Every day we’re faced with thousands of choices. Do we want a peanut butter and jelly or ham and swiss on our sandwich. Do we want to drive our car or commute to work on public transit.

Deciding to open a checking versus a savings bank account is no different.

As a general rule of thumb, a savings account is meant for saving money, which is why they tend to have higher interest rates to collect money on those funds. While checking accounts are more meant for everyday money transactions (withdrawals and deposits. However, when it comes to where we put our hard earned money, the answer depends on several factors, and pros and cons:

1. Savings pro: Build interest on your funds

If you’re opening a bank account to deposit money and earn interest on the bulk of it, a savings account is your best bet. Most checking accounts don’t pay a ton of interest on bank balances, which means you’re not earning a lot of large deposits (i.e., paychecks). So if you’re aiming to build a rainy day or emergency fund, put that chunk in savings.

2. Checking pro: You’ll have easy access to your money

If you plan to deposit your weekly paycheck and use those funds for your day-to-day spending needs (i.e., groceries, entertainment, gas, etc.) a checking account will give you convenient access to your money. Why? Savings accounts normally have withdrawal limits and fees if you exceed your monthly amount, so if money is being withdrawn regularly, a checking account is the way to go to avoid fees.

3. Savings account pro: Daily spending convenience

As discussed, savings accounts are designed for savings and building investment vs. checking transactional-style accounts. That means your giving the bank access to your cash to lend out in reserve, so they can earn a return on that investment. This also means you likely won’t have convenient access (i.e., writing checks, debit cards with unlimited withdrawals).

4. Checking account con: Banking fees

If you plan to keep a bulk amount of money in your checking accounts, keep in mind that because checking accounts are largely used for daily banking, they are paid for by clients via banking fees on stuff like ATM fees, vs. a monthly fee (like a savings account). This is due to the fact that banks can’t lend out money in reserve from client checking accounts because money doesn’t stay in the account for long periods of time.

5. Checking and savings pro: Combine your needs with both

Why not have one of each? If your financial needs are not met by just one, why not open a savings account for collecting interest on your rainy day fund, and a checking account for your everyday banking needs. It’s the best of both worlds!