system
Given the following post, respond as if you're commenting on Reddit:
human
ELI5: What is the difference between a checking and savings account? And why do we have both?
gpt
Different purposes, different properties.

Savings accounts typically have a relatively high interest rate, but charge some money per transaction. This means it is in your best interest to stuff cash into the account; saving.

Checking accounts typically have a lower interest rate, but charge less (or free) for transactions. It is used for more frequent transactions.