The Different Types of Checking Accounts That Banks Offer

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The Different Types of Checking Accounts That Banks Offer

When you are trying to select the right checking account to match your needs, you will first need to know what your options are like. Each type of checking account comes with different terms and features that you will definitely want to know about before making a final decision.

This article will provide you with detailed information on the various types of checking accounts so you can decide on the perfect one for you.

Basic Checking Accounts

There are the basic checking accounts, which will allow you to do things like use a debit card, write checks and go online to see your statements and balance. It is important to know you will probably have to pay a monthly or yearly fee to maintain one of these accounts. You might be able to get the fee waived, but only if you qualify. You should make a point of finding out what requirements there are to get the fee waived if you’d really rather not pay it.

Free Checking Accounts

Truly free checking accounts are not quite as rare as you might think. There are actually a lot of financial institutions that offer this type of checking account, and getting one could save you quite a bit of money over time. Many credit unions do not charge a free for customers, but some banks offer this option as well. This is an ideal option for students and young people who need to save as much money as possible.

Exclusively Online Checking Accounts

There are also some checking accounts that are exclusively online. These accounts are not associated with any physical branches or locations. If you are not completely comfortable with managing your account(s) online, you will probably want to look into another option. You can choose to set up a direct deposit with your place of employment so that your checks go right into the account, and you will be given a debit card to use. These accounts have been increasing in popularity over the years, and it’s certainly an option to consider.

High Yield Checking Accounts

A high yield checking account is one that will pay interest on the money you deposit into your account. The interest rate is usually pretty low, but you are essentially getting free money from your bank. If you are interested in one of these accounts, you will want to find out about any restrictions the banks may impose on their customers.

Joint Checking Accounts

A joint checking account is one that you share with another person, usually a spouse. With this type of account, both people whose names are on it have complete access to all of its funds. This can be a good idea for couples who want to consolidate their finances.


Considering just how many different types of checking accounts exist, it is important that you make a point of seeing what your options are before deciding which one is right for you. The more time you take to do this research, the better off you will be for it in the end.

Naomi Isted
Editor in Chief, Naomi Isted is known as The Ultimate Lifestylist to her readers and viewers. She is a TV Presenter and Columnist. Ranked in the Top 100 LFW Social Media Influencers AW14 & SS15, Brand Ambassador for Pears Soap UK. Her Celebrity beauty TV Series currently airs to 27million homes on Physique TV in UAE, previously on Wedding TV in the UK. She brings fashion and beauty advice to her readers and viewers on a daily basis. She is Fashion and Beauty Columnist for Herald Scotland and has a Fashion and Beauty Bridal Blog for HELLO. She can usually be found attending celebrity fashion and beauty events in and around London and sharing the latest fashion and beauty trends with her readers.

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