What is the difference between a checking and savings account?

Your money matters, so where you keep your money should too. But with all the different accounts out there, which is the right one for you? First, decide if a checking or savings account is better for your needs. Do you want to open up a checking account to get access to a debit card and rewards or open a savings account to take advantage of interest rates? Or, do you want to open both? One account for your everyday needs, the other for your long-term goals.

Learn more about the differences between the two accounts to help ensure you choose the best account for you.

Checking Accounts: For Your Everyday Spending

For everyday spending, a checking account is more beneficial with access to a debit card for convenient spending.

As an added convenience, checking accounts usually come with a mobile app to provide more payment features, giving you peace of mind. Although some checking accounts earn interest, it’s less than a savings account and is why most don’t require a minimum balance.

Benefits of a Prevail Bank Checking Account:

No monthly services fees
No minimum balance required
Free debit card
And many more benefits!

When comparing checking accounts, account for minimum balance requirements, service fees, and account requirements to earn rewards or interest.

Compare Prevail Bank Checking Accounts

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Savings Accounts: Saving For Your Future

If you’re looking to save for your future, whether a big purchase, vacation, or emergency fund, a savings account is a great way to make your money work for you.

As your money sits in your account, it earns interest and grows over time. The rate will depend on the type of savings account and your bank. Unlike checking accounts, most savings accounts require your account maintains a monthly minimum balance to earn interest.