A savings account is a type of bank account that allows customers to deposit money and earn interest on their balance. Savings accounts typically offer higher interest rates than checking accounts, but they also often have restrictions on withdrawals. As a result, many people use savings accounts as a way to save for long-term goals, such as retirement.
While savings accounts typically don’t offer check-writing privileges, there are some exceptions. For example, some banks may allow account holders to write a limited number of checks per month. Additionally, some savings accounts may come with a linked checking account, which would allow customers to write checks against their savings balance. However, it’s important to note that many banks charge fees for this service. Therefore, it’s important to carefully review the terms and conditions of your savings account before using it to write checks.