Tips for Making the Most of Your Checking Account

Written by , September 29, 2011

Tips for Making the Most of Your Checking AccountYour checking account is more than a place to store your money. With all of the different accounts and options in today’s banking world, most people give little thought to their checking accounts. With paper checks becoming practically obsolete, they’re just a place to hold our money until we withdraw it from the ATM or spend it with our debit cards. Right?

Not really. While a checking account’s primary function is to store money until it’s needed, it can do so much more if you know how to use it.

Here is some advice and tips to help you get the most out of your checking account.

  • Sign up for online banking. You’ll have the peace of mind that comes with being able to view your balance and transactions any time you like, and your bank may also offer other features such as the ability to transfer funds between accounts. If you want to have access to your account on the go, find out if your bank offers mobile banking options.
  • Get interested in interest. If you keep a lot of money in your checking account, you could be missing the opportunity to earn a return on it. There are plenty of interest-bearing checking accounts available today, and although the interest rate may be low, something is better than nothing. While you probably won’t earn as much as you would with a savings or investment account, interest checking is the perfect solution for those who want hassle-free access to their money while still giving it the opportunity to grow.
  • Utilize direct deposit. Most employers offer it these days, and it makes life so much easier. You won’t have to worry about leaving work before the bank closes on payday, or for that matter even making a trip to the bank at all.
  • Use your checking account to increase your savings. Many banks offer the option to automatically transfer money from your checking account to your savings account on a weekly, biweekly or monthly basis. Take advantage of this opportunity by having a portion of each paycheck deposited into savings. If you use direct deposit, you’ll hardly even miss it.
  • Kiss late fees goodbye. If your bank offers automatic bill pay, you can set it up so that the money is transferred from your checking account to creditors, utility companies and anyone else that you pay on a regular basis on or before the due date. You won’t have to worry about disconnections or ruining your credit due to a missed payment.
  • Your checking account is a basic financial tool, but it can save you money and help you reach your financial goals. Taking full advantage of the features your bank offers will allow you to get the most out of your checking account.

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