Have you ever wondered where people keep their money?

Dave Chapelle wearing a crown, holding a stack of bills to his chest.

Maybe you received a gift from a grandparent or have an allowance. Wouldn't you like to keep that money safe at a real bank rather than in an old shoebox under your bed?

What Are Checking And Savings Accounts?

Most people who keep their money at a bank house it in two types of accounts:

Flaticon Icon Checking Account

  • where you keep money for day-to-day spending

  • your debit card will be connected to your checking account

Flaticon Icon Savings Account

  • where you keep your long-term savings for future purchases

  • money stored in savings earns small amounts of interest each year

Checking accounts allow you to keep your money safe and secure, while savings accounts help you save for the future by making your money grow!

When Should You Use Each Account?

Flaticon Icon Checking

  • when you need easy access to your money

  • use your debit card to deposit and withdraw cash from ATMs or make cashless purchases

  • set up your account to make automatic transfers to your savings account

Flaticon Icon Savings

  • put away money for long-term goals

  • access is limited so you don't spend it unless you need to

  • good for emergency funds and debt repayment

  • transfer savings funds into your checking account for spending

Quiz

Which type of purchases should you use your savings account for?

What Should You Consider Before Opening A Checking Or Savings Account?

A man holding a stack of bills saying,

Minimum balance requirements

  • You'll need to keep a minimum amount of money in your account to avoid paying the account's monthly fee.

Overdraft fees

  • If you spend or withdraw more money than you have in your account, you'll pay a fee.

Transaction limits

  • There might be a daily or monthly limit on how much you can withdraw money or make purchases, so you'll pay a fee if you go over the limit.

Take Action

Make your first deposit...

A kid putting money into a piggy bank ...it makes so much cents($) !!!

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This Byte has been authored by

VJ

Vic Jusino

PwC Senior Associate

BL

Brandon Laning

Senior Manager

MP

Matthew Peck

Manager, Digital Assurance & Transparency

RM

Rachel Man

Associate