The quickest way to know your account type
Your bank statement or online banking dashboard will say "Checking" or "Savings" directly on the account summary page. Open your bank's website or app, log in, and look at the account list on the left side or home screen — the account type appears next to the account name and number. If you have paper statements, the account type is printed near the top, usually under your name and account number.
If you cannot find it online or do not have a recent statement, call your bank's customer service line. Have your account number ready. They will tell you the account type in under a minute.
The reason this matters: checking accounts are built for frequent deposits and withdrawals, while savings accounts are designed to hold money and earn interest. Banks treat them differently for fees, withdrawal limits, and interest rates. Knowing which one you have affects how you should use it and what you might pay.
Key Takeaways
- Your account type appears on your online banking dashboard, mobile app, or paper statement next to the account name.
- Checking accounts allow unlimited deposits and withdrawals with a debit card and checks, while savings accounts limit how often you can withdraw.
- Savings accounts earn interest on your balance; checking accounts typically do not.
- If you cannot locate the account type yourself, your bank's customer service can confirm it in one phone call.
Where to look on your online banking account
Log into your bank's website or mobile app and go to the accounts page. Most banks show a list of all your accounts on the dashboard or home screen. Next to each account name, you will see either "Checking" or "Savings" printed clearly. Some banks also label it as "Account Type" in a separate column.
If the account list does not show the type, click on the individual account to open its details page. The account summary section at the top will display the type. You may also see it labeled as "Account Classification" or "Product Type" depending on your bank.
Mobile apps often show less detail on the main screen. If you cannot find it there, switch to the web version of your bank's site, where the full account details are usually more visible.
What to look for on paper statements
If you receive paper statements by mail, the account type is printed on the first page, usually in the upper left or right corner near your name and address. It appears as part of the account header information, often labeled "Account Type:" followed by either "Checking" or "Savings."
Older statements may use slightly different wording — you might see "Demand Deposit Account" (which is checking) or "Savings Deposit Account" (which is savings). The meaning is the same.
If you have thrown away recent statements, you can request a copy from your bank. Most banks will email or mail you a duplicate statement at no charge.
How checking and savings accounts work differently
Checking accounts are meant for everyday spending. You can write checks, use a debit card, set up automatic bill payments, and make as many deposits and withdrawals as you want each month. Most checking accounts do not pay interest on your balance. Banks make money from checking accounts through monthly fees (though many offer free checking) and by lending out the money you deposit.
Savings accounts are meant to hold money and earn interest. The bank pays you a small percentage of your balance each month or quarter. In exchange, banks limit how often you can withdraw money — federal rules historically capped withdrawals at six per month, though many banks have removed this limit. Savings accounts typically have lower or no monthly fees.
Some banks offer hybrid accounts like money market accounts, which combine features of both. These are less common and will be labeled as such on your statement.
What happens if you use the wrong account type
Using a checking account to hold money long-term means you miss out on interest. If you keep $5,000 in a checking account that pays no interest instead of a savings account paying 4% annually, you lose about $200 per year in potential earnings. Over five years, that adds up.
Using a savings account for frequent spending can trigger fees. Some banks charge you each time you exceed the withdrawal limit, or they may convert your account to checking if you withdraw too often. The fee is usually $5 to $10 per excess withdrawal, but it varies by bank.
The most common mistake is not realizing you have a savings account and then being surprised by withdrawal limits or fees. Knowing your account type prevents this.
If your bank uses unusual account names
Some banks give their accounts branded names instead of the standard "Checking" or "Savings" label. For example, a bank might call a checking account "Smart Checking" or "Premium Checking," and a savings account "High-Yield Savings" or "Money Market Savings." The word "Checking" or "Savings" is still in the name, so you can identify the type.
If the account name does not include either word — for instance, "Money Market Account" or "Certificate of Deposit" — the account type section of your statement will clarify what it is. Money market accounts function like savings accounts with higher interest rates. Certificates of Deposit (CDs) are a different product entirely, designed to lock money away for a set period in exchange for higher interest.
When in doubt, call your bank. They can explain what any account name means and how it works.
Frequently Asked Questions
Can I have both a checking and savings account at the same bank?
Yes. Most people have both. You can open them at the same time or add a savings account later. Each account has its own number and appears separately in your online banking dashboard.
What if my statement says "Demand Deposit" instead of "Checking"?
That is the legal term for a checking account. It means money you can withdraw on demand. Savings accounts are called "Savings Deposit Accounts." Both terms mean the same thing as the simpler labels.
Does the account type affect how I transfer money between my accounts?
No. You can transfer money between your checking and savings accounts at the same bank instantly, regardless of the account type. The account type affects fees, interest, and withdrawal limits — not transfers between your own accounts.
What if I cannot log into my online banking account?
Call your bank's customer service number on the back of your debit card or on your statement. They can confirm your account type over the phone without requiring you to log in online.