Checking vs. Savings Account
Checking and savings accounts are two basic accounts offered by financial institutions. They serve the same overall purpose—to house your money—but have a few key differences.
Checking Account
A checking account is used for day-to-day banking. This includes activities and transactions like depositing and withdrawing money, writing checks, direct depositing your paycheck, transferring money to other accounts, and accessing your money through a debit card. In addition, most checking accounts allow an unlimited amount of transactions per month. This is an important aspect to remember when deciding what kind of a bank account is right for you.
At Hills Bank, our Free Checking account is perfect for people who want the banking basics without fuss. There’s no minimum to open, and you’ll enjoy unlimited no-charge ATM transactions at Hills Bank or MoneyPass ATMs as well as a free, customizable debit card with access to online and mobile banking to keep track of your transactions.
Learn more about how to choose the right checking account for your needs.
Savings Account
Unlike a checking account, a saving account’s purpose is designed to help you house your money over the long-term, with minimal withdrawal transactions and activities. A savings account is a safe place to store your money and allows access when needed, but limits how many transactions happen on the account per month. For this reason, it may be beneficial to have a savings account in addition to a checking account where you are not limited to a certain amount of transactions per month.
When looking for checking or savings accounts, make sure you find one that has no minimum balance requirement, doesn’t charge monthly maintenance fees, and is a part of a large ATM network so you don’t have to pay to access your money.
Want to learn more about the accounts Hills Bank offers? Use our live chat feature on our website, speak with a banker at 1-800-445-5725, or stop by any of our locations to have a conversation today!
