What Families Should Know When Opening a New Checking Account

A new checking account can be a great option for families who are looking into ways to save money. Checking accounts are basically a requirement for everyone; there are many places that won’t accept cash and require you to pay with your checking account. However, you shouldn’t just walk into opening an account with no extra information. Here are four things you might want to know about a new family checking account.

1. Sign-On Bonuses May Have Specific Requirements

Many checking accounts offer sign-on bonuses to entice people into opening a new account. However, those sign-on bonuses may have certain requirements that you need to meet if you want the bonus. You should check to see what the requirement is, as different accounts may have requirements ranging from setting up direct deposit to making a certain number of transactions.

2. Different Types of Accounts Are Best for Different People

The perfect type of account will not be the same for everyone. The Chase Secure Banking account, for example, is specifically made to help people with overspending problems avoid issues with spending. The account doesn’t have overdraft protection, which means transactions that go over your balance will simply decline. Wire transfers and paper checks are also not available. This account is great for overspending issues, but might not be perfect for everyone.

3. Monthly Fees May Be Waived or May Be Required

Before you sign up for a new checking account, it’s a good idea to check and see what the company’s monthly fees are. These fees typically don’t get higher than about $15 per month for an introductory account, but may be higher for a more premium account. Some accounts offer methods of waiving those fees, like having enough money in an account over time, while others may simply charge the monthly fee no matter what.

4. Savings Accounts May Work Best Alongside a Checking Account

Many banks offer both savings accounts and checking accounts. If you have a checking account with a specific bank, you may want to look into whether you can also open a savings account. Not only does this make it easy to transfer money between the two, as transfers to and from an external account may take 3-5 business days, but you may also be able to take advantage of extra benefits when you have both a savings and checking account with a specific bank.

Conclusion

A new checking account can be a great move for many families. Especially if you’re trying to pool your family resources together or you’re hoping to add a younger family member to the account, it might work best for you to find a new account that you can open. These four things can help you find the right checking account for your family, making it easier for you to keep your money stored away most effectively and discover which checking account will work for your whole family for years to come.

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