Advantages of Connected Checking and Savings Accounts Advantages of Connected Checking and Savings Accounts
Savings accounts and checking accounts are two of the most common types of deposit accounts offered by financial institutions. While each of these accounts have different terms and are used for distinct purposes, the benefits of having connected savings and checking accounts at the same bank are numerous. Below, we'll dive into what a savings account is used for, what a checking account is used for, and how opening connected checking and savings accounts can help you save and manage your money more effectively.
What is a Checking Account?
Checking accounts are a type of deposit account used to give consumers easy short- and medium-term access to their funds for a variety of day-to-day purposes like withdrawals, deposits, transfers, and paying for purchases with a debit card, ATM card, or check. Checking accounts are also often used to set up direct deposit with employers in order to expedite getting access to wages from paychecks. You can also link checking accounts to peer-to-peer payment apps like Zelle, Venmo, Cash App, and PayPal.
What is a Debit Card?
A debit card is way to make purchases and withdraw cash from a checking account. They are usually accepted as a form of payment wherever credit cards are accepted, but unlike credit cards they draw funds directly from your checking account and not a line of credit. They are also sometimes known as check cards or ATM cards.
What is a Savings Account?
Savings accounts are another type of account offered by banks and credit unions that earn interest on funds held in the account. Savings accounts are a great place to deposit funds that you don't need to access on a daily basis in order to grow your savings over time. Unlike checking accounts, savings accounts usually don't come with a card or checks, making them less convenient for day-to-day access to funds. While traditional savings accounts offer modest interest rates and return on investment, some banks also offer high-yield savings accounts as an option grow your savings at a faster rate.
What is a High-Yield Savings Account?
High-yield savings accounts share most characteristics with traditional savings accounts with a couple of key differences. Most importantly, high-yield savings accounts come with significantly higher return on investment -- according to the Federal Deposit Insurance Corporation (FDIC), the national average saving account rate in July 2025 is 0.38% Annual Percentage Yield (APY). Leader Bank's Zeugma Plus Savings currently offers 4.75% APY* on balances up to $250,000, which is more than 10 times greater than the national average.
What Are the Benefits of Connected Checking and Savings Accounts?
Opening connected checking and savings account at the same bank has many benefits, mainly allowing you to maximize your savings while providing convenient money management capabilities. Below we'll go into more detail about the benefits of having savings and checking accounts held at the same institution.
Make Transfers Easily Between Bank Accounts
By opening a checking and savings account at the same institution, you'll be able to move money between the two accounts easily as needed. This can come in handy when you need money on hand to make a bigger purchase and want to transfer some funds from your savings account to your checking account. Also, when your paycheck directly deposits to your checking account, you'll be able to quickly and easily transfer a portion to your savings account -- you can even set up a recurring automatic transfer between the two accounts, so a specified amount of your paycheck is sent into savings each pay cycle without having to lift a finger.
Automatic Transfers from Savings for Overdraft Protection
Linked savings and checking accounts are a great way to avoid accidentally overdrafting your checking account. Many banks will give you the opportunity to authorize them to automatically move funds from your savings account into your checking account in the event that you overdraft the latter. This will help you avoid having to pay overdraft fees or risk having your card declined. When you're opening these accounts at one bank, it's a good idea to ask that bank what their policy is around overdraft fees and overdraft protection.
How to Get Started Opening Connected Savings and Checking Accounts
Leader Bank's Zeugma Plus Savings and Checking accounts offer a savings rate that is 10X the national average, cash back on debit purchases, and more!
- High-yield savings account with 4.75% APY*
- 1% cash back on debit card purchases**
- Up to $15 per month in ATM fee reimbursements**
It’s easy to qualify for Zeugma Plus each month! To qualify, you must:
- Receive $1,000 in direct deposit to your Zeugma Plus Checking account each month
- Make at least 3 debit transactions to your Zeugma Plus Checking account each month
- Sign up for eStatements
You can open Zeugma Plus Checking and Savings accounts online in just a few minutes! Click the button below to get started!
*Annual Percentage Yield (APY) effective as of 5 December, 2025. To open a new Zeugma Plus account relationship, you must make a total initial deposit of $1,000.00 using funds drawn from outside Leader Bank. Your Zeugma Plus Accounts must each be funded with a minimum of $10.00, the minimum balance required to maintain eligibility. To receive the 4.75% APY quoted, you must fulfill the following 3 requirements for your Zeugma Plus Checking each month: (a) receive a minimum of $1,000 in direct deposits, (b) enroll in eStatements, and (c) have three (3) electronic withdrawal debit transactions posted and cleared (excluding internal transfers) (the “Qualifying Criteria”). When you satisfy the Qualifying Criteria, then an APY of 4.75% shall be paid on Zeugma Plus Savings balances up to $250,000 in the following month. An APY of 2.50% will be paid on that portion of daily balances which exceed $250,000; your total APY for such balances will range from 2.50% to 4.75%, depending on total balance. If you do not meet the Qualifying Criteria in a month, you will be paid 2.50% APY on your entire balance in the following month. The APYs above are effective for accounts opened between 12/1/25 and 2/28/26 and shall not be changed for accounts opened in this timeframe until at least 5/31/26; thereafter APYs may vary. Limit one Zeugma Plus Checking and one Zeugma Plus Savings account per household; additional terms and conditions may apply.
** Eligible Zeugma Plus Checking accounts that meet the Qualifying Criteria will be reimbursed up to $15 per month in ATM surcharges assessed by other banks and will receive debit card cash rewards of 1% on “Qualifying Purchases” per month. “Qualifying Purchases” include signature transactions only where the client selects “credit” as the transaction type. Transactions made at, with, or through the following vendors will not be counted towards the minimum number of debit transactions requirement for Zeugma Plus or receive the 1% cash back regardless of if it is a transaction where “credit” is selected as the payment type: Google Wallet, PayPal, Venmo, Square Cash, MoneyGram, or any other cash transfer, wire transfer or payment made through any money movement app, website, vendor or institution. Bonuses are subject to IRS tax reporting requirements IRS 1099-MISC
