Key Takeaways ; Understand the purpose of these accounts: a checking account is best for everyday financial needs, while a savings account is the best option for individuals wishing to reach long-term savings goals. ; Savings accounts usually have much higher interest rates than your standard checking account. ; Checking accounts offer far more accessibility and flexibility when it comes to accessing funds through debit cards and checks.
Seamlessly manage your personal American Express accounts · Your checking, savings, and eligible Card accounts are available 24/7 in the award-winning Amex® App · 4 , or online. Review recent transactions, transfer funds, and track your rewards from a single login. An online checking account for both earning rewards and building your balance · Reward your everyday spending and earn 1 Membership Rewards® point for every $2 of eligible Debit Card purchases . Then redeem those points for ...
Vault’s Viewpoint ; An interest checking account pays you interest on the money you keep in your checking account. ; Annual percentage yields (APYs) can go up to around 5%, much higher than the 0.08% national average rate on interest checking accounts. ; Interest checking accounts with competitive APYs can be hard to find, as they’re only offered by a handful of smaller banks and credit unions.
The primary use of checking accounts is for spending rather than saving, so it’s not common to find very competitive rates, if any. However, there are checking accounts that do earn interest.
Checking accounts are held through a financial institution, like a bank or credit union, and are a place to deposit money, make transfers, write checks, withdraw cash, pay bills, and take care of other day-to-day banking transactions. In most cases, they earn little to no interest. There are a number of differences between checking and savings accounts, as well as pros and cons to each, and understanding these features may help you determine which type of account is right for you. Before opening...
Ivana Pino · Senior Writer ; Casey Bond · Lead Editor and Content Strategist, Banking
Review Bank of America's interest rates and annual percentage yields (APYs) for checking, savings, CD and IRA accounts specific to your area.
Waivable Monthly Maintenance Fee, $25 (waived for first 3 months) or $0 ; Annual Percentage Yield, Variable ; No Fee ATMs, $0 KeyBank and Allpoint ® ATM access nationwide with your KeyBank Debit Mastercard ® ; ATM Fee Rebates, $6 for fees charged by out-of-network ATMs ; Overdraft Protection Transfer Fee, $0 automatic transfers from a linked KeyBank credit or savings account ; Paper Checks, No-cost check options; some licensed designs and customization options have an associated cost; shipping and taxes apply
APY · N/A ; Min. Balance to Avoid Fee · $0 ; Min. Opening Deposit · $50 ; Monthly Maintenance Fee · $0 (When enrolled in paperless statements)
Checking accounts give you many free ways to access your money, while savings accounts have higher interest rates. Learn about other ways they differ.