How to know if account is checking or savings bank of america

If you’re new to banking, you may be curious about which account is right for you: checking or savings? Should you open a checking account to get access to a debit card? Or, should you open a savings account to take advantage of interest? Do you really need both? Learn more about the differences between checking and savings, and find out how both accounts can benefit you.

Checking Accounts: Money for Everyday Needs

The main difference between checking and savings accounts is that checking accounts are primarily for accessing your money for daily use while savings accounts are primarily for saving money. Checking accounts are considered “transactional,” meaning that they allow you to access your money when and where you need it. While both allow you to access your money, you may consider it easier to do so with checking accounts. Since these accounts are designed to give you easy access to your cash, they often come with debit cards, checks, and even offer digital payment options like Apple Pay. In contrast, savings accounts have a limit on the number of withdrawals you can make each month.

While checking accounts are convenient for daily cash needs, it’s important to remember that they may be age restricted. Most banks won’t allow people under the age of 18 to open a checking account without a parent or legal guardian as a co-owner of the account. Before opening a checking account, make sure that its terms fit your financial needs and your lifestyle. Learn more about how to open a checking account.

Compare checking account options.

Savings Accounts: Money for Long-Term Goals

When it comes to setting aside money for a long-term need or goal, you should consider a savings account. Savings accounts are designed to hold money over a long period of time to help you save for larger goals (rather than everyday purchases). As your money stays in the account, it will accrue interest and grow over time. For traditional savings accounts, this means that you will need to visit your bank, set up a transfer online1, or make an ATM withdrawal to access your money. A money market savings account allows you to write checks from it. Learn more about the differences between savings accounts and money market accounts.

Keeping some of your money in a savings account is a great way to set it aside for emergencies or large purchases – its limited access will keep you from spending it on day-to-day necessities. There are also dedicated savings accounts for kids, though a parent or guardian is usually required as a joint owner. Learn more about how savings accounts work.

Compare types of savings accounts.

Checking vs. Savings Accounts – Which is Best for Me?

If you’re trying to decide between savings or checking, it’s best to consider what you need from your bank account. Ideally, you should open both a checking and a savings account to enjoy the benefits of each. Santander Bank offers a range of checking and savings options, including joint accounts, so you can choose the accounts that are right for you. Learn more about our personal banking products or visit your local branch to speak with one of our banking associates.

New to bank accounts, or have additional questions? Visit our checking and saving resources to get answers to frequently asked checking or savings questions.

1We limit withdrawals and transfers out of your savings and money market savings accounts. You can withdraw or transfer funds from a savings or money market savings account a total of six (6) times per Service Fee Period (such as by automatic or pre-authorized transfers using telephone, online banking, mobile banking, overdraft protection, payments to third parties, wire transfers, checks, and drafts). If you repeatedly exceed these limits, we may close or convert your account to a checking account, which may be a non-interest-bearing checking account.

please wait while the page loads

How we can help

Our savings account layer can help boost your financial health and put your goals into focus.

What is a savings account?

A savings account is a deposit account that generally earns higher interest than an interest-bearing checking account. Savings accounts limit the number of certain types of transfers or withdrawals you can make from the account each monthly statement cycle.

Personalized planning

Bank of America Life Plan® is an easy, flexible way to set and track your short- and long-term goals, get one-on-one advice and adjust when life changes.

Learn more about Life Plan

A rewarding relationship

Qualifying members can enjoy benefits and rewards on everyday banking, from interest rate boosters to waivers on certain services.

Learn more about Preferred Rewards

Easy ways to save

Have a checking account with us, too? Enroll to round up debit card purchases and transfer the difference to savings automatically.

Learn more about Keep the Change®

Cash back deals

Want to put more in savings? Search participating merchants and earn up to 10% cash back on everyday purchases.

Learn more about BankAmeriDeals®

Account details and fees

Account details and fees , open

Monthly Fee

No monthly maintenance fee for each statement cycle that you:
Maintain a minimum daily balance of at least $XXXX
or
Link your Bank of America Advantage Savings account to your Bank of America Advantage Relationship Banking® account (waiver applies to first 4 savings accounts)
or
When you are a Bank of America Preferred Rewards client (waiver applies to first 4 checking and savings accounts)
or
An account owner is under age 18
or
An account owner is under age 25 and qualifies as a Student
or pay $XXXX/month
For new Bank of America Advantage Savings accounts, we’ll waive this fee for the first 6 months

Required Opening Deposit

$XXXX

Withdrawal Limit Fee

Make a total of 6 transfers and withdrawals each monthly statement cycle with no Withdrawal Limit Fee. A $10 fee applies for each withdrawal or transfer exceeding 6 in a monthly statement cycle.
Other limits apply to certain types of withdrawals and transfers.

Monthly Fee	Required Opening Deposit	Withdrawal Limit Fee
No monthly maintenance fee for each statement cycle that you: Maintain a minimum daily balance of at least $XXXX or Link your Bank of America Advantage Savings account to your Bank of America Advantage Relationship Banking® account (waiver applies to first 4 savings accounts) or When you are a Bank of America Preferred Rewards client (waiver applies to first 4 checking and savings accounts) or An account owner is under age 18 or An account owner is under age 25 and qualifies as a Student or pay $XXXX/month For new Bank of America Advantage Savings accounts, we’ll waive this fee for the first 6 months	$XXXX	Make a total of 6 transfers and withdrawals each monthly statement cycle with no Withdrawal Limit Fee. A $10 fee applies for each withdrawal or transfer exceeding 6 in a monthly statement cycle. Other limits apply to certain types of withdrawals and transfers.

Rates

Rates , open

Today's rates

Account balance	Standard Annual Percentage Yield (APY)

Today's rates

Account balance

Standard Annual Percentage Yield (APY)

Preferred Rewards members can earn even more. How to qualify layer

Gold Tier APY	Platinum Tier APY	Platinum Honors Tier APY

How to qualify

All you need to qualify is an eligible Bank of America® personal checking account and a three-month combined average daily balance of $20,000 or more in qualifying Bank of America deposit accounts and/or Merrill® investment accounts. Learn more about Preferred Rewards

Fee waiver for students

Between tuition and textbooks, putting aside extra cash can be hard. We can help by waiving the monthly maintenance fee for Students under 25.

Student waivers for Bank of America Advantage Savings

Students under age 24 are eligible for a waiver of the monthly maintenance fee while enrolled in a high school, college, university or vocational program. Please refer to your Personal Schedule of Fees for details.

You can apply online for a checking account, savings account, CD or IRA. Simply select an account, enter your personal information, verify your information and choose features & funding options. You will receive an email once your application is received and a follow-up email telling you whether it has been approved, plus any next steps.

Please select your county

Enter your zip code

Please enter the zip code for your home address so we can give you accurate rate and fee information for your location.

How do I know if my account is checking or savings?

A checking account is a bank account you can write checks from, or access several other ways, which tends to make it your go-to, daily transaction bank account. A savings account is where you stash funds that you aren't ready to use yet, often with the goal of accumulating more.

What is Bank of America savings account called?

Bank of America Advantage Savings.

What is a checking account Bank of America?

A checking account is a type of deposit account that enables you to deposit and withdraw available funds on demand, typically by writing a check or using a debit card. Checking accounts are sometimes interest-bearing.

How do I check my Bank of America savings account?

You can access your accounts using our automated Banking by Phone service 24 hours a day, seven days a week, 365 days a year. Check your balance, transfer money between accounts, verify recent deposits and withdrawals and find out what checks have recently posted. To bank by phone, call 800.432. 1000.