We want you to always be informed and learn together with MyBambu, which is why today we want to talk to you about two of the most common types of accounts: checking and savings accounts. When you arrive in a new country seeking new opportunities, managing your money is extremely important as it is one of the pillars for building a stable life.
Let’s start with the basics: What is a checking account? It’s a financial tool you use to manage your money and perform numerous transactions, which will allow you to:
- Make money transfers, meaning you can deposit, withdraw, or transfer money whenever you need to.
- Pay bills, including services like water, internet, and others.
- Make physical or online purchases, usually with a debit card linked to this account.
- Receive your salary directly into your account.
Now, what is a savings account? A savings account is designed to store money, as its name suggests. However, it’s also viable for daily expenses. Its main features are:
- It may generate interest in your account balance, meaning your money grows a bit over time.
- It’s ideal for achieving long-term goals, such as saving for a down payment on a house.
- You can withdraw money and make transfers; however, there may be a limit to how many times you can do this per month.
As we mentioned, both accounts are used to manage your money. While each may have a different purpose, they are both safe places to manage your finances. But what are the differences between these two types of accounts?
- Usage of money: The checking account provides quick and frequent access to your money, while the savings account is designed for you to keep your money stored so it can grow over time. However, this decision is entirely up to the customer, as you can withdraw money and make transfers from both accounts.
- Interest: Checking accounts do not usually pay interest, while savings accounts do.
- Fees: Checking accounts often have higher or more frequent fees, whereas some savings accounts have no fees or minimal fees. However, at MyBambu, your checking account has no minimum balance requirement and no monthly fees.
- Access: Checking accounts offer unlimited access for various transactions, while savings accounts have limits.
Which account can you get at MyBambu? We offer a checking account, and when you open it, you will automatically receive a MyBambu Visa® debit card, both in physical and digital versions. Opening the account has no cost or minimum balance requirements. Additionally, we accept more than 100 types of identification, and we do not verify your immigration status. MyBambu, better than banking.
And you, are you already part of the MyBambu family?
