Let's say I'm opening a new checking or savings account, assuming:
- I already have another checking account
- All accounts offer the same interest rates
Why would I ever choose to open a savings account?
I know that savings accounts are limited in terms of the number of transfers you can do, so that's one reason to prefer a checking account. But why would I prefer a savings account?
(Note: I'm just asking about the general case. Clearly, if one of them offers a $100 bonus and the other doesn't, then I would take the first one. Obviously, that completely misses the point of the question, so assume there are no special circumstances surrounding them.)