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The Difference Between Checking Accounts & Savings Accounts

These days, there are so many different types of bank accounts and savings options available. It can be difficult to know what makes each type of account different, and which option is the best for you. We’ll run you through both types of common banking accounts, checking and savings, so that you can start to understand which option might suit your needs. 

Checking Accounts

Checking accounts have been built for everyday use and everyday spending. Because of this, they are highly convenient to users as they are able to deposit, withdraw, and transfer funds easily by use of a debit card, check, or ATM. Unlike other types of accounts, there is usually no limit on transactions, so you can spend your money in a way that makes the most sense to you. 

While some checking accounts may require a minimum balance and a monthly maintenance fee, at Points West we offer a wide variety of checking accounts to best suit your needs! Our Simply Free Checking, 55+ Free Interest Checking, and VIP Free Interest Checking all offer no minimum balance requirement and no monthly fee. All of our accounts are available for online banking as well, making managing your personal accounts easier than ever. 

No matter your needs, we have a checking account to fit them.

Savings Accounts

Savings accounts, on the other hand, are designed just as the name suggests, to help you save money. These types of accounts are safe spaces to store your money while earning a low amount of interest on it. Because of this, it can take some time for that interest to really make a difference in your savings. This makes savings accounts a great option for money that you may not need access to right now, but that you may need down the road or as an emergency fund. 

Whether you’re just getting started on your savings, or if you’ve been saving for a lifetime we have a wide array of savings options designed just for you. Our Savings Account is a great option for those who are looking for an easy to use account, that doesn’t have a high minimum balance. Only $100 to open, this is a great option to get you started on working towards your savings goals, no matter what they are. 

At Points West, we offer some of the most competitive interest rates in the market, and we’re ready to help you reach your goals. Get in touch with your local banker to answer any questions you might have, and get you started on the right financial path for you.