You will pay a penalty if you withdraw your money early. A checking account is useful if you would rather pay your bills by check instead of with cash, credit cards or money orders. Credit unions call these share draft accounts. There are different types of checking accounts. All let you withdraw money from your account by writing checks.
Some accounts pay interest.
A regular checking account lets you write checks to make payments. Depending on the account, you may be able to write an unlimited number of checks without a charge, or you may be charged a fee each time you write a check. Money may not earn interest in a regular checking account. Many institutions offer free accounts for senior citizens. Interest checking accounts pay interest and let you write as many checks as you want.