Checking vs. Savings Account

[goharsguide]

almost always, you'll open both at the same time! just wanted to highlight the difference

[ۥۥٴٴٴٴٴٴٴٴٴٴٴٴٴٴٴٴٴٴٴٴٴٴٴ]

Bro went from school advice to financial advice, respect

[Im-sjue]

The amount of details and efforts you put into these shorts is just crazy.

[worthplayingfor]

Interest in a savings account is crumbs, glad he mentioned that

[thefighterinhades]

In India, the checking account is also known as current account. As for the high yield savings account, we have something called fixed deposits.
But we have debit cards linked to our savings account, which is quite useful if you are employed (for unemployed folks, holding a debit card can be problematic as debit card subscription fees can eat away at your static savings as compared to the interest you earn on your savings account). Also, we can use money from our savings account for everyday spendings, so it's very convenient.

[Westbud]

Bro went from school advice to skincare to health and fitness to now financial advice huge huge respect for helping us

[KamA-yu]

Remember: Bank encourages us to save money, but not for our good but there’s. With our money in savings bank can lend out more Loans, so they could make more money. Money value keeps going down so it’s better to invest it rather than put it in saving.

[sparkydoggo]

hysa means you cant take any money out for a certain amount of time, usually months, without forfeiting all interest. You lose the money, but when you get it back you usually get several percent in interest instead of one or less from a standard savings account

[ultimate_fish]

bro glued paper illustrations even to the bank building 😪

[fritzfam]

Considering I'm getting to that time and age where i might need to know this stuff, you got straight to the point!

[LilaRoberts]

I work at a bank and I don’t know any banks that limit how often you take out of your savings… in fact we will give you a card that works for your savings only at an atm to get money…

[fnaftsh]

"checking or savings?"
"uh, savi-"
*baby you got somethin in your nose*

[japjiobhan]

This is genuinely very interesting to learn cuz in India we’ve got a Savings account in which we GET a DEBIT CARD, a Current account wherein there’s no limit on daily trading cuz it’s meant for businesspeople, and many more.

But the equivalent of a “Checking” account for us is not there, usually the bank where you have a savings account open will offer a CREDIT CARD to you.

[bishwadebdas]

In India, the checking account is called as current account, it balance can to negative (which means you can overdraft)

[Lucas-kycn]

In my country normal bank accounts are both checking and saving. We also have a long term saving account thing where you can save money for a much higher interest rate but you can't take out money until the pre-determined saving-period has ended.

But our credit for loans and stuff is also not linked to how much we are using our bank-cards. Your credit is good when you don't accumulate debt. Then the other interesting things for loans are your salary and anything of worth that you own that can be used to compensate the bank if you can't make payments on your loan anymore

[K-pop_potato]

This channel has taught me a lot. It's great.

[technobolt]

In India people have to open a savings account for daily use. You also get debit card and cheques. On the other hand checking or current accounts are for business owners, and normal people can't open iy

[BlickyMouse]

"Yo bro what bank are you with?"

"Bank"
Edit:"Bank" chain 👇

[wolfrig]

The rule about not taking money out more than a few times a month was overturned a few years ago. The bank can still make it a policy if they want, but it's no longer a federal restriction so if a bank restricts you on savings withdrawals and you want to do more, switch banks.

[inhaniee]

Pleases do more of this type of videos, they're rlly helpful and easier to understand!!