![]() It’s likely that not all of them will be important to you, which is great - you can narrow down what you’re looking for. ![]() It’s smart to decide which features are important to you before you start searching and potentially get lost in the small print. “And while there are a lot of ways to store money - Venmo, Apple Pay and more - in order to open those accounts, you need a checking account.” How to choose the best checking accountĬhecking accounts have many features that vary depending on the institution that offers them and the subtype of account. “A lot of transactions in our economy take place digitally,” said Sarah Behr, registered investment advisor (RIA) and founder of Simplify Financial Planning in San Francisco. Now, however, checking accounts are mainly accessed with debit cards and typically replenished with direct deposits. The name “checking account” comes from the fact that, besides using cash, writing and cashing checks used to be the main way to complete transactions. You can make as many deposits and withdrawals as you want every month. Think of it as a financial home base You put money in and then divy it up to pay bills, build up savings or fund investments. What is a checking account?Ī checking account functions as a safe place to temporarily pool your money. ![]() That being said, some interest is better than nothing. The most important aspect of a checking account is to what extent it charges fees. In general, you’re not using your checking account to earn interest: it’s a way station for income coming in, and expenses coming out. ![]()
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