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Q: Do I need a checking and a savings account?
Yes. When you mingle your savings with the money you use to pay your everyday expenses, it is very difficult to track how much you have saved and it's easier to accidentally spend your savings. Keeping your checking and savings accounts separate makes it much easier to track how much you can spend without tapping your savings, as well as how much you have saved toward your goals. Additionally, many checking accounts do not pay any interest, which is a benefit you want for your savings. Interest is what helps your savings grow over time, so you want to get the highest interest rate you can.
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