Checking accounts are great places to store money you plan on spending, whether it's for rent, bills, gifts, or fun purchases. But you probably want to put money that you don't want to touch into a savings account. This separates your money and reduces temptation to spend money that you want to save. A savings account is a good place to store an emergency fund. It's also ideal for short-term savings goals like a down payment on a home or a trip. If it's a long-term goal, like retirement or saving for your child's education, you're usually better off investing your money instead of putting it in a savings account.