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Is it better to use checking or savings in PayPal?

What is the use of having a checking account if you already have a savings account?

  • A checking account has a lower interest rate. Is the sole purpose of a checking account in this case is to allow a larger number of monthly transcations? But if you don't deposit all your cash to your savings account and leave some pocket-money instead, that defeats the purpose of a checking account, right? I just don't understand why someone should set a checking account if s/he has a savings account.

  • Answer:

    Most savings accounts don't have check-writing capabilities, and even if they do there may be limitations. Checking accounts are made to help pay bills more easily. Savings accounts are more for ... saving.

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Eventually you will have bills. And you might want to pay them using a checking account Savings accounts hit you hard with fees if you make too many withdrawals. You don't want to be one of those people that drives to the electric company to pay their bill, do you? They wait in line to pay, while letting their motor run in their car. Much easier to have a checking and use online bill pay. It takes me about $3 in gas to drive to my electric company.

Go with the flow

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