Life is just easier with a checking account, even if you rarely or never actually write a check.
And having the right kind of checking account can make a huge difference in your financial life.
Here are the eleven main types of checking accounts you could open, and who should consider each one.
Traditional
ATraditional Checking accountis your basic, no-frills checking account.
Premium
APremium Checking accountis a Traditional Account with some bells and whistles added on.
You typically need to maintain a relatively high minimum balance (typically at least $15,000).
These accounts almost always pay interest (and usually higher rates than Traditional accounts).
If you use ATMs or write a lot of checks, the freebies and higher interest will benefit you.
Joint
AJoint Checking accountis a checking account that is accessible by two or more people.
The account can be any bang out (traditional, premium, etc.).
Business
As should be fairly obvious,Business Checking accountsare designed to be used by businesses.
Many businesses will have several accounts for specific purposesone for payroll, one for purchasing, etc.
They also often come with higher fees (and more of them) than personal accounts.
Who Needs One:Anyone running a small business.
Multicurrency
Most U.S.-based checking accounts deal solely in dollars, for obvious reasons.
You usually have to be actively enrolled in school to qualify.
Just keep in mind thesecurity issuesaround using your debit card for purchases as opposed to a credit card.
Theyre designed for low-income, unbanked people who cant qualify for a more traditional account.
Who Needs One:Anyone who cant afford a traditional checking account.
Who Needs One:People who cant open a traditional account due to past banking transgressions.
Theyre designed for people on a fixed income after retirement.
