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What is the difference between a chequing and a savings account?


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Answered 2011-10-11 17:24:08

A savings account is intended for saving money. As such, it has a higher interest rate. A checking account usually do not have an interest rate, but you can use checks and (for some banks) debit cards to withdraw money.

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Related Questions


What is the name of the financial institution where the checking account is offered?

a bank, a savings and loans office or a co-op. these are places where you can open a chequing or a savings account or both.



What is the difference between a savings account and a checking account?

The main difference between a savings account and a checking account is that a savings account has an interest rate. A savings account is also mostly used for saving money, although, both accounts allow you to take money from them as you please.


What is the primary difference between a business and a personal savings account?

A business savings account his connected to a business. While a personal savings account is connected to an indvidual.




The Chequing and savings are similar meaning or different on ATM?

For an ATM machine, a checking or a savings account does not make any difference. For the machine, a bank account should be linked to the ATM card that is currently being used in the machine. As long as any one account is linked to the card and it has enough funds to perform the transaction requested by the user, it doesn't matter.


Will TD bank open you a business account if owe money to another bank?

Yes. TD does not check your other bank's balance info in order to simply open a chequing or savings account


What is the difference between a chequing and savings account?

A checking account is one in which you keep a certain amount of money and use it for your regular day to day transactions. For ex: to pay your phone bill, to pay for your groceries etc. Banks usually do not give you a significant interest on your deposit in this account because of the liquid nature of the account and because you can withdraw your funds anytime you want. A savings account is one in which customers save their monthly savings and they are not like the current account. Though the money is available at any time for the customer to withdraw, money is not as frequently deposited/withdrawn from it like the current account. Hence banks offer a meager interest rate for the money held in this account.


In the ePay function how can you split a payment between your savings account and your checking account?

In the ePay function, how can you split a payment between your savings account and your checking account


What is difference between savings and current account?

The differences are:Savings account earn higher interest than current accountsThere are limits on number of transactions per year in a savings account but there are no such limits for current accountsCurrent accounts are used by businesses and companies while savings accounts are used by normal customers


Difference between current account and savings bank acount?

A savings account is one in which you can deposit your money, but there is a limitation on the number of transactions (Both credit and debit) that you can perform on your account. You will receive a nominal interest rate of around 4% per year on the minimum monthly balance you maintain in your account. A current account is similar to your savings account with a small difference. You can have unlimited number of transactions on your account. Also you do not receive any interest on your deposit money. Savings accounts is for normal citizens and Current accounts are for businesses and organizations.


Whats the difference between an orange account and a regular savings account?

An orange account earns high interest, there are no fees attached and you do not need a minimum balance in your account. Most regular savings accounts have a minimum balance and really low interest rates.


What is the difference between a normal savings account and nre account?

In normal savings account, you deposit Indian money (rupee) and you can withdraw it in the same indian money. In nre account you can only deposit foreign currency and you withdraw indian currency. you cant deposit indian money in this account


What is the difference between a checking account and a savings account?

Checking accounts are used for frequent credits (deposits) and debits (withdrawls). Whereas a savings account follows the idea of a piggy bank, where one saves a bulk of money for exceptional circumstances or goals.


What is the difference between a regular savings account and a certificate of deposit?

In a regular savings account, the funds are always available for withdrawl. As a result, savings accounts generally have a low rate of interest. A certificate of deposit is an investment for a specific amount of time. The funds are not available until the certificate has matured, therefore, it has a slightly higher rate of interest than a savings account.


What is difference between current and saving account?

The differences are:Savings account earn higher interest than current accountsThere are limits on number of transactions per year in a savings account but there are no such limits for current accountsCurrent accounts are used by businesses and companies while savings accounts are used by normal customers


What is the difference between current and saving Account?

The differences are:Savings account earn higher interest than current accountsThere are limits on number of transactions per year in a savings account but there are no such limits for current accountsCurrent accounts are used by businesses and companies while savings accounts are used by normal customers


Can you Transfer coins from one account to another?

if you mean coins instead of bills from say a savings to a chequing or vice versa, yes, just ask the teller to do that for you. You cannot deposit coins through an ATM.


What is the difference between a money market account and a savings account?

how you use, save and spend your money. With a savings account you save, and perhaps receive interest on a monthly basis. You may use a money account daily daily business needs but you may also use it as a savings vehicle. In the past, it would have paid a higher rate of interest than a basic savings account, but these days the interest on both is essentially zero.


What is the difference between a high yield savings account and a regular one?

A high yield savings account is more of an investment than a regular savings account. Most people put money into the high yield account without removing it for extended periods of time, so interest can compound. If you're living paycheck to paycheck, or are saving to travel in 6 months, a regular savings account is a much better choice.


What exactly is an individual retirement account?

An IRA, or Individual Retirement Account, is basically a savings account for retirement. The difference between an IRA and a regular savings account is that an IRA gets special tax breaks from the government. There are several different types of IRA accounts, including traditional and Roth accounts.



What is the difference between a CD and a savings account?

Basically in a savings account you put in a certain amount of money and based on the amount that you put in, there will be a specific interest rate. In a CD account you can put in money and the interest rate will raise as time goes by, usually starting at 0.01% the first year.


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