What are the similarities between checking and a savings account?

Both checking and savings accounts are types of deposit accounts offered by banks that allow customers to hold and manage their money securely. They are both insured by the FDIC (in the U.S.), providing protection against bank failures. Additionally, both accounts can be accessed through various means, such as ATMs, online banking, and mobile apps. However, while checking accounts are typically used for everyday transactions, savings accounts are designed for saving money and may earn interest.