What is a ‘Checking Account’?
Source : allfinancialonline.com
A checking account is nothing but a deposit account held at a respected financial institution such as banks etc. which allows withdrawals and deposits. Also known as demand accounts, checking accounts are very liquid in nature and can be accessed easily using checks, using automated teller machines and electronic debit cards. Checking account differs to a great extent from other bank accounts in the context that it allows for numerous withdrawals and deposits, whereas the savings accounts at times limits both
Breaking Down ‘Checking Account’:
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Checking accounts can very well include commercial or business accounts, student accounts, joint accounts, in addition to many other accounts offering similar characteristics
A commercial checking account is mostly used by businesses and is considered the property of the business. The business officers and business managers have a signing authority on the account duly authorized by the business governing body documents.
Free Checking Accounts:
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Some banks do offer a special free checking account for college students that remain free until they graduate. A joint checking account, on the other hand, is one where two or more people, usually marital partners, are both able to write cheques on the account.
In exchange for liquidity, checking accounts typically do not offer a high interest rate, but if held at a chartered banking institution, funds are often guaranteed by none other than the Federal Deposit Insurance Corporation (FDIC)
For accounts having large balances, banks often provide a service i.e. to sweep the checking account. This involves the withdrawing of most of the excess cash in the account and investing it overnight in certain interest-bearing funds.
The best free checking Accounts are :
1) Ally Bank Interest Checking
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If one wants an easy-to-use, no-fee checking account, Ally Bank’s Interest Checking Account is always a top choice. This online banking account is very simple to use and does not charge any fees whatsoever for regular checking account activity.
This account also pays a modest interest rate and offers free ATM uses up to an approximate of $10 for other bank ATM fees. It also offers quick and effective online transfers with Zelle and has a top notch customer service where it is very easy to reach a human on the phone nowadays
2) Schwab Bank High Yield Invest Checking
Source : kiplinger.com
People always think of Charles Schwab as an investment brokerage, which is quite accurate. But Schwab does a lot more for one’s money than just mere investments. This checking account does require one also has a Schwab brokerage account but once opened, it is very easy to use.
Moreover, Schwab’s checking account offers one feature that stands out above all other checking accounts i.e the unlimited ATM rebates worldwide. One can go to any ATM anywhere, and Schwab will automatically reimburse them each month. It simply doesn’t matter if one is at the airport, a stadium or the on the other side of the world working in a foreign currency. The ATM transaction is always fee free
3) Capital One 360 Checking
Source : hustlermoneyblog.com
Capital One 360 Checking is a fine checking account with no regular fees whatsoever, but one already knows that or else it wouldn’t be on this list. Capital One 360 checking stands out firmly from other free checking accounts on the basis of its high-tech banking experience and a lot of flexibility in avoiding overdraft fees.
This account also offers a modest interest rate, some of the truly best mobile and online banking interfaces among all the other online banks, free Allpoint ATMs, in addition to all of the other goodies that you expect from online banking.