A savings account is an interest-bearing deposit account held at a bank or another financial institution that provides a modest interest rate. Banks or financial institutions may limit the number of withdrawals you can make from your savings account each month, and they may charge fees unless you maintain a certain average monthly balance in the account. In most cases, banks do not provide checks with savings accounts. A checking account is instant access. It can be tapped via check or debit card. A savings account is supposed to be used to accumulate cash for a goal that is is longer term or for an emergency. Many PJs are surprised to learn that checking account balances (as well as savings account balances) are considered an asset. This rule is not intended to count monthly income as an asset, but rather, is a recognition that some households keep assets in their checking accounts.