The best checking account fits your lifestyle, has the features you need, and earns you a decent return. Checking account features are as varied as the banks themselves. Finding the account of your dreams comes down to knowing what you want and the features you value most. Some of the most popular features include:
Features of the Best Checking Accounts:
1. No Monthly Fee
You shouldn’t have to pay extra just because you’re using a bank. This is a big deal, especially if you’re starting and trying to save as much as possible. You don’t want to be paying extra charges on top of all the money you’re already spending. The good news is that there are plenty of great options for those who don’t want to pay a monthly fee for their checking account.
2. Online Banking Tools
Online banking tools are a great way to make your life easier. With online banking tools, you can check your balance, transfer money between accounts, pay bills, and more—from the comfort of your computer or mobile device.
The best part about this feature is that it saves you time and money. You won’t have to waste gas driving to the bank anymore; instead, you can do everything right from home (or wherever). Some banks offer apps you can download and use on your smartphone or tablet. Others have online banking portals where you can log in from any computer.
Related: How long does it take to build a banking app?
3. Electronic Statements
When choosing a checking account, you want to ensure that the company offers electronic statements. What are electronic statements? They’re just like paper statements but delivered straight to your email inbox instead of in your mailbox. This is a huge convenience. It means you don’t have to pick up your statement every cycle, and you can access your information from anywhere at any time—all while saving trees in the process.
4. Interest-Bearing Account
This feature is relatively common in checking accounts but is still worth highlighting. If you have a good amount of money sitting in your checking account, it can be a great idea to get an interest-bearing account, which will earn you a small amount of money every month. This may not seem like much, but it’s free money. You can put this in your savings account, use it to pay bills, or spend it on whatever you want.
Related Resource: How to Open a Bank Account Online in 3 Steps
5. No Minimum Balance Requirement
With some banks, you must always keep a certain amount of money in your account. If you don’t meet that requirement, you’ll be charged fees. With the best checking accounts, you’ll never be forced to keep a certain amount of money in the bank.
The best checking accounts have no minimum balance requirement—you can deposit as little or as much as you need, and there’s no penalty for having an underfunded balance.
ATM fee reimbursement is a great feature to look for in a checking account. Many banks offer this feature, which reimburses you for any ATM fees you incur at other banks’ machines. This can come in handy if you’re traveling or using an ATM that your bank doesn’t own—many banks will reimburse you for fees at any ATM, as long as it’s not part of their network.
Summary
Some checking accounts have additional benefits, and some don’t. So look carefully at the fee structure, minimum balances, and other terms that could affect your finances. It should complement, not complicate, your overall financial picture.
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