5 Tips for Choosing the Right Checking Account

posted 4/23/2015 in Banking

With all the checking account options available at financial institutions, it can be hard to know which is right for you. It can be easy to be swayed by features you may not need or confused by complex language.

Here are five questions you should ask yourself to ensure you are in the right checking account!

  1. Are you single or married? Some checking accounts have balance requirements or benefits that are triggered at various balance levels. If you are single, your balance will probably be lower than if you are married with a joint checking account.

  2. What services are included? These include things like a debit card, online banking access, access to an online bill pay feature, electronic bank statements, direct deposit, remote check deposit or other services that make managing your money easier.

  3. What are the balance requirements? Some accounts incur a fee when your balance drops below a certain amount. For instance, if you use most of your paycheck between pay periods, you would be better off with an account with a low minimum balance requirement.

  4. Are the fees minimal, or can they be avoided? Fees can include monthly maintenance fees, fees for not hitting a certain number of transactions and so on. Most accounts have stipulations to help you avoid fees, such as a certain number of debit transactions per billing period.

  5. What are the account benefits? Many checking accounts have perks associated with them, including interest earned on the balance, cash back, or other account benefits like rewards programs. Make sure you understand your benefits so you can maximize them.

When it comes to your checking account, you want to be sure you have the services you need without paying for things you don’t need.

At Lincoln Savings Bank, we keep it simple for our customers. Our three checking accountsBasic, LSB Values and Abe – work for a variety of people, from young, single individuals to families to those approaching retirement.

You can compare our checking accounts easily with our Personal Checking Comparison. Once you have decided which account best fits you, you can apply online in just a few minutes.

Lincoln Savings Bank, member FDIC

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