Your personal financial situation is unique, which is why it’s important to work with a bank that offers a range of checking account options that can meet your specific needs. Your cash flow and spending habits are key determinants in choosing a personal checking account, so it’s important to understand your options and the particular features of each that will enable you to optimize your cash management. Most banks offer several checking account options, each designed to deliver optimal benefits at every level of cash management need.
A basic checking account should include all of the essentials to effectively manage your cash including an account with no minimum balance requirement and access to online banking. Most banks offer a mobile banking application along with a free debit card.
Checking with Interest
You don’t have to let your money sit idle. Many banks offer interest-bearing checking accounts which include all of the essentials of a basic checking in an interest bearing account. There is typically a monthly maintenance fee which is often waived when a minimum daily balance requirement is met.
High Interest Checking Account
With a high interest account your money earns a competitive interest rate while you enjoy additional features, which may include unlimited check writing, free overdraft protection, rate discounts on eligible consumer loans and higher rates on savings accounts. With most of these accounts, the monthly maintenance fee is waived when a minimum daily balance is maintained.
At the core of all of most banking services is their online banking platform, which provides you with one integrated point of access to support all of your banking needs, 24/7. In addition to viewing your account activities in real time, it enables you to execute transactions such as transfers between account, bill pay, and even send payments to other people via text or email.. The system enables you to view images of your check and deposit items, and to download your transactions to your favorite financial management software.
Most banks offer a free debit card along with their checking services. A debit card works like a check and makes managing your cash flow even easier. You can use your debit card to pay for your day-to-day expenses and bills instead of cash, checks, or credit cards. The money comes right out of your checking account which is linked to the card, with no interest charges or card fees.
Some banks link their debit cards to a cash rewards program that will pay you in cash back or rewards points on qualifying purchases. Cash may be credited to your account, or points may be redeemed for certain purchases.