It’s time to switch banks or open a new account, but you’re unsure what option is best. There are benefits and disadvantages to checking and savings accounts, and it’s vital to know the differences between the two most common banking options. Here’s everything you need to know about these accounts so that you can make an informed decision.

Checking Accounts

Checking accounts are created to frequently deposit and withdraw money. There aren’t many restrictions on when or how often you can access funds, and you can use a checkbook or debit card to do so directly. Checking accounts also differ from savings in that they’re often paid for by fees and don’t provide interest payments to account holders.

Savings Accounts

Unlike a checking account, savings accounts offer a banking option designed for investment. You aren’t meant to take or remove money regularly from these accounts because they’re designed for monetary storage. Without a debit card or checkbook, you have to make significant efforts to get into your savings. These accounts also offer few fees because banks can access your money and treat it like a loan while it sits in your account. You’ll always retain the full amount you’ve put into the account, and you accumulate interest over time.

When you’re ready to open a checking or savings account, visit Commercial Bank of Grayson in Grayson, KY. With a knowledgeable staff and numerous financial offerings, you’ll find what you need to satisfy your banking requirements. For more information, visit their website or call (606) 474-7811.