Selecting the Right Checking Account

In simple terms, checking accounts are one into which income is deposited and withdrawn. Among many of the available financial products, checking accounts are one. They are mainly used to pay bills, make our day-to-day transactions, and do funds withdrawals. Generally, individuals think that checking accounts provided by banks offer same features and benefits, and never give a second thought about it. However, the features offered by banks on their accounts differ from each other. With little research before selecting a bank to get an account from, we cannot only perform daily transaction in peace but can also save money.

Selecting a bank:

A few factors help in choosing a bank

  • Location: One always ends up with a bank that is near to their residency/office. For few, it may be an apt decision like who receives their payments via cheques e.g. freelancers. They have to visit their branch for depositing and to access their accounts but for others, selecting a nearby bank is only one of the many options. If you are not satisfied with the nearby bank’s features, you can always go for other banks. Consider a bank that offers high interest rates and fewer charges.
  • More convenience/branches, more charges: More branches imply more maintenance charges for banks that are collected from their customers in the form of charges. They also end up offering low interest rates and not so good deals. Banks with a fewer branches requires you to call them or visit their web site for managing your accounts.
  • ATM charges and transactions: If your bank has no/ few ATMs, don’t panic. Try to know the number of free ATM transactions you can do from other bank ATMs. Few banks have ties with other banks. If you are the one who travels often, choosing a bank with wide network of ATMs covering the gas stations and stores or a bank with good partnerships with the retailers etc can be a plus point.
  • Transactions: If you are one to do more number of transactions, which requires cheques, or online transactions, check the transaction limit. A few offer free transactions, while others charge and few provide limited number of transactions. Some charge extra on crossing the limit.
  • Overdrafts: Almost all the banks provide this facility where they let you to overdraw and charge later. Many banks offer this by default. Remember not to overdraw your account, if situation demands make a call to your bank and know the applicable charges. If you have a habit of ending up with empting accounts often, then select a bank with overdraft protection.

Internet banking and mobile banking: Electronic banking and mobile apps are provided by many banks. They help in easy, quick and safe access to your accounts. Avail the facility if provided or choose a bank that offers them. They do charge for providing those facilities.
Compare the features, and select a bank that satisfies your requirements.

Selecting a checking account:

Few banks offer free checking accounts for the customers who deposit their paychecks with them.

Some banks provide accounts when you agree to maintain a minimum balance in their accounts.

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  • No minimum balance
  • Competitive rates, No risk


  • High rates, Access to money
  • FDIC Insured