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

You can’t write checks. OK, that’s not much of a reason when almost everybody uses electronic transfers and ATMs. Many people just have savings accounts and credit cards. If you pay the bill in full every month to avoid interest, credit cards are faster and more widely accepted than checks.