While chequing accounts are meant to be used for everyday transactions such as withdrawals, debit payments, and deposits, savings accounts are largely meant to hold a designated sum of money over a longer period of time, whether it's for an emergency fund or a big purchase down the road. Another big difference is that banks use the money from customers' savings accounts for loans, they reward those users with regular interest payments on top of their existing balance. Chequing account customers don't get that particular benefit.