The main reason a savings account is considered a better investment than a checking account is that a savings account earns interest. This means that the money you deposit in a savings account will grow over time, providing you with a return on your investment. In contrast, most checking accounts do not earn interest or offer very low-interest rates, making them less beneficial for long-term savings.
Here’s a breakdown of some of the options you provided:
- A savings account earns interest.: This is the primary advantage of a savings account over a checking account, as it helps your money grow.
The other points you've mentioned may have some validity (e.g., debit card access is possible for both accounts, but this is not a distinguishing feature), but the interest earned is the key factor that makes a savings account a better choice for saving money.
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