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How Do You Figure Which Checking Account Is Best For You?

Because of the many available financial products that various banks today offer, it can sometimes be difficult to figure out which checking account is best for you. The most important thing is to determine what you really need in a checking account. Some banks may offer a lot of enticing benefits, but it would be useless if your main objectives for opening a checking account will not be met. These benefits include a free access to your account online, no charges for checks drawn in excess of a certain number (which some banks have), and no activity or transaction fees.

So, how do you figure which checking account is best for you? You can start by shopping around online and comparing the various services that different banks offer. You can weigh, for example, the pros and cons of having an interest bearing checking account over one that does not have it but instead offer a no fee checking account. If you are going to maintain a big balance on your account, then an interest bearing account may be a good option for you.

If you pay most of your bills online, then you may want to look for a checking account that offers free online bills payment services. Or if you issue a lot of checks on a regular basis, an account that comes with free paper checks may be for you. You may be surprised to find several banks that offer all these enticing features in one no fee checking account. This is possible because of the current fierce competition among banks.

High-yield checking accounts are available, although the banks that offer them usually require depositors to maintain a specific balance on their accounts; usually, the higher the interest rates given, the heftier the required maintaining balances get. Try to find a bank that requires a relatively lower balance to maintain for an interest bearing account, but may require other things instead such as enrolling in online bills payment; opting for electronic monthly statements; or logging at least 15 transactions on your checking account every month.

In any case, it is important not to get your accounts overdrawn or avoid issuing insufficiently funded checks. These transactions can get you into a lot of trouble as these may entail significant bank charges. Worse, you may even get your account closed. It is therefore important to track all transactions you make on your checking account. This is particularly important if other people are using your account or you access it in various ways such as for ATM withdrawals, automatic bills payment, debit card charges, and manual check payments.

Figuring out which checking account is best for you may not be difficult, after all. It is just a matter of knowing how you intend to use it and knowing the features that various bank products offer. Finding and opening an account with a bank that offers all the features you need and will be able to take advantage of, is the best option for you.