Checking vs. savings account: Differences and how to choose
Checking and savings accounts are different. Should you have one, the other — or both?
6 min read
Nov 09, 2024
Karen Bennett
Senior consumer banking reporter
EXPERTISE
- Banking
- Personal finance
- Credit cards
EDUCATION
- Bachelor’s degree in English, University of Illinois
- Master’s degree in journalism, Columbia College Chicago
Karen Bennett is a senior consumer banking reporter at Bankrate. She uses her finance writing background to help readers learn more about savings and checking accounts, CDs, and other financial matters.
Karen brings decades of writing and reporting experience to the table, including the roles of credit cards writer for travel website Million Mile Secrets and money and career writer for The Cheat Sheet. Her work has also appeared in USA Today, Illinois Legal Times, and several Chicago, Milwaukee, and Washington, D.C. newspapers. In addition, she’s worked in the areas of marketing and business development, and she was product manager for a consumer money-saving website.
When she’s not writing Bankrate articles, she can often be found cheering her kids on at soccer games, cooking and reading up on saving for retirement and other personal finance topics.
Karen's latest articles
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How to open a savings account: 5 steps to take
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Explore the top CD rates today and learn how economic trends can affect your rate. Bankrate provides valuable insights to find the best CD products to maximize your savings.
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7 places to save your extra money
These options are great places to stash money from a bonus, inheritance and more.
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Discover today's top CD rates and gain insights on how economic trends impact your yield with Bankrate's expert analysis of CD products.
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Historical CD interest rates: 1984-2024
Take a look at the days when CDs were offering investors double-digit returns.
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Here’s why savers should find an APY that surpasses the rate of inflation
Consider a savings account with an APY above the inflation rate.
3 min read Nov 07, 2024 -
How the Federal Reserve impacts savings account interest rates
For savers, here’s what to consider when the Fed raises interest rates.
4 min read Nov 07, 2024
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What is the average interest rate for savings accounts?
Comparing savings rates can ensure you get the best return on your savings.
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What to do if a bank rejects you for a checking account
Your banking past has come back to haunt you. Here’s how to ask for a second chance.
3 min read May 02, 2024 -
APY vs. interest rate: What’s the difference and why it matters
Here’s the difference between APY and interest rate.
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What is a SWIFT code?
You’ll need a SWIFT code for international wire transfers. Here’s how to find one.
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How to join a credit union: Here’s what to do to become a member
Here’s what you need to do to become a credit union member.
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6 ways to manage finances with multiple income streams
These strategies will help you manage multiple income streams.
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Saving money from your summer job: Top tips for students
These tips can help students maximize savings from their summer job earnings.
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5 tips to make sure revenge spending doesn’t wreck your wallet
As you look ahead to opening your wallet again, consider these key tips for avoiding revenge spending.
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