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Checking vs Savings

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Checking vs Money Market Accounts

By Penny Redlin

A checking account and a money market account are both types of deposit accounts offered by banks, but they serve different purposes and offer different features. A checking account is primarily used for everyday transactions, while a money market account is a savings account that pays a higher APY.

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What is Online Banking

By Penny Redlin

As long as you have a bank account and a computer or another device that connects to the internet, you can access online banking. There are a few basic steps to establishing your virtual presence. You'll need to know your account numbers for your credit cards, utilities etc., which can typically be found on their respective statements.

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What is a Checking Account

By Penny Redlin

A checking account is what is known as a deposit account. A deposit account is simply an account at a bank or credit union that allows both deposits and withdrawals. Checking and savings accounts and certificates of deposit (CDs) are all examples of deposit accounts.

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Banking

A check is a document that is written, dated and signed that instructs a bank to give a specific sum of money to the person or entity noted on the check. The check has your account number written on it so the bank knows where to find the money and can make sure you have enough money in our account to send.

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A check that “bounces” is a check that is returned for insufficient funds. If you write a check for $100 but only have $80 in your checking account, you have insufficient funds to cover the amount the check is written for. Some banks will charge over-draft fees when this occurs.

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To open a savings account your need to determine which bank or credit union you want to have your account with. Consider number of locations & ATM’s, the interest rate offered and any fees you will or could be charged.

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A CD (Certificate of Deposit) account is a type of savings account you can open at the bank. When you open a CD account you agree to leave your money in the bank for a specified time period.

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A savings account is an account you open with a bank or credit union, where the bank holds your money for you. In exchange for giving your money to the bank to hold (and use while they are holding it) the bank will pay you interest.

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The routing and account number on a check are the bottom of the check. When looking at your personal check, look to the bottom and you will see 3 groupings of numbers. The first two groupings start with a character symbol that looks like a horizontal line following by a colon |:.

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Editor's Picks for Banking

Checking vs Money Market Accounts

Discover® Bank Cashback Debit Card

What is Online Banking

What is a Checking Account

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Banking

What is a Checking Account

What is Online Banking

Online Checking Accounts

Debit Cards with Rewards

Student Checking Accounts

What is a Debit Card

Credit vs Debit Cards

Checking vs Money Market Accounts

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Introduction to Mobile Banking