Explore the diverse world of checking accounts to find the perfect match for your financial needs. From traditional to interest-bearing, student to senior accounts, each type offers unique features tailored to specific lifestyles. Whether you prioritize avoiding fees, earning interest, or accessing exclusive rewards, there's a checking account suited for you.
Not all checking accounts are the same. A checking account lets you deposit and withdraw money using a debit card or check. It holds your money safely and can be accessed fast. You can set up direct deposit, use online checking account tools, manage your money, and many other benefits. There are different checking accounts, and picking one is crucial based on your financial situation and needs.
However, not all checking accounts are the same. Some checking accounts offer high interest or rewards, while others provide features specific to the needs of a particular group of people.
If you’re looking to start a new financial relationship, locate a credit union near you. They can match you with the best account for your needs. Perhaps you only want to move into a different account at your current financial institution. We’ll show you the most popular accounts to consider.
Types of checking accounts
Choosing which checking account to open with many options can take time and effort. Determine which factors are the most important. Avoiding fees might be more critical than a high-interest account. Every financial institution will vary in features and benefits. Talk with a financial representative for specific details.
Traditional checking accounts
Also known as a regular checking account or a share draft account at credit unions, this account pays no interest on the balance but has other valuable features. These might include:
Free mobile banking
Free online banking and bill pay
Direct deposit
Mobile check deposit
Overdraft protection
No monthly service charges if a certain balance is maintained
Unlimited checking writing
Free checks and debit card
Free checking accounts
A free checking account can mean different things to different financial institutions. It’s important to know what is free and for how long. A free checking account can mean no minimum balance and free checks but a monthly service fee. Here are a few of the most popular options for a free checking account.
Free online banking with bill pay
Free mobile banking
Free debit card
No monthly service charges
Unlimited check writing
Free monthly e-statements
Free ATM transactions within a financial institution’s network
Banks and credit unions offer a version of free checking or premium checking if a member meets requirements, such as having a certain number of products or services.
Student checking accounts
Student checking accounts are designed for students between 18 and 24 years old. If a parent or guardian opens a minor or teen checking account, it can easily be converted to a student account once they come of age. Student accounts generally have one or more of these features:
No monthly service charges
Free checks
ATM reimbursement
Fewer to zero fees
Sign up bonus
No overdraft fees
Cashback on debit card purchases
Minimum deposit
Senior checking accounts
Senior checking is similar to a traditional checking account but has features that people over 55 might find beneficial. These include:
No monthly service charges
No minimum balances
Free debit card
Peer-to-peer (P2P) payments
No overdraft fees
Free checks
Free mobile checking
Higher interest earning
No ATM fees
Discounts on safety deposit boxes
No monthly service charges if a certain balance is maintained
Senior checking can offer excellent benefits for those over 55. Be sure to check age requirements and other considerations.
Interest-bearing accounts
Opening a high-interest checking account is a good idea if earning interest is essential. These accounts earn interest based on the average monthly balance. Since they earn interest, these accounts usually have larger minimum balance requirements. Important considerations include:
Interest is subject to taxation.
Some high-interest accounts are available only online.
Potential fees include overdraft fees, monthly maintenance fees, and foreign-ATM fees.
Checkless checking
Checkless checking is an alternative checking account with no checks; all transactions are through a debit card. The National Credit Union Administration (NCUA) and Federal Deposit Insurance Corporation (FDIC) insure these accounts. Additionally, these accounts may include:
No overdraft fees or protection
No credit check
Free mobile banking
Free online banking with bill pay
Mobile check deposit
A checkless checking account can be a good option for members who have been denied a traditional checking account due to poor credit.
Low-balance checking accounts
Many financial institutions offer low-balance checking accounts. This type of account allows members to maintain a charge even with a balance as low as five dollars. Accounts may require limited monthly check writing, no paper statements, or overdraft protection.
Premium checking accounts
Premium checking accounts provide all the perks and rewards a checking account can offer. Every financial institution will have a unique premium checking account package. Here is a sampling of offerings banks and credit unions can offer with a premium checking account.
Interest-earning account
Free checks, money orders, cashier checks
Free stop payments
Free online banking
ATM fees waived
Higher limits on withdrawals and ATM transactions
Discounted loan rates
Free financial advice
Did you know?
A checking account can be a fundamental financial tool for any personal financial goals. It serves as a safe home base for your money. Even if you no longer carry a checkbook or write paper checks, a checking account can offer countless benefits. Find a credit union today to open a checking account.