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Checking account. Savings account. Primary use. Spending. Saving. Interest. Sometimes, but usually minimal. Yes, interest rates vary by bank. Common fees. Monthly ...
By linking the two accounts, you can transfer money from your savings account to your checking account. The money could be used to cover a scheduled online bill or to pay a check that you have to ...
They’re the two most common types of bank accounts, and they serve different purposes. Here’s how to select between the pair.
A transaction account, also called a checking account, chequing account, current account, demand deposit account, or share account at credit unions, is a deposit account or bank account held at a bank or other financial institution. It is available to the account owner "on demand" and is available for frequent and immediate access by the ...
Deposit accounts can be savings accounts, current accounts or any of several other types of accounts explained below. Transactions on deposit accounts are recorded in a bank's books, and the resulting balance is recorded as a liability of the bank and represents an amount owed by the bank to the customer.
Before the introduction of this standard (also known as 2-4-6 for current accounts and 2-6-6 for savings accounts), the only way to know the "fate" of a cheque has been "Special Presentation", which would normally involve a fee, where the drawee bank contacts the payee bank to see if the payee has that money at that time.
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