Checking accounts, also known as share draft accounts at credit unions, are handy, all-purpose accounts that keep your money safe and secure. They are a convenient way to hold and access your funds, and opening a checking account is an excellent step in creating a healthy financial future.

Even if you don’t write checks and use a digital wallet over cash, today’s checking accounts offer benefits that are too good to pass up. Whether you’re looking to switch your financial institution or researching new tools, check out the best checking account benefits below.

Money management 

Money management tools can help account holders track expenses, invest, and maintain a budget. Each financial institution will offer a different assortment of money management tools. Check with your local financial institution for details.

• Set up alerts for low balance or other warnings.

• Automatic savings accounts make saving seamless.

• Budgeting tools that will show your money in a meaningful way.

• Connect your financial accounts, even outside your local bank or credit union.

Build credit health

For many people, a checking account is the first step in building a solid credit score that lenders love. A well-maintained checking account can demonstrate to lenders and credit reporting agencies that you’re responsible with your money. Many financial institutions offer tools that allow members to track their credit scores. These inquiries are known as ‘soft pulls’ and don’t affect credit scores. Some credit unions offer credit checkup tools. These tools can provide tips on how to improve your score. Find a credit union near you to learn more about financial services.

Keep your money safe

Credit unions are insured by the National Credit Union Administration (NCUA). The Federal Deposit Insurance Corporation (FDIC) insures bank deposits. This means your money is safer in your checking account than in your piggy bank.

For added security and peace of mind, many credit unions allow members to lock their debit cards and receive push notifications whenever a fraudulent purchase is made. 

Online checking account tools

Today’s checking accounts offer members more tools than ever before. Take advantage of these and see funds grow and financial goals achieved. 

• Fast transfers

• Mobile deposits

• Fraud alerts

• Direct deposits

Fast and secure bill-paying

Set up automatic bill pay and make paying off debts, car payments, and even utilities easier.

• Keep bills organized and in one place.

• Choose the date you want to send the payment.

• Set alerts for due dates and payments received.

• Reduce paper waste.

Easy access to cash

Credit union members can enjoy easy access to cash and services. In addition to writing checks, you can manage your money in your checking account via branches, ATMs, websites, and mobile apps. Multiple points of access allow you to conveniently and quickly deposit or withdraw money when and where you need it. Many credit unions are part of the CO-OP ATM network that offers over 30,000 surcharge-free ATMs and over 5,000 shared branches in the United States.

Digital wallets

Check with your financial institution if this feature is enabled. A digital wallet is a convenient way to purchase various items and services using your phone instead of cash or credit cards. Examples are Apple Pay, Google Pay, Venmo, PayPal, and Zelle. You can set up a digital wallet and link it to your checking account. Once enabled, you can conveniently transfer funds from wallet to bank or bank to wallet.

Did you know?

Understanding the benefits of a checking account is the first step in managing your money. Finding the right credit union is the next. Credit unions not only make your money go further but also provide exceptional customer service, convenience, and a higher savings rate. Get started on your financial journey and open a checking account at a credit union near you.