Savings accounts typically offer more interest than checking accounts. Checking accounts are primarily designed for everyday spending and usually pay very low or no interest, with average interest rates around 0.07% APY. In contrast, savings accounts are intended for storing money and earning interest, with average rates higher than checking accounts-around 0.41% APY for traditional savings accounts and significantly higher for high-yield savings accounts, which can offer rates above 3.5% APY

. Thus, savings accounts generally provide better interest earnings compared to checking accounts.