A checking account is a type of bank account that allows individuals to deposit and withdraw funds on a frequent basis. It is primarily used for day-to-day transactions such as paying bills, making purchases, and withdrawing cash. The account holder can write checks, use a debit card, or access their funds online or through ATMs. Checking accounts often have fewer restrictions on the number of transactions and provide easy access to funds, making them suitable for managing regular expenses.
A checking account typically does not earn much interest, if any, compared to other types of bank accounts such as savings accounts. However, it offers convenience and flexibility in accessing funds for everyday financial needs. Many banks also provide additional features with checking accounts, such as online banking, mobile app access, and overdraft protection.