If you don’t have a checking account, right now could be the perfect time to consider opening one. But, like always, there’s the one big question: which of them are actually the best?
Even though this might look tricky at first, considering the very wide offer, there are a few things you should consider when looking for the best checking accounts. And if you pay a bit of attention to them, you will eventually end up choosing the best for you.
What to look for first?
A checking account will be used as a short-term or long-term investment resources. Therefore, interest rates for such accounts are on the low-end, somewhere between 0.04% to 1% APY, so a savings account with a relatively higher rate is better for you, if you want a short-term investment.
Let’s just say that you want more than one account, at the same institution or different ones. It’s true, it may be convenient to have all of them at the same place, don’t forget about your purposes for the account, as well as whether the institution of your choice can actually meet that need. And we’re talking about both credit unions, with their specific membership requirements, as well as online banking services.
Continuing with our presumption, you will eventually have all your accounts at the same institution, so you’ll become their customer. Some of them will help you limit access to the funds or even give you great interest rates on the account. There are some financial institutions which offer lower interest rates of loans, in exchange for opting for a checking account, with an automatic deposit, made every month.
So, what is the best option after all?
In the end, everything you need is an account that’s completely free or one with very low maintenance rates. Usually, fees range from a few bucks, for printed statements and ATM fees, to $35 or even more, for your returned checks. And they can get even bigger, depending on a couple of operations you choose or not to do.
Finally, you should try keeping your fees low and stick to at least some sort of interest rate return. Also, make sure the customer service is good, for those moments when you need some help. With these in mind, you shouldn’t have any problems finding the perfect checking account.
