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Checking \u0026 Savings Accounts Explained in 3 MinutesChecking accounts are best for spending money. Savings accounts have higher interest rates, so they're best for stashing cash. Checking accounts are generally not meant for building savings and, as such, many don't earn any interest. Savings accounts almost always pay. Checking accounts are meant to be used for spending money, while a savings account is generally where you keep funds for future goals or purchases.
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