Checking and savings account benefits
Checking account
Having your money in a checking account lets you write checks, which costs less than purchasing money orders to pay for things. If you're paying regular bills such as car insurance, rent, credit card payments, and so on, these can't be paid with cash. In addition, your canceled checks are a good record of your paid bills.
With a checking account, you have easy access to your money through writing checks, using a debit card, or getting cash from an ATM—while having the security of keeping your money in a bank.
Savings account
It's a smart idea to open a savings account even if you don't have a lot of money to put aside right now. The important thing is to make savings a habit, and even the smallest deposits will add up quickly if you stick to it.
As the name implies, savings accounts are meant for you to set aside the money you want to save for the future. If you're saving for a certain goal, keeping the money in a savings account that is separate from your checking account helps you avoid the temptation of dipping into it.
Savings accounts generally don't allow much, if any, check writing or ATM withdrawals. However, savings accounts generally pay interest—money that the bank or credit union pays you just for keeping your money with them. That really is free money!