After choosing a bank, many people begin to consider which kinds of accounts they want to open up. It’s understandable to ask yourself what kind of checking account do I need? After all, there are many types of these accounts available. With that in mind, here are five common types of checking accounts.
- Personal Checking Account
This is one of the most commonly chosen bank account types. That being said, many personal checking accounts will offer additional features that you can choose to include. For instance, many people commonly open both personal checking and savings accounts at the same time. It’s beneficial to consider having a savings account when considering that most banks offer you extra income each period depending upon the amount of money stored within this account.
- Joint Checking Account
While it’s understandable to think that you need to be married to someone in order to open this type of account, that isn’t true. As long as they meet the banks account requirements, any two people can open a joint checking account together. If you plan on opening this type of account, you’ll only need to have someone with you that can sign documentation agreeing to share account responsibility with you.
- Business Checking Account
Not all accounts are made for personal use. With that in mind, it’s also important to consider the benefits of opening a business checking account. You don’t have to be the owner of a large corporation to benefit from having a checking account for business purposes. Many people starting their own businesses rely on these accounts in order to get their company officially started. Business checking accounts also allow you to keep accurate records when the time to prepare your taxes arrives.
- Checking Accounts With Online Access
You might be wondering what kind of checking account do I need to access my funds on the internet? As the internet has increased in terms of popularity, it’s understandable that you likely complete most tasks online. With that in mind, you might want to consider looking into online banking. It’s wise to find a bank that offers online access to checking accounts. This means that you’ll be able to manage, move, and track funds within your account from anywhere with internet access.
- Second Chance Accounts
Data gathered from a recent Bankrate study found that 32% of people living in the United States that are between the ages of 53 and 62 have no income saved. Not everyone is able to have an easy time managing their funds. In fact, statistics show that 1.24% of mortgages are currently stuck in a state of delinquency while 6 million people are early three months behind on their respective car payments. Considering these statistics, it’s understandable that many people need a second chance at a financial institution. With that in mind, certain banks offer second chance accounts to those who have fallen on hard financial times.
In closing, there are several important types of checking accounts to know about. It’s perfectly understandable to wonder what kind of checking account do I need? That being said, it’s nearly impossible to cover each type of account within one article. If you want to know more details about each type of checking account, it’s wise to visit a trusted bank near your location.