Checking accounts are a safe place to put your money.
It’s beneficial when you’re making deposits and withdrawing them, but if you’re choosing a checking account for the first time, you can get overwhelmed with your options.
Banks checking accounts will come with a variety of features and things that can benefit you. When opening yours, be sure to consider these five things below.
1. The Minimum Balance Must Be Met
Bank checking accounts will have a minimum balance that you have to pay to avoid fees. Your account will keep accruing debt if you don’t meet the balance. If you open an account that will be charging you monthly payments, be sure you always meet the minimum balance. Depending on your job, you’ll want to avoid any checking version that requires a thousand-dollar minimum balance each day, especially if you can’t meet one that high.
2. Mobile Friendly Options Are Needed
We live in a world where our phones are considered an asset. Because of this, we want to be able to check our bank account anytime. Having a mobile-friendly account is a must. Look for checking accounts that offer to lock or freeze your card so no one can use it and an option for peer-to-peer payment apps.
3. Banks Checking Accounts Should Have Rewards
If you’re unfamiliar with bank rewards, you should know that you have them available. Most checking accounts will offer cash back on debit purchases, which can benefit you in the long run. If an account doesn’t have this option, consider utilizing a more beneficial option.
4. The Account Fees
Checking accounts will charge fees for you to get your money. For example, you’ll have a fee when you rush to an ATM. Only specific accounts will avoid this issue. Another fee that you might experience is an overdraft fee or a service fee. Depending on how often you’re letting your account go through overdraft and other issues, these can range from a few dollars to up to fifty.
However, many account fees can be avoided if you’re responsible and keep a positive balance. You should consider opening an account with no fees or minimal fees as they can be better, but if you can’t avoid the issue, ensure you’re smarter with your money.
5. Insurance Is Necessary
Most people don’t find insurance necessary, but it helps to know that the bank you’re opening a checking account with has insurance from either the FDIC or the NCUA. Both administrations provide two hundred and fifty thousand dollars worth of standard insurance to a bank or credit union. It protects your account and reimburses your balance should something happen, and your bank fails.
Choosing The Banks Checking Account That Offers The Most Benefit
Having a checking account that puts your needs first is vital in ensuring that you have chosen appropriately. Find one with minimal fees or none, mobile-friendly options, and protection from mistakes, and you’ll find that banking has become simpler.
