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6 Benefits of Having a Checking & Savings Account

With all the different types of accounts out there, it can be hard to know which ones will really meet your financial needs. But the best thing is you can enjoy the benefits of all sorts of account types by using them in tandem. Peanut butter and jelly, salt and pepper, and savings and checking: some pairings are just meant to be. Here are a few of the benefits of having both a checking account and a savings account.

Young woman doing finances on her computer.

Embracing the strengths of each account 

Different accounts have different pros and cons. You can get benefits from swiping your debit card and higher dividends from your savings account, helping your money grow. By having more than one type of account, you get to take advantage of all that they have to offer. 


Keeping your money organized 

If you have savings goals, it doesn’t serve you to lump everything together in one account. It can be easy to overspend if you don’t have an easy visual in your online banking portal of what is spending money and what is for emergencies only. By having separate accounts, you make it easier on yourself when it comes to savings.


Increasing your dividend earnings 

When you hold a mix of accounts, including a savings account and a checking account, you can maximize your dividend earnings. When you have both, you have all the flexibility that a checking account brings, plus the higher dividend rate of your savings account. 


Someone at the ATM


Opening financial doors 

It would be difficult to get by in modern society without both account types. We live in a world where having a checking and savings account are a part of daily life and daily business. By opening up both, you can be ready for all the big financial moves life holds for you. 


Working around account restrictions

In 2020, the federal government lifted requirements that financial institutions charge a fee for more than six withdrawals from a savings account in a month. But many financial institutions still have this kind of policy in place. It can help banks and credit unions make sure they always have enough reserves, and that’s one of the reasons that savings accounts tend to have higher dividends or interest rates. But the benefit of a checking account is that it has no restrictions on withdrawals, so you can spend, swipe, and take out cash whenever you need.


Photo of Rocky Mountain Credit Union Building


Maintaining credit union membership 

At RMCU, you maintain membership with a member savings account with a minimum balance of $20. By holding this account, you can keep your membership going strong, opening up a world of financial possibilities. Beyond checking and savings, you can open CDs, money market accounts, IRAs and more as a member of a credit union like RMCU, throwing open the doors to your financial future.  

As an RMCU member, opening a new account is simple. But if you’re not a member yet, apply today and see if you qualify. A whole world of personal finance is out there, and it starts right at your neighborhood credit union.

Non RMCU links are being provided as a convenience and for informational purposes only; they do not constitute an endorsement or an approval by Rocky Mountain Credit Union of any of the products, services or opinions of the corporation or organization or individual. RMCU bears no responsibility for the accuracy, legality, or content of the external sites.

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