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Have you ever wondered what the main difference is between a checking account and a savings account before? Well, while you can use both accounts for similar purposes, how you’re using your account can determine which would be the best account for you.
Checking accounts were created for the purpose of money flowing in and out of your account acting as a spending account. At most financial institutions, checking accounts do not gain interest because these accounts were not designed for storing your money. If you think you’re going to use your account often for purchases, a checking account may be the way to go. American 1 Credit Union offers a variety of different checking accounts including the Simplicity Checking account that has no monthly fees or minimum balance requirements.
On the other hand, savings accounts were designed as an account to store money that you don’t want to spend. Most financial institutions have an interest rate on savings accounts so you earn interest on your money as it collects in your savings. American 1 Credit union offers multiple savings accounts to help with your savings goals including a True Savings account, Club accounts, Eagle Earners accounts, and more. If you want an account to store and grow your money, a savings might be the best option for you.
American 1 Credit Union offers checking accounts and savings accounts designed to fit every member’s needs. When you find the one that is the best fit for you, contact us to open your account today!