5 Essential Features The Best Checking Accounts Offer
Checking accounts are very similar, right? They all offer the same basic services. But it’s not as simple as that. There are subtle differences between checking accounts that can have a big impact on your financial future.
Checking accounts can have hidden fees, restrictions on withdrawals, and different balances. Some checking accounts charge monthly maintenance fees or have limited check writing privileges. Other checking accounts will waive the monthly fee for having a high balance or with regular direct deposits.
These details may seem insignificant now, but they could add up to quite a bit of money over time. Checking accounts aren’t something you need every day like a debit card or a savings account.
Here are some essential features that you should look out for when choosing the best checking accounts for your needs:
1. No Monthly Fee
Checking accounts come with monthly fees that vary based on the bank you choose, your balance, and the type of account you choose.
You may be able to find a no-fee checking account that doesn’t charge a monthly fee if you’re just using the account for basic services like check writing and online banking. Or you may be able to select a type of checking account that allows you to avoid the monthly fee.
These are typically rewards checking accounts that require you to meet certain conditions like making a certain number of debit card purchases each month.
2. Unlimited Checks and Deposits
An unlimited check and deposit feature means that you don’t have to worry about going over a certain amount.
If you’re concerned about going over a limit on your checking account, make sure you choose a checking account that doesn’t have a built-in cap on check and deposit transactions or a cap on the total amount that you can keep in your checking account.
3. Easy to Access Funds
Not every checking account offers immediate access to your funds. That means that you won’t be able to withdraw money from your account whenever you want.
Selecting a checking account with immediate access to your funds is one way to make sure that you’re always able to access your money when you need it most.
Some banks might require a certain minimum balance in your account before you can withdraw funds from your account. Other banks may let you withdraw funds as long as you have enough money in your account to cover the withdrawal.
4. Protection from Fraudsters
If you’re worried about identity theft, make sure the checking account you choose offers protection from identity fraudsters.
Some checking accounts will monitor your account for signs of fraud and let you know if anyone is trying to steal your information or illegally withdraw funds from your account. Some checking accounts will even freeze your account and lock it until you unfreeze it when you’re concerned about an attempted fraudulent withdrawal.
5. Mobile App and Online Banking Access
Make sure your checking account has a mobile app and online banking. This will make it easier to review your account and make transfers between your checking and savings accounts.
The Bottom Line
You probably won’t use your checking account every day either, but it’s an essential service to have in case of emergency or unexpected expenses where you might not be able to pay with another bank account that you might not feel comfortable keeping at home – like your savings account or cash under your mattress!
Selecting the best checking accounts that meet your needs will help you avoid costly mistakes so you can get the most out of your financial resources.
