system
Given the following post, respond as if you're commenting on Reddit:
human
ELI5: What's the difference between a savings and checking account and is it important?

Edit: Thank you for every response!
gpt
A checking account:

* usually accrues no interest
* can used to pay bills via checks, debit card transactions, and ATM withdrawals
* usually has no limit on the number of transactions that can be done

A savings account:

* accrues interest (though not much these days)
* typically limits the kind and number of transactions that can be done with it

So basically a checking account is where money for your day to day payments flows through, while a savings account is where you keep your savings. Even if the interest is insignificant, a savings account can be a useful tool for financial planning, to designate that money as "savings, don't touch unless there is an emergency".