Although a savings account play an important role on your finances, choosing a checking account is also important simply because of the way the account is used and how often you usually use it.

It is important to know which checking account you should use since it can definitely have an impact on your life and your finances! Keep reading below to find out how to choose the best checking account for you!

We recommend the checking accounts from institutions like Chase, TD, BBVA, Discover, Huntington, HSBC – and more from our list of the latest banking deals.

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Look for Fees On Checking Account

Banks charge fees for the use of any management feature regarding your account: balance transfers, withdrawals, deposits, overdrafts, use of ATM card and more! Since checking accounts have more functions, it gives them more opportunities to charge fees.

Checking accounts provide a service to you, it’s not an investment vehicle! You should only keep enough money in your checking account to pay your bills! But before you decide how much this is, keep these as important piece of advice:

Most accounts like checking, savings or other, requires you to keep a minimum balance. If you happen to fall below the minimum, the bank or institution is allowed to charge you a fee. Make sure you know what the minimum, is and that you always have that much in your account.
Bouncing checks can be really expensive! To whomever you wrote the check to is likely to charge you a fee as well as the bank! Most banks offer overdraft protection, it’s a service where they take available funds from another one of your accounts to cover the amount of the check.
The difference between the interest paid in savings account and a checking account is not as big, but it isn’t negligible either. We urge recommend to keep extra cash in your savings account because of this, but when you compare the interest paid over a year to the fees charged for an accidental bounced check, overdraft protection and other fees, it may save you more money to keep and extra $2,000 in your checking account and not risk racking up charges.

ATMs Fees When Choosing a Checking Account

You can get hit twice for the same service when you use an ATM one fee from the bank whose machine you’re using and another from the bank you keep your money at!

Credit unions sometimes offer deals where you can use ATMs for free at institutions with locations like 7-Eleven. But online banks sometimes will reimburse you for charges you incur at ATMs, since you don’t have the option of using one of their machines. Keep in mine that some banks have a maximum amount per month!

Another option is a debit card, having a card to swipe for purchases rather than withdrawing cash or writing a check can be convenient. But before you plan on taking advantage of this convenience, check and see if it is included when you open an account or if there is an extra fee that comes with it! It’s important to remember that if your bank says it’s free, it might charge what you consider an exorbitant fee if you use it to get cash from an ATM.

How much you pay for your paper checks might be negligible, but it might not be as well. Sometimes a bank will offer free checks if you keep enough money in it, but most don’t. But you don’t have to buy the checks from your bank, you can get them anywhere you want. Order them online or buy them from a retailer!

Bottom Line

The bottom line is shop carefully when choosing a checking account. You work hard for your money, so you want to keep as much of it as possible for yourself.

To learn more, see our list of the Best Bank Promotions and the Best Bank Rates! While you’re here on HMB, you should check out our Bank Guide for any additional questions or resources that might help you with banking!