Repeat A: Now that I have my first job, I need a bank account. B: What kind of bank account are you going to open? A: There are different types of bank accounts? B: You can open a checking account. A: That means I'll have checks to pay bills, right? B: Yes, and you'll get a debit card you can use, too. A: That's different from a credit card, right? B: Yes, a debit card takes money directly from your bank account. A: So what is a savings account? B: That's a low interest earning account meant for you to save money. A: So that's not for everyday spending? B: No, that's to save up for your retirement.