Cheque Savings or Credit? But what’s the difference?

14 Comments
  1. TheDude 2 years ago

    As a 30 year old who has lived in Australia all my life and had a bank card for almost the last 10, I never knew the difference until now. Thanks!

    • Profile photo of Mark Author
      Mark 2 years ago

      Glad to help :)

  2. Matt Tansey 2 years ago

    One other think to consider when deciding which button to press is the additional cover you get for your purchases if you press ‘credit’. If it is a high value item I would suggest pressing ‘credit’ as by doing so you are effectively registering your purchase and are then covered for 3 months of purchase protection insurance. This is the case with my NAB card so I presume other banks’ debit cards work in the same way.

    • Profile photo of Mark Author
      Mark 2 years ago

      Good point Matt, thanks for sharing :)

    • Tay 9 months ago

      I was just about to ask this question too…so does that mean if I have a visa debit card and I select savings for $500 i don’t get protected? And its better to select credit?

      • Profile photo of Mark Author
        Mark 9 months ago

        Hi Tay , I think it depends which bank you are with. All banks are obligated to offer their customers some form of protection however many cards will offer you additional protection if you use the “credit’ option.

        In essence, the additional protection is (in most cases) offered by either Visa or Mastercard (not your bank).

        Unless using credit isn’t an option (or it incurs additional fees) then I would use it on every occasion as 9 times out of ten you will get extra protection fromn the card carriers (not just the banks).

        Hope my rambling makes sense :)

        Cheers

        Mark

  3. Christine 3 years ago

    Can someone explain what the difference is between the Cheque and Savings buttons? From the article, it would appear that they do the same thing. Is there any reason I would press ‘Chq’ instead of ‘Sav’ or vice versa?
    Thanks for your help and for this helpful article.

    • Profile photo of Mark Author
      Mark 3 years ago

      Hi Christine, you can have two accounts ‘linked’ on the same card so if you press savings the cash comes from your savings account, select ‘Chq’ and it comes out of your “Chq’ account. :)

      • Mitsu 1 year ago

        When I press Sav button, it is deducted from my Smart Access account of CBA while it is rejected when pressing Chq button. Does this mean Smart Access account is a saving account and my debit card is linked to it?
        Thank you so much from a Japanese expat for this great article! I will read through this entire blog.

    • Soheil 1 month ago

      Same here, when I press Sav button, the money is deducted from my Smart Access account of Commonwealth Bank and Chq button fails.

  4. Yannick 3 years ago

    Thanks a lot from a French Expat looking for answers too !

  5. Josh 4 years ago

    Thank you!! Just what I was looking for!

  6. mabellina 4 years ago

    Hi there, this is a great article! At work, I always get asked what the difference is between cheque and savings and I’ve always been stumped. However, I will correct you with one thing: I always choose “savings” when making purchases and I am still able to get “cash out” at retailers. Hope that helps!

    • Profile photo of Mark Author
      Mark 4 years ago

      Thanks Mabellina, your absolutely correct. It works with both Cheque or Savings (just not credit). I’ll update the article to reflect this :)

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