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Banks offer many types of accounts, but a current/checking account and a savings account attract the most attention. Here’s a guide to both.
When you begin your financial journey, the first thing you do is open a bank account. While banks offer many types of accounts, checking accounts and savings accounts are among the most popular. Both accounts have unique features and work in similar ways.
These accounts use account numbers to send and receive money via bill payments, wire transfers, and other digital deposits. However, there are critical differences between them, knowing which is vital to make the best out of your account. Read on to get a thorough understanding of current/checking accounts and savings accounts.
What is a current/checking account?
Current Accounts are also called checking accounts. It is a bank account that enables you to make deposits and withdrawals. You can use a debit card or write cheques for withdrawals. You can visit the bank’s branch or use the ATM to withdraw cash. Debit card purchases, money orders, ACH transfers, and wire transfers are also allowed in current/checking accounts. You can also make deposits in a branch, at an ATM, or online using cash, checks, or money orders.
What is a savings account?
A savings account is a deposit account used to store funds. You can create a savings account to build your emergency fund, save money for a vacation, establish a down payment fund for buying a home, accumulate cash for home renovation and much more.
IDFC FIRST Bank’s Savings Accounts come power packed with smart benefits:
- Zero-fee banking on 30+ services
- Up to 7.00% p.a. interest, paid monthly
- High ATM withdrawal and spend limits
- Cashback and rewards on debit card
- 24/7 mobile and online banking
- Track spending, invest, and earn rewards
- Ranked among World’s Best Banks 2025 by Forbes
Current/Checking account vs savings account: what’s the difference?
Here are the main differences between a primary/savings account and a current/checking account:
1. Use
The primary distinction between current/checking vs savings accounts is in their use. Current/Checking accounts are better for businesses that require regular transactions. They also have a higher limit for the number of transactions you can carry out. Savings accounts, meanwhile, work better for people who simply want to save money and earn interest on it.
2. Withdrawal limit
Though both current/checking and savings accounts enable you to access your funds, the former offer a higher limit on withdrawals. These are especially useful for businesses needing transactions of greater value daily.
3. Interest
Current/Checking accounts enable businesses to transact freely. It is their primary goal. However, they do not earn interest like a savings account. Hence, if your goal is to earn interest on your idle funds, you should open a savings account. IDFC FIRST Bank Savings Account offers high interest on the idle funds in the account and zero fee banking services. The interest is also paid monthly instead of quarterly payouts, helping you grow your funds. To open an IDFC FIRST Bank Savings Account click here.
A savings account can earn interest and increase your wealth in time. Meanwhile, a current/checking account should be used if you run a business and conduct many transactions daily.
Regardless of which account you prefer, you can easily open a savings account online and current/checking account online. Many banks, including IDFC FIRST Bank, allow you to open both types of accounts on the same day.
With IDFC FIRST Bank, you can also get high interest on your savings account. The bank’s mobile app offers the full suite of services you need to manage your money such as transfer funds, view account balance, book FD, apply for loan and more.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.