Checking accounts are basically used to; maintain your account without losing any data and to keep all the facts and figures of your hard-earned money on your fingertips.

Main features of checking account

We can also use the term deposit account instead of checking account. These accounts are managed at the financial institutes that help you in depositing and withdrawing money. These accounts are so easy to manage. You can manage it via your find or via electrical transactions and many other processes.  This is the type of account that helps their users to undergo unlimited deposit and withdrawals. Unlike saving accounts, other accounts do not give such options and you cannot deposit or withdraw huge amounts frequently.

Checking account options

The checking account gives so many features to its holder, you can make easy deposit and withdrawals with a bank or any other financial firms.

  • The holders can easily deposit their money via ATMs, through direct depositing or by the use of any other electronic source. You can also use your credit cards which are associated with your account. You must check properly to stop any mishandling by not writing so many cheques or by allowing the bank to drop down your minimum limit.
  • Checking accounts are good for saving money. Either you are a businessman, a student or you want to open a joint account, saving accounts can help you.
  • For the businessman the account is used as the commercial account. In this account the managers and the bank officers are allowed to run it but via the signs that are authorized by the governing bodies.
  • Many banks allow the students to open this account for free until they graduate.
  • The other use of this account is a joint account in which two or more than two marital partners, business or other partners are allowed to open it together. In this account both partners are able to write the cheques. They both are able to deposit or withdraw the money.
  • The checking account is very easy to maintain. Usually, the terms of such accounts are as pure as water. Through its liquidity such accounts do not charge or take high interest rates. The funds are guaranteed if these accounts are the part of chartered banking firms. The FDIC offered is up to $250.000 per single depositor, by individual bank.

No fee and bonuses

Some banks allow you to manage your account while giving so many other benefits. As you can manage your account from anywhere and anytime. Sometimes from the comfort of your home, offices, or even when you are on vacations.

Online banking for such accounts is made possible because most banks allow you free online checking system. The best part is that the holders can check their balance, pay bills, keep a track of their spending and whatever amount they have left in their accounts.

The holder does not have to pay the ATM fee charges on up to 400,000 locations. The holder can check its account via online system. The other interesting feature is that you can keep enjoying the services without any minimum balance requirements.

All the services and benefits can be utilized without any monthly fee no per check charges. You can easily manage your account online, that too not just on your computer but on your mobile also. You can manage it anywhere and anytime.

They also give bonuses on your account as you earn 0.05 to 0.95% APY on your monthly usage which must be up to $100,000. This amount can be earned by spending $500 in a month that is quite a minimum amount. You can earn it via your Customer Bank Visa debit card. [i]

Checking account Interest rates

You can earn high interest rates, if you have large amount of money or balance in your checking accounts. Some checking accounts do not pay any interest while other others pay APYs.

Many checking accounts are offering many features such as withdrawal of money using cheques, you have the facility to pay your bill online, and you can spend your money with the help of debit card. These banks also offer your insurance policy. This feature can help you to keep your money safe and sound.

There are several options in checking account. Although there is not much to keep an eye on while opening a checking account. There are some features that are discussed below which might help you to select the right option of checking account.

The first main point is the fee charges. You have to focus on your day-to-day transactions while having a checking account. It is necessary for the holder to keep your fee to a minimum limit.

You have to keep an eye on the monthly fee, the ATM fee charges and the fee that will be charged on overdraft. For that purpose you have to note your banking habits and then select the checking bank which gives you the lowest fee.

The other thing while choosing a checking account is the depositing fee. Many banks charge the depositing fee. Although its amount is very low but if you are uncomfortable with that you have to search for such banks that do not have any minimum fee requirement on opening the account.

The last thing to understand before opening of the new account is APYs. Many banks offer APY on your cash. If you want to earn interest, then you should look on the APY rates offered by the banks.

Last but not the least, you have to focus on two things. First, the customer services and the other is the digital experience. It helps you to keep your money safe, provides you with the ease of use and more.[ii]

[i] www.investopedia.com

[ii] www.customersbank.com