Do you go to the bank in order to open up a savings account or a checking account?

which one is better saving account or checking account a friend told me checking account cuz saving account is putting ur money there for a yr ..

It depends on the type of account you go with - there are different kinds of savings accounts, and most will grant you access to your money when you want it. A chequeing account generally charges you fees, whereas a savings account actually gives you interest.

You can open both there. As for the account, it depends what you need it for. For a business, a cheque account might be better because you might need to write cheques out, plus daily cash flow will mean that you won’t use the interest saving in anyways. If you are saving money or for a home account, I recommend savings, the interest rates tend to be slightly higher on them. Lastly if you are saving for a long term thing i.e. holiday etc, try opening a fixed deposit account or 32 day call account.

lol what is interest?

Interest is money that you earn for depositing money in your bank it is usually quoted at for example 12%. But be careful because a lot of times the interest that you earn is less than what you have to pay. Don’t open an account without asking someone that knows about it, whether you are entering into a good deal so to speak.

which one would be good for college..

Try asking for a student account, it’s a savings account which a lot of banks have, with usually lower bank charges where you still earn interest.

yea where else wud u get a bank acount??? thts wat the bank is for. u can set up acounts ther!