Six Different Checking Accounts to Consider for Your Specific Needs

  • 17 November 2014
  • FrugalFred

The value of personal finance is priceless. It is important to be able to manage your own money, but also to have a team of people that you can trust with your finances. Having a checking account is the most basic element of personal finance and is an important account to have for anyone looking to organize their finances. Here is a look at six different checking accounts to consider for your specific needs.

Free Checking

There isn’t much better than anything that’s free. With free checking services, your bank should not charge you a monthly fee or any other charge to keep your money with them or to use their services. Free checking is perfect for people who don’t have a lot of money in their accounts, or for children who are first learning about personal finance and how to manage their money. With free checking, there can be other fees (for example if you overdraft for your account), so that must be kept in mind when you get your account.

Basic Checking

Another entry-level checking account is a basic checking account. If you are someone who just uses their checking account to pay bills and keep on top of the financial transactions, basic checking is perfect for you. You will need to keep a minimum balance in most cases, so this should be kept in mind. However if you keep enough money in your basic checking account to cover bills, this shouldn’t be a huge deal. If you need to get new checks to pay your bills with your basic checking account, order checks from as they will provide you with cheap checks and designs you’ll enjoy.

Joint Checking

Joint bank accounts are good for any group of two or more people. This means couples that are starting a life together, families that want to help manage finances, or businesses that are starting up their dream company. Each owner of the account can access the money and make changes to the account, so its vital that everyone keeps a close eye on transactions and bank account balances to avoid overdraft charges.

Student Checking

If you are in school, you can get a specialized checking account for needs. Different banks offer different specials that come with student banking, but some include free ATM use, better discounts on rates, free checks and more. You can check with your school to see where students are going to find the best student checking accounts.

Money Market Checking

If you are investing your money, you can combine this information with your checking account. It requires a large investment to open, but if you can manage the upfront cost, the savings and financial gains are certainly worth it.

Interest-Bearing Checking.

If you don’t have the money to put into a money market checking account, a cheaper option may be an interest-bearing checking account. These accounts also require an investment, but the fees associated are usually much less. Your gains can be tied to the market, so be sure that you understand all of your risks when getting an interest-bearing checking account.

After you open your checking account, you’ll certainly need new checks. Be sure to look online for cheap prices on quality checks, no matter what type of account you have.