Carlos Hank Rhon

When you are considering opening a new bank account explains banker Carlos Hank Rhon, you want to make sure you understand all of your options. Besides the major decision of choosing the right bank, another important consideration is deciding upon the right mix of checking and savings accounts to apply for.

In the old days, the differences between checking and savings accounts were pretty clear: checking accounts were for writing checks, while savings accounts paid you an interest rate against your balance but did not allow checking writing explains Expert Carlos Hank Rhon.

Nowadays, the differences between checking and savings accounts are less clear-cut. This is because banks now offer a large number of different financial products to meet different sets of consumer needs according to Carlos Hank Rhon. Checking and savings products offered by banks can have a large range of features, with checking accounts often having features previously known only to savings accounts, and vice-versa.