Transaction (or checking) accounts and deposit accounts offer liquidity, making it easy for you to get to your funds for any reason—from day-to-day expenses to a down payment or money for unexpected emergencies. In addition, checking accounts let you transfer money by check or electronic payment to a person or organization that you designate as payee. But remember, the interest you earn from bank products—including certificates of deposit (CDs)—tend to be lower than potential returns from other investments.