What Is a Checking Account?

A checking account is a deposit account that permits withdrawals and deposits at a financial institution. Checking accounts, also known as demand accounts or transactional accounts, are highly liquid accounts that may be accessed by cheques, automated teller machines, and electronic debits, among other means.
A checking account varies from other types of bank accounts in that it often allows for unrestricted withdrawals and deposits, although savings accounts may have restrictions on both.