In exchange for cash, checking accounts usually don`t offer high interest rates (if they offer interest at all). But when held with a chartered banking institution, the funds are guaranteed by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per individual depositor and per insured bank. With an electronic transfer (EFT), also known as a bank transfer, it is possible to transfer money directly to your account without having to wait for a check to arrive in the mail. Most banks no longer charge a fee to make an EFT. You`ll want to ask yourself similar questions when looking for a new savings account: a checking account is just another term for a checking account.