) Image search: [Google]

102KB, 774x1032px

>>26231696
>r9k in charge of finances
Kek

Most banks will require a certain amount in a savings account for you to hold an account at all. A checking account can have a debit card linked to it.

Savings accumulates interest over time. However, the current rate of interest (at least in the USA) is not worth having your money invested in.

I personally put the minimum balance required in a savings account, and all the rest goes to my checking. I disregard the fact that my savings account exists and forget about it. I will only remove it in emergency in which case I will be removing my account and withdrawing it all.

Make sure to tell them you do not want to be allowed to overdraft, so you don't accumulate debt (from going under youre required minimum balance, ie withdrawing more money than you have).

Also, google exists, OP.

>>26231854
Wtf $50 into savings? I feel guilty when I put less than $500 per pay check.

What is the purpose of having both a saving and checking account if I can just save my money in my checking? Interest for the savings account might as well not even exist due to how low it is.