It is one of the most important parts of banking system. The banking system provides their consumers a place to deposit their money, write checks, make transfers, pay bills and other banking transactions. As per the Federal Deposit Insurance Corporation (FDIC), there are specific terms and conditions for opening and operating a checking account.

There are few points for checking our accounts.

  • Checking account on traditional basis.
  • Account check by premium.
  • Account check by senior.
  • Account of Interest – Bearing.
  • Check account of business
  • Checking checkless
  • Checking account reward
  • Checking accounts in private bank.

 

Checking Account option: –

  1. The banking system provides consumers to check their account by giving them a place to have routine banking transactions.
  2. You have to know your options such as your monthly balance, fees, interest and convenience.
  3. The regular checking accounts gives the features which you expect from a regular checking account.
  4. Premium account offers many brighten up but certainly require a high balance to maintain.
  5. With a monthly service charge, free checking accounts might not be possible but they incur fee for their other services such as Overdrafts or out-of- network ATM usage.

Free Checking Accounts: – It means that the account doesn’t charge any fee, such as monthly maintenance fee and doesn’t need a minimum balance to avoid a fee. It doesn’t mean that every single service which is associated with the checking account will be free.

Low Balance Checking Account: – these type of accounts sometime called “life line accounts”. This service is for those customers who can maintain a small balance but want to receive banking services.

No Fee Checking Account: – The account you often use the most is the checking account. There are more reasons like wasting of time, energy and money problems and costs are connected with your checking account. Luckily, there are better options out there, therefore, it is easy to find a better free checking account. There are some accounts of fee waiver that charge no monthly fee and make it easy to open a bank account. There are some banks which might have a slight edge over others because of their advanced features and user friendly policies. (1)

  • Ally Bank Interest Checking Account: Over all best
  • Discover Bank Cash back Debit Account: It is best in cashback Rewards.
  • Schwab Bank High Yield Investor Checking Accounting: It is best for frequent ATM users.
  • Chase Bank Total Checking: It is best with Nationwide Branches.
  • Ally Bank Interest Checking Account: Best overall.

If you want to meet with your everyday checking account so this Ally Bank provides interest-free checking account with amazing features. There is a small amount which can be taken as interest on account, this is not the main attraction. You often don’t have to keep too much in your checking account anyway.

There is neither minimum deposit nor monthly fee required to open an account in Ally. It changes no cost to take wire-transfers and with no extra charges. You can order cashier’s check. You can use the all point network for ATM withdrawals, to get fee free at over 43,000 locations. Ally also offers rebate up to $10/ month of non-all point ATM fee.

Discover Bank Cashback Debit Account (Best for Cashback Reward) – When you spend with your debit card it provides cashback rewards. It is easy to earn 1% cashback on certain purchase of up to $ 3,000/month, with a maximum reward of $30 / month or $360 /year.

It has 60,000 access with no-fee ATM by this online bank. There is no need of monthly fee and balance requirements, that’s why you can order checks for free. This bank gives the free overdraft protection, which other banks charge additional fee.

Schwab Bank High Yield Investor Checking Account (Best for Frequent ATM Users) – When you making a cash withdrawal anywhere in the world, the Charles Schwab Bank gives you unlimited rebates on ATM fee. With no monthly fee, no maximum balance requirement and online bill pay, there is a High Yield Investor Checking account is an FDIC- insured bank account.

Chase Bank Total Checking (Best with Nationwide Branches) – It is easy to qualify for a fee waiver. If you receive ACH direct deposits of at least $500/ month, you don’t have to pay the $12 monthly fee in your account. It includes your earning deposits from work, retirement benefits, government or any electronic transfers.

It has over 5,000 branches all over the U.S and you can transfer funds from external banks with no charge.

Checking out Sign up Bonus (2): – There are some bonuses as sign-up bonus of about $100, $200 or more. As you open a new account, you get to enjoy a number of benefits including the sign up bonuses. There are some points what to look out for.

  • To maintain a minimum balance for checking account requires $1,500 in your account to quality for future bonuses.
  • From New York, Shantel Moses of Brooklyn said that she collected a sign-up bonus of $50 to join an online bank. Because the sign-up bonus is not as big as it seems.
  • If you want to open a new account in another bank in order to have some sign-up bonus. The previous bank used to charge money for closing of your account. However, you still have to be alert as some banks still have fee of $ 25 for closing an account.

Checking Account Interest Rates: – there are some checking rates around 0.04 % APY for traditional brick-and-mortar banks and for online banks it may be 0.31 % APY. Checking account which suffer interest can be categorized in two groups.

  1. Traditional brick-and-mortar bank.
  2. Online- only banks.

Their lowest operating cost allows them to give good rates to the customers. Each bank can change the specific checking account rate such as account type, balance requirements and monthly activity.

References: 

  1. https://www.nerdwallet.com/best/banking/checking-accounts
  2. https://www.moneycrashers.com/best-new-bank-account-promotions-offers/
  3. https://www.thebalance.com/checking-accounts-2385969