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I have a few questions regarding bank accounts

  1. What is the main difference between savings and checking account?
  2. Will I be able to use my saving accounts to perform transactions online? (Pay or receive payments online?)
  3. Can a third party deposit to my account? (Say I'm selling something and I ask him/her to just deposit the payment to my account?
  4. Do you have to pay monthly fees for having a bank account?
  5. Which kind of bank account will be more ideal for a student with no job?

Thank you in advance.

closed as too broad by Dheer, Brythan, Nathan L, MD-Tech, Pete B. Nov 2 '17 at 13:32

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    I googled your exact Q1, and the first result was pretty thorough, answering everything except Q3. – RonJohn Oct 31 '17 at 5:23
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    Which country's requirements are you looking for? Assuming US, but answers may vary by country. – JW8 Oct 31 '17 at 5:28
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  1. What is the main difference between savings and checking account?

A checking account almost never earns any significant interest. A checking accounts often does not have any limits in terms of how many times you can draw funds from it. A checking account often comes with a debit card allowing you to pay online, draw cash from an ATM machine etc.

A savings accounts has much higher yields, so you should be getting a decent interest.

Unfortunately in the current climate this is not always true (especially not with the big banks) so you may want to look into a high-yield savings account. A savings account is often limited in terms of number of transactions, meaning you can't constantly draw funds from it, it must be stable. A savings account often does not come with a debit card.

  1. Will I be able to use my saving accounts to perform transactions online? (Pay or receive payments online?)

No, a savings account should not be used for regular transactions. It's an account to park your money for a medium/long time. Understand that banks loan out the money in your savings account to third-parties, so if it would constantly fluctuate, they can't have this money available to others. In return of you parking your money with your bank, you should get a nice return (interest).

  1. Can a third party deposit to my account? (Say I'm selling something and I ask him/her to just deposit the payment to my account?

Yes, but it's not common. Assuming you are from USA, passing banking data (account number and routing number) to third-parties is not safe. In Europe it's totally safe to share your account number to accept money.

  1. Do you have to pay monthly fees for having a bank account?

Depends, some banks do charge fees, some don't. Often there are fees when you're not using the account (no transactions), or when you don't have a certain minimum in an account.

  1. Which kind of bank account will be more ideal for a student with no job?

Assuming you are American (please specify this information clearly in future) I would look into an "internet bank", like Ally. They don't have many fees and they have an excellent high-yield savings account. They also give you a debit card. Disadvantage is that they don't have physical branches.

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Can a third party deposit to my account? (Say I'm selling something and I ask him/her to just deposit the payment to my account?

No, but PayPal.

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    May depending on the country, but in the UK it's entirely possible for a third-party to pay money into your account, either over the counter in a bank, or online. You might not be happy giving random strangers your account number and sort-code, but it's no more than the information they would get if you wrote them a cheque. – TripeHound Oct 31 '17 at 8:07
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    Also possible in the US. When I used to rent, I would just go to the bank and deposit the check into my landlord’s account. – Michael Oct 31 '17 at 12:22
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    Doing business by asking someone to pay directly to your account is also totally normal in Germany. My business letters contain all numbers necessary (bank and account number) for anyone to pay me in their footer. While this is safe in Germany and a number of other countries, this is not the case everywhere: money.stackexchange.com/questions/15218/… – cbeleites Oct 31 '17 at 20:05

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