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Here are a few things to know about checking accounts

Called as the core of the financial realm, checking accounts are the mainstay of our financial savings and expenditures. Whether it is business accounts, student accounts, or joint accounts, the features are common to all. In comparison to earlier days of banking, checking accounts have made things easier for customers. Alternatively known as a deposit account, demand account or transactional account, a checking account in the US is used to process checks and electronic debits with unlimited access to withdrawals and deposits.

Essentially, the liquidity and accessibility makes everyday banking easy and convenient. In the US, these checking accounts are offered by banking institutions at nominal fees or free of cost to access easy cash and extra services. And with the advent of internet and technology right at our fingertips, an online checking account offered by most banks has a lot of benefits such as easy transfers, bill pay, and deposits. This strategy by the banks has brought in a lot of customers across the nation giving away high interest too. Additionally, this system is highly reliable with access to several ATMs across the country. The creation of a checking account is straight and simple wherein you can just walk into a bank branch or create one through the banking website. Some of the checking accounts are completely free in terms of unlimited access to ATM, online and mobile banking at no cost. In addition to this, some of the banks do offer a complimentary debit card with interest rates. In a way, customers get a fair opportunity to grow financially. Also, there could be a charge of a nominal maintenance fee to keep the checking account open from a few dollars to $20, basis banks terms and conditions.

Now the key question is how to choose the best-fit checking account? Banks are the default choice for most people. Additionally, credit unions also provide such services at no cost. Since credit unions are tax-exempt institutions, the services are no different than banks. Indeed, there’s a host of free services that include spending, paying bills, writing checks, and cash payment at no cost. Alternatively, big banks can also be opted for checking accounts. And in recent days, it is mandatory to offer to check accounts with high-end mobile applications.

Most of the checking accounts offer interest, and in case you want to add that extra punch to your cash, linking high-yield savings account should be considered. Nevertheless, scouting for that perfect checking account can be a task in itself. As mentioned above, this strategy is to attract customers while promoting other services such as insurance and mortgages. Just a heads up, you could get heavily charged while using a checking account in the case of a bounced check. Also, the banks that offer online checking account do reinvest their customer’s money in the light of paying no interest. Whatever be it, a checking account is a perfect go-to-market strategy that is equally beneficial to the banks and the customers. Listed below are some of the best checking accounts in the US that one may consider choosing from:

  • Capital One 360: It is better known for its robust mobile and online platform that offers free access to ATM’s worldwide. It offers a high yield on larger funds.
  • EverBank: It is a full-service online bank with checking options.
  • Alliant Credit Union: It has excellent digital tools than other credit unions with access to interest checking account.
  • Ally: It offers good interest rates with access to real-time customer service.
  • eOne checking by SalemFive: It has no requirement for a minimum amount to maintain the account.
  • TIAA Direct: It offers interest to check account to all residents of US.
  • Independent bank: It yields up to 1.5% annually.
  • Aspiration Summit Account: It has FDIC insured deposits with no minimum balance requirement.
  • UFB direct: It offers checking account with cash back and airline rewards feature.
  • FNBO DIRECT: For this, no minimum balance is required with an attractive yield on funds.
  • Banks5 Connect: There is no monthly service fee along with a provision to earn interests if a balance of $100 is maintained.
  • Bank of Internet USA: This offers unlimited ATM reimbursements with a yield earning of up to 12.5% on funds.
  • Discover: It allows to earn up to $120 cash back yearly on clear checks, bill pay, and debit card purchase.
  • Fidelity: It has no monthly fee and there are unlimited refunds for every ATM.
  • Radius: There is no fee charge on out-of-network ATM.
  • SCHWAB Bank: It provides free services with rebates on ATM withdrawals worldwide.
  • SIMPLE: In this, withdrawals within the Allpoint ATM network is completely free.

In a nutshell, the checking account is a no frill system which has basic functions, but one should ensure to read the footnotes and the terms and conditions before they go for the final take. The bottom line is to have a comprehensive checking account that is simple yet lucrative while offering a bandwidth of services at your fingertips.

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