5 They might have extra budgeting features or safety features, like the ability to set up savings goals and transaction text alerts for parents, that make them ideal for a first step into managing finances. Teen and kid checking accounts: Some banks offer checking accounts made specifically for teens and children.Another thing to keep in mind: Adding a joint account holder could increase the amount of FDIC insurance for the account. This can be a good solution for married couples or college students and their parents. Joint checking accounts: Joint checking accounts have more than one account holder who can access the cash.That means they may not have any physical locations for you to go to, but it also means that you can bank from wherever you are, online or on your phone. Online checking accounts: Online checking accounts provide services digitally.There may or may not be fees, so be sure to check. There’s also usually a physical bank location. Traditional checking accounts: A traditional checking account typically offers checks, a debit card and ATM access.Check out these different types of checking accounts. If you’re tired of keeping track of cash (and tangoing with soggy dollars in the washing machine), a checking account might be the right choice for you. But remember, not all checking accounts are created equal, so if you’re worried about maintaining a minimum balance, look for a checking account that doesn’t have one. If you don’t, there might be a fee you have to pay. Minimums: Some banks require you to keep a minimum balance in your checking account at all times.The good news is that there are some free checking accounts that don't have monthly fees, which means more of your money stays yours, so be sure to check when you're choosing your account. That means paying money to use your own money. Fees: Another checking account disadvantage is that sometimes checking accounts have monthly fees.This is because a checking account is typically used like cash and isn’t intended for your money to sit still, whereas a savings account is more typically used for long-term savings that won’t be touched as often. And the checking accounts that do earn interest typically have a lower interest rate than savings accounts. No interest: While some checking accounts earn interest, most don’t.Keep in mind that checking accounts vary from bank to bank, so be sure to look into what features come with yours. While checking accounts are full of benefits, they have a few shortcomings to be aware of, too. Plus, some checking accounts let you lock your debit card if it's ever lost or stolen-helping to prevent unauthorized use. Track spending: With a checking account, there is a record of your deposits and spending, so you can see where your money is coming from and where it’s going. Get paid early: Some banks even offer early direct deposit, where you can get your paycheck up to 2 days sooner-so you can pay bills earlier and buy the things you need.Your paycheck can be deposited into your checking account automatically on payday, which might be faster than getting it via mail, too. 4 No more risk of losing paper checks in the mail. Direct deposit: You can set up direct deposit into your checking account right from your employer.You can also pay online with your debit card by filling out the requested information, like your name and card number. Debit card: Most checking accounts come with a debit card, so instead of paying with cash, you can easily tap or insert your card into a card reader at checkout to pay directly with the money in your account.You can typically spend or withdraw money by visiting a bank, using your debit card at an ATM, writing a check or making an online transfer. Easy access: Checking accounts let you access your money in a number of ways. Most checking accounts have FDIC insurance and are covered up to the allowable limits.
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