why you need a checking account when there’s no more 6-transaction per month limit on saving accounts?

Question

Since saving accounts like sofi give like 4.6% instead of 0 on checking (I do realize some banks still enforce the 6-transaction limit rule, however, lots of banks also no longer do). Why do I realistic need a checking account when I can just bank primarily with the saving and get the interest as well.
Thank you in advance guys/gals!

In: Economics

Answer 1

Prior to April 2020, there was a federal regulation limiting savings account transactions. Somehow that was supposed to protect bank assets and health. That limit was deleted at the start of COVID and some banks and consumers haven’t adjusted yet.