Checking accounts are the oft ignored stepsister of the more popular savings account. People who want a decent return on their investment may search for savings accounts versus more risky stock investments but are missing out on vehicles like interesting bearing checking accounts.
By picking the right checking account with the right bank you can avoid high ATM surcharges and monthly maintenance fees.
Location Location Location
Open a convenient checking account. You’ll likely be using your debit card at ATM’s throughout the region. Save yourself time by signing up for a checking account with a bank that provides you with many ATM locations.
You can save time and money by opening an account at a prominent bank. No more long trips to a far away ATM and you won’t need to pay exorbitant ATM surcharges for withdrawing money from a competitor’s ATM machine.
You can find ATM locations on almost any reputable banking website. Simply type in your city or Zip Code to find out where you can use your card without incurring about fees.
Aim for High Interest
Checking accounts can yield high interest payments. Release the idea that you need to open a zero interest checking account. Savings accounts aren’t the only interesting bearing common bank accounts out there.
Earn a profit through each checking account deposit by picking the right account for your financial growth. Find checking accounts that offer interest rates of greater than 1% if you regularly deposit $1000 or more into your account.
Your bank should pay you for each deposit you place with the institution. You’re providing banks with valuable capital to be used for investments which profit the institutions. Demand something in return for your capital infusions.
Check Balances
Search for checking accounts with low minimum balances. Avoid being charged any fees for not maintaining a set amount of money in your account. If you’re like most individuals you’ll keep enough cash in your checking account to cover both monthly expenses and leisure spending.
In some cases you can find banks which offer checking accounts with no minimum balance. If you find a bank demanding a $1000 minimum balance cross this institution off of your watch list. Open a checking account at a bank which offers a reasonable minimum balance.
Zero Fees
Most checking accounts these days charges fees. Monthly maintenance fees may run from a few bucks to $15 or more. Search for accounts which offer you fee waivers. If you really want to pinch pennies look around for a bank which charges no fees at all for checking account customers.
Using your debit card or direct deposit for some threshold dollar amount can result in your checking account fees being waived. Speak to bank representatives to find out more about fee waivers and the minimum amounts required to enact these bonuses.
Some banks may offer no monthly fees, no ATM surcharges and no overdraft surcharges. Shop around to find the bank and checking account which best fits your financial needs.