The correct form is "savings account". Why don't we say "checkings account"? Why is "checkings account" incorrect and why is "savings account" correct? We certainly wouldn't say "saving account". Please advise.
"Savings" is what is in the Savings Account.
Drawing checks against your account, or "Checking" is what you do with the Checking Account.
There isn't an analogy between the two names to force a similar name scheme.