checking
Choosing the best checking account
Take a look at the chart below to find where you fit on the checking account continuum. Some accounts may combine different aspects of each of these:
Choose the best checking account for you
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| Basic checking | | - | Check writing | | - | Debit/ATM card |
| | - | May have minimum balance requirement | | - | May have limits on checks per month | | - | No interest |
| | - | Checking beginners and those who will rarely use it. |
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| Free checking | | - | Unlimited checking and ATM/debit card use | | - | No minimum balance | | - | Relatively light on fees |
| | - | No interest | | - | Account holders may be caught off guards by fees in "free checking" |
| | - | Most checking account users, regardless of age. |
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| Interest-bearing | | - | Interest is paid on the account balance. | | - | Check writing. | | - | Debit/ATM card. |
| | - | Minimum initial deposit. | | - | Minimum balance required. | | - | Interest rate is low. | | - | May have monthly fee. |
| | - | Those who maintain a high balance in their checking accounts |
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| Online/Express | | - | Extensive online/phone banking features. | | - | Unlimited checking. | | - | No debit/ATM fees. | | - | May pay interest | | - | May compensate for out-of-network ATM usage. |
| | - | Limited teller availability. | | - | Customer service may be limited. |
| | - | Students and tech-savvy adults. |
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| Lifeline | | - | Banks are required to offer it regardless of credit history in Illinois, Massachusetts, Minnesota, New Jersey, New York, Rhode Island and Vermont. | | - | Low or no minimum deposit. |
| | - | Few features. | | - | May have monthly fee. |
| | - | Those recovering from bankruptcy and others who have a spotty credit or banking history. |
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| Senior/student checking | | - | Few if any fees. | | - | Perks like better credit card rates, free cashiers checks or discounts. |
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| Money market | | - | Pays more interest than traditional interest-bearing accounts. |
| | - | May have high balance requirements. | | - | May have limits on check writing, ATM transactions or debit transactions. |
| | - | Those prepared to maintain a high balance and face limits on transactions. |
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