A comparison of a interest bearing checking account and a savings account reveals that:

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Deposits in checking accounts are demand deposits, meaning they are available for withdrawal at any time, while deposits in savings accounts are typically time deposits and may have limitations on withdrawals or require a waiting period before funds can be accessed. While NOW accounts (interest-bearing checking accounts) do pay interest, this is not the main difference between them and savings accounts. Similarly, there is no requirement for a NOW account to be held to maturity, and interest earned on passbook savings accounts is taxable income, not tax deductible.

A Comparison of a Interest Bearing Checking Account and a Savings