Savings and checking accounts are the two most common types of bank accounts. Many people have both. Is that really necessary? Is there a difference between a savings account vs checking account
are designed to be a place to temporarily store your money. Think of them as a wallet where you keep cash on hand to pay bills and monthly expenses. Banks don't pay much if any interest because they don't expect the money to stay in the account for very long.Savings Accounts
are designed to provide a longer storage place for you to save and grow your cash. The idea is that you put your money there for a rainy day. Your money grows because banks typically pay interest on the funds deposited there.
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