The Importance of Choosing the Right Checking Account to Fit Your Needs

June 16, 2023 |
Article | 5 min
| Personal Insights

Knowing and understanding your finances is important. The system you use to manage them should be straight-forward, but without a primary checking account it can be a challenge to complete many essential financial transactions easily.

A checking account is used for day-to-day banking, including depositing your paycheck, withdrawing cash and paying bills. There are various types of checking accounts to consider.  The right fit depends on what you want your checking account to do for you. Here are some types to choose from:

  • Standard checking account: Typically, standard checking account types are basic accounts, giving you a safe place to keep your spending money with minimal costs. Some may include additional features and benefits as well. Learn more about our Free Checking with eStatements account here.
  • Interest-bearing checking account: Typically, an account type where you earn interest on your money, and can include expanded features and benefits, such as free checks, free cashier checks and waived surcharges when using a foreign ATM.  First Bank & Trust, a division of HTLF Bank offers two interest-bearing account types with great benefits and features.  Learn more about our Platinum Checking account here , and our Signature Series Checking here.

Here are some specific things to consider when choosing the best checking account option to fit your lifestyle and to build the right financial foundation.

  • Direct Deposit: Gain access to items such as paycheck funds, tax refunds, or even a settlement by setting up direct deposit. Your money is safely deposited into your checking account automatically, without having to wait for a physical check, giving you access to your funds faster. Your funds can be easily accessed through the use of a debit card or an ATM cash withdrawal.
  • Convenient Payments: Automatic payments can be set up to securely pay a merchant, and funds would come right out of your checking account. Most companies allow you to make payments using your checking account and routing number information. You can set up payments through a company or use services like online bill pay, giving you peace of mind of not worrying about missing a payment!
  • Deposit Checks: Quickly deposit checks through your local banking center or utilize the mobile deposit function on your mobile banking app. Funds are deposited into your checking account, giving you a simple, safe, and secure place to store your funds without having to carry cash. Also keep in mind, utilizing check cashing service providers to cash your check can be costly.
  • Money Management: Using a checking account gives you a record of your purchases and allows you to review your spending trends and expenses. This is helpful information to have when you want to identify past expenses, how to improve spending habits or establishing a budget.
  • Online and Mobile Banking: If you use a smartphone, computer, or tablet, you can manage many of your financial tasks using online and mobile banking app. Some items that you can complete:
    • Review your balance
    • Transfer funds between accounts
    • Manage payments
    • Deposit checks
    • View account statements
    • Send secure messages
    • Security Alerts & Notifications
    • Reorder checks
  • Minimum Opening Deposits: Checking accounts typically require a minimum opening deposit. Some may require a certain balance be maintained to avoid a service fee. Be sure to review what those requirements are to determine the best fit for your situation.
  • ATM Access: Convenient ATM locations are important to access your funds quickly, or to perform other transaction types, whether you are at home or traveling. Be sure to consider this when choosing the right account to fit your needs.

Discuss the Types of Checking Accounts with a Trusted Expert

Choosing the right checking account, paired with a local trusted expert, sets you up for financial success! Gain access to your money more efficiently, complete financial transactions on any device and easily track your spending so you can best manage your money. A financial matter of this magnitude requires expert advice. Reach out to the experienced partners at First Bank & Trust, a division of HTLF Bank to create your plan for success.