While a savings account encourages you to set aside funds for future use, a checking account on the other hand, is a tool to help you manage your transactions.
Checking Account products may also come with a Debit Card to enable account holders to access their funds anytime through ATMs, Point-of-Sale Machines, or for online purchases. What is a checking account?Ī checking account is a deposit product that comes with a checkbook for funds disbursement. Here’s what you need to know about checking accounts and situations where they can be useful. Similar to having a savings account, a checking account has its own purpose. This is the first step towards being financially wise as they start setting aside some money to manage their personal finances.
According to a study, 77% of millennials feel financially confident, with 41% reporting that they set aside money each month for saving. Many young urban professionals in the Philippines have savings accounts.
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