Have you ever taken lots of cash in your hand with fear of losing or thief? Have you ever met with a theft?
If you have ever met with these types of issues, then using a checking account will be the right option for you.
If you are planning for opening the checking account then don’t worry because we can help you out in this situation.
In the further mentioned paragraphs, we will break out the information about checking accounts and their different types.
This will help you to know which one will suit their conditions and situations.
What Is Checking Account?
A checking account is a financial account that is made for the security of cash. It is made for the daily transactional needs of an individual.
This allows the pay deposits to the bank and can be withdrawn by the person.
You can deposit the money and can take it out any of your needs such as for any vacation and for dinner as well on which you want to spend on.
If you want to get cash from the debit card, you should have a checking account in the financial institution.
In these accounts, these do not have any kind of fees or if the fees are there, it is not so big. This account is a must for the maintenance of everyone’s financial lives.
To meet the needs and requirements of people, the checking accounts have different options and packages.
If anyone wants to bring the best results from these accounts, it is a must for them to get aware of different types of checking accounts.
Now let’s get started with the discussion of different checking accounts.
There are different types of checking accounts are available and those are:
Regular Checking Accounts
The regular checking will make you do all the things you have imagined from the account in its simplest way. You do not need to make any efforts and paper working in this type of account.
You can deposit and withdraw the money, make payments for the bills, write checks and can take the use of debit cards. The account holder might need to pay a small number of fees to the bank for holding the account.
There are some banks which allow a holder to not pay the fees due to their regular transactions in their account.
Having a checking account won’t allow the holder to get the amount of interest. If you want to take the amount of interest, one can choose the option of saving the account with this one.
Premium Checking Account
Do you have five-figure amounts to keep in the account?
If so then a premium checking account will be the right option for you to choose here.
If you have a high amount to keep in the account then it will charge a higher amount of fees from you also like ATM fee, Reimbursements, but along with this, it will allow you to earn a little bit amount of interest also.
Interest-Bearing Checking Account
In the interest-bearing checking account, you will get a small amount at the very end of the month. In this account, the person will get the amount below the rate of inflation.
But the most probable among will be the saving account pay. If its pay is too little or no interest, people use to go for that account because it is no fee or paid account.
Free Checking Account
In the case of a free checking account, one does not need to pay any recurring fees. In this account, there is no need to pay monthly fees and even not the minimum balance requirements also.
But don’t think that every service related to this account is free of cost. Check fees, ATM fees and the other services in the free checking accounts also needed to be paid by the account holder.
Low Balance Checking Account
Low Balance Checking Accounts are also known as lifeline accounts.
This account is made for those customers who just want to maintain the small amount in their account but the main motive is to avail the banking service.
If you want to maintain the minimum balance in the account and for saving money, the account holder has to do some things from which it can be done.
Second Chance Checking Account
Due to the negative balance and because of any reason if the account has been closed in the past and if you weren’t to start it again then this is known as the Second Chance Checking Account.
This account is available in all 50 states. If you will maintain the account properly then this will make the person get eligible for the regular checking account.
Now look for the account which suits your needs and requirements and bring the best output.