Most checking accounts are used to manage routine financial transactions such as rent or utilities, whether via a debit card, paper check or mobile app. And most checking accounts don’t offer interest; those that do usually provide a very low rate of 0.1% or less.
While traditional savings accounts offer rates that are normally well below the national average, online-only banks typically offer the highest yields for savings accounts. These accounts provide a safe place to store money while keeping it accessible to withdraw penalty-free when needed. However, savings accounts don’t have debit card access or check-writing privileges.