Top Banking and Checking Accounts December 2024

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Everything you need to know about checking accounts

What is a checking account?

A checking account is a type of financial account that allows deposits and withdrawals, and is one of the most widely used types of accounts for everyday financial activities such as paying bills and making purchases.

What is the difference between a checking account and a savings account?

There are two main differences between a checking account and a savings account:

Access to your money: Checking accounts allow faster and easier access to your funds, which is why most people use them for everyday transactions
Interest: Checking accounts usually have lower interest rates than savings accounts, which means that savings accounts are usually a better bet if you are looking to grow your money with an account that yields higher interest rates. However, most people have both checking and savings accounts to take advantage of being able to both have quick access to their money and also grow their money with higher interest rates from a savings account.

Key benefits of a checking account

Checking accounts offer various benefits that help streamline everyday financial activities:

Immediate access to your money: Checking accounts allow for quick access to your funds via debit card transactions, check writing, or automatic payments. Some online banking accounts even offer features like getting paid up to two days early.
Direct deposits: Many employers use direct deposit to send your paycheck straight to your checking account, making it fast and convenient.
ATM access: Most checking accounts come with ATM access, often there are fee-free withdrawals from select ATMs, while other ATMs in the network may charge a fee.

Types of checking accounts

It’s important to choose the type of checking account that suits your financial needs. Here’s a breakdown of the common types available:

Basic checking account: Ideal for those who need to handle basic transactions, such as bill payments, deposits, and debit card purchases.
Interest-bearing checking accounts: These accounts offer interest on your balance but may come with stricter requirements, such as maintaining a minimum balance.
Online-only checking accounts: Fully digital accounts may offer perks such as higher APY on savings and little-to-no fees, while still providing full access to your funds online or via ATMs.
Student checking accounts: These accounts often come with fee waivers for students under 25, making them a good option for younger people just starting to manage their own money.

How to choose the best checking account for you

Consider this list of factors to help you select the best checking account for your situation:

Monthly fees: Some banks charge a monthly maintenance fee, while others offer accounts with no fees or waive them if you meet specific criteria.
Overdraft protection: Overdraft fees can add up quickly, so consider features such as overdraft protection which can help reduce or avoid fees if you overdraft your account.
ATM availability: If you often withdraw cash, it’s essential to have a checking account that offers either a large ATM network or reimburses ATM fees.
Mobile and online banking: With technology making banking more accessible than ever, having an easy-to-use mobile banking platform is crucial.