When you have no special requirements for your money and you simply need a way to write checks to make payments, a basic checking account may be your best option. Get all the details about this method of managing your money, however, because some banks institute limitations for the services included. For example, it’s possible that you may need to keep a minimum balance, or you will incur penalty fees. You also may have limitations about the number of checks you can write each month. Find out about back-up funding to eliminate the risk of overdraft penalties.
Similar to a basic checking account, an interest-bearing checking account also enables you to write checks from your balance to make payments. However, you can earn interest on your balance each month. If your balance falls below a specific amount, you will usually forfeit any interest that you would have earned for that month. Usually, customers with this type of account can write an unlimited number of checks each month.
If you don’t need the ability to write checks and you just want to save your money, a savings account could