The quickest way to know what you have
Look at your bank statement or log into your online banking. The account type appears near the top of the statement, usually labeled "Account Type" or "Account Summary." It will say either "Checking" or "Savings" — sometimes with additional words like "Money Market Savings" or "Interest-Bearing Checking," but the main category will be clear. If you cannot find it on the statement, call your bank's customer service number on the back of your debit card and ask directly.
The reason this matters: checking and savings accounts work differently. Checking accounts let you write checks, use a debit card, and move money in and out as often as you want. Savings accounts limit how many times per month you can withdraw money (usually six times under federal rules, though many banks have relaxed this), but they pay you interest on the balance. If you need to know because you are waiting for a refund deposit, the account type affects how quickly you can access the money once it lands.
Key Takeaways
- Your bank statement lists the account type at the top — check there first before calling the bank.
- Checking accounts allow unlimited withdrawals and debit card use; savings accounts limit withdrawals but pay interest.
- If you cannot locate your statement, call the customer service number on your debit card or the back of your checkbook.
- Refunds deposit the same way into either account type, but you can access checking funds immediately while savings may have withdrawal limits.
Where to find the account type on your statement
Paper statements print the account type in the header section, usually in the top right corner or just below your name and address. Look for a line that says "Account Type:" followed by the designation. Some banks also list it as "Product Type" or "Account Classification."
Online statements show it in the same place — the account summary or account details section that appears when you first log in. If you use mobile banking, tap on the account name and look for an "Account Details" or "Account Information" option. The type will be listed there alongside your account number and routing number.
What to do if you cannot find it on your statement
Call the customer service number printed on the back of your debit card. Have your account number ready. Tell the representative you need to know whether your account is checking or savings. They can tell you in under a minute. You can also visit a branch in person and ask a teller — they will confirm it immediately.
If you have online access but have never received a paper statement, log in and look for a "Statements" or "Documents" section. Download the most recent one as a PDF. The account type will be on that document. If your bank does not offer online statements and you have not received paper ones, call and request a statement be mailed to you, or ask the representative to simply tell you the account type over the phone.
Why checking and savings accounts matter for refunds
Tax refunds, insurance refunds, and government payments deposit into whichever account you provided to the issuer. The account type does not change how fast the deposit arrives — both checking and savings receive deposits on the same timeline. However, it does affect how you can use the money once it is there.
With a checking account, the money is available to spend, transfer, or withdraw immediately. With a savings account, federal rules historically limited you to six withdrawals per month, though many banks have removed this cap. If you need the refund money quickly and your account is savings, check with your bank about their current withdrawal policy. Some savings accounts still enforce limits; others do not.
How to change your account type if needed
You cannot convert a checking account to savings or vice versa by yourself. You have to contact your bank. Call the number on your debit card or visit a branch and ask to convert your account. The bank will close the old account and open a new one with the same routing number but a new account number. This takes one to three business days.
If you are waiting for a refund and want to change account types, do this before the refund is issued. Once a refund is scheduled to deposit into a specific account number, changing accounts will not redirect it — the money will still go to the original account. If you change accounts after a refund has been submitted, contact the issuer (the IRS, your insurance company, or whoever is sending the refund) and provide your new account number so they can update their records.
Checking versus savings: the main differences
| Feature | Checking Account | Savings Account |
|---|---|---|
| Debit card use | Yes, unlimited | Usually no, or limited |
| Writing checks | Yes | No |
| Withdrawals per month | Unlimited | Six or unlimited, depending on bank |
| Interest paid | Rarely, or very low | Yes, usually 0.01% to 5% APY |
| Monthly fees | Common | Less common |
Frequently Asked Questions
Does it matter which type of account I use to receive a refund?
No. Refunds deposit the same way into checking or savings. The only difference is how you can access the money afterward. Checking gives you immediate access through debit card or checks. Savings may have withdrawal limits, though most banks have removed these restrictions in recent years.
Can I have both a checking and savings account at the same bank?
Yes. Most banks let you open multiple accounts. You can have one checking account and one or more savings accounts under the same name. Each has its own account number, and you can transfer money between them online or at a branch.
What if my refund goes to the wrong account type?
If you provided a savings account number but meant to use checking, the refund still deposits successfully — it just goes to savings. You can transfer it to checking yourself through online banking or at a branch. If the refund went to an account you no longer use or closed, contact the issuer immediately with your correct account number so they can reissue it.
Do I need a debit card to have a checking account?
No. You can have a checking account without a debit card. You can write checks, make transfers, and pay bills online. However, most checking accounts come with a debit card automatically. If you do not want one, ask your bank to not issue it or to deactivate it.
Will switching to a checking account affect my refund that is already on the way?
No. Once a refund is submitted to a specific account number, changing your account type will not redirect it. The refund will deposit into the original account. If you want future refunds to go to a different account type, update your information with the issuer before they process the next payment.