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 "Product Name." It will say either "Checking" or "Savings" — sometimes with additional words like "Money Market Savings" or "Interest Checking," but the core type will be clear. If you cannot find it on your statement, call your bank's customer service line or visit a branch with your debit card or ID.
Your bank statement arrives monthly by mail or email, depending on how you set up your account. The account number and routing number also appear on the statement, along with recent transactions. If you have not received a statement, you can request one from your bank or download it from your online account portal.
Key Takeaways
- Your account type is printed on your monthly bank statement under "Account Type" or "Product Name."
- Checking accounts are designed for frequent deposits and withdrawals, while savings accounts limit how often you can withdraw money.
- You can call your bank's customer service number or visit a branch in person to confirm your account type if you cannot locate your statement.
- Some banks offer hybrid accounts that combine checking and savings features, so the name may include both words.
What the differences mean for how you use the account
A checking account is built for regular spending. You get a debit card, checks, and the ability to make as many withdrawals and transfers as you want each month. Most checking accounts do not pay interest on your balance. You use this account to pay bills, buy groceries, and move money in and out freely.
A savings account is built to hold money and earn interest over time. You can withdraw money, but many banks limit you to a certain number of withdrawals per month — often six. Savings accounts pay interest, meaning the bank pays you a small percentage of your balance each month or year. You use this account to set aside money for a goal or emergency.
Some banks offer accounts that blur the line — for example, an "Interest Checking" account that pays interest but still lets you write checks, or a "Money Market Savings" account that lets you write a limited number of checks. The statement will name the specific product, so you know exactly what rules apply to your account.
Where to find your account type if you do not have a statement
If you bank online, log in and look at your account dashboard or summary page. Most banks display the account type next to the account number and balance. Some banks require you to click on the account name to see full details, including the product type and any interest rate you are earning.
If you do not have online access set up, call the customer service number on the back of your debit card or on your bank's website. Have your account number or the phone number associated with your account ready. A representative can tell you the account type in under a minute and can also explain any withdrawal limits or interest rates that apply.
You can also visit a branch in person with your debit card or ID. A teller can print out your account details on the spot and answer questions about how your account works.
Why banks separate checking and savings
Banks use different account types because they serve different purposes. When you keep money in a savings account, the bank can lend that money to other customers and earn interest on those loans. In return, the bank pays you interest on your balance. Checking accounts are for money you plan to spend soon, so banks do not expect to hold it long enough to lend it out.
Withdrawal limits on savings accounts exist because of a federal rule that once limited savings withdrawals to six per month. That rule changed in 2020, but many banks kept the limits anyway because they help manage how the account is used. Some banks have removed the limits entirely, while others still enforce them. Your statement or account agreement will tell you what applies to your account.
What happens if you use the wrong account type
If you have a savings account but need to make frequent transactions, you may hit withdrawal limits and face fees. Some banks charge $10 to $25 per excess withdrawal. If you have a checking account but want to earn interest, you are missing out on money the bank would pay you — though the interest rate on most checking accounts is very small, usually less than 0.1% per year.
You can switch account types or open a second account without closing the first one. Contact your bank to discuss which account type fits how you actually use your money. Many people keep both — a checking account for daily spending and a savings account for money they want to set aside.
Reading your account agreement to confirm details
Your account agreement is a document your bank gave you when you opened the account, or you can request one from customer service. It lists the account type, any fees, withdrawal limits, interest rates, and rules about how you can use the account. The agreement is the official source for what your bank allows.
The agreement may use terms like "transaction" or "withdrawal" in specific ways. For example, some banks count a transfer to another account as a withdrawal, while others do not. Reading the agreement removes guesswork about what you can and cannot do with your money.
Frequently Asked Questions
Can I have both a checking and savings account at the same bank?
Yes. Most banks let you open multiple accounts. Many people keep a checking account for daily spending and a savings account for money they want to set aside. You can transfer money between them whenever you want, and they will have separate account numbers.
What if my statement says "Money Market" or "Interest Checking"?
These are hybrid accounts that combine features of both checking and savings. A Money Market account is primarily a savings account with limited check-writing ability. Interest Checking is primarily a checking account that also pays interest. Your statement will list any withdrawal limits and the interest rate you earn.
Do I lose money if I switch from savings to checking?
No. Switching account types does not cost you money or affect your balance. Your existing funds stay in the account. Some banks may close the old account after you switch, but they will not charge you for the change itself. Ask your bank about any fees before you switch.
Why does my checking account not pay interest?
Most checking accounts do not pay interest because they are designed for frequent spending, not for holding money long-term. Banks use savings account deposits to lend to other customers, so they pay interest on savings. Some banks now offer high-yield checking accounts that do pay interest, but the rate is usually still lower than savings accounts.
What if I cannot find my account type anywhere?
Call your bank's customer service number or visit a branch. Have your account number ready. A representative can tell you the account type and explain any features or limits that apply. This takes just a few minutes and removes any doubt about what you have.