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Checking and Savings Accounts (Thanks! - unionsavings.com)
Checking and savings accounts are the two most basic deposit accounts you can fund at a bank. Each has its own set of benefits and uses and can be useful depending on your money needs. The primary difference between the two is access to your money. With a checking account, your funds are much more accessible than with a savings account.
The Purpose and Use of a Checking Account
A checking account is an account that allows you easy access to your money, as needed, through various methods. These include a checkbook, debit card and an Automated Teller Machine (ATM). Based on your purchases, your bank takes the money from your account and pays it to the person or company owed. At the end of each month, you’ll receive a statement from your bank that lists the deposits, withdrawals and transactions you’ve made. You can also track your transactions electronically, via the Internet with an online account.
How Savings Accounts Work
A savings account is an account that allows you to earn interest on your money – meaning if you leave the money in your account, the amount grows over time. You cannot write checks on a savings account; however, some savings accounts do offer access to your money through an ATM. The bank will help you keep track of your account by sending you a statement that provides a record of the deposits and withdrawals made to your savings account.