Which Is An Advantage Of Using A Checking Account

Both checking and savings accounts offer advantages such as interest and ease of access and disadvantages such as security risks and fees.

Which is an advantage of using a checking account. Although the advantage relationship account is an interest bearing checking account the account has several fees that could cut into your account s growth. Students under age 24 are eligible for a waiver of the monthly maintenance fee for the advantage safebalance banking and the advantage plus banking setting while enrolled in a high school or in a college university or vocational program. Fee waiver only applies for the first 4 checking accounts. The primary account holder on the advantage checking account must be a primary or joint owner or trustee on additional deposit accounts checking accounts certificates of deposit individual retirement accounts savings and money market accounts for their.

Checking accounts allow people to write drafts as means of payment instead of using cash. One advantage of using a checking account is that you can pay only with money you actually have in your account which can help you avoid overspending and getting into credit card debt. As mentioned above safe storage of money is an excellent reason to have checking accounts or at least a single account. Checking account holders have access to online and mobile banking atms and the use of debit cards and checks to make purchases or withdraw funds from the account.

The monthly maintenance fee alone is 25. On the other hand the checking account serves as a deposit and as a cash service. Check cashing access and security the main advantages of a checking account are to save fees charged by storefronts that provide check cashing services and the ability to access funds by writing checks instead of carrying cash with you. Most accounts in the us are also insured for up to 250 000 us dollars usd by the federal deposit insurance corporation.

Maintaining a checking account has both advantages and disadvantages that must be considered prior to choosing a bank and its checking account options. Qualify for advantage checking with a combination of personal deposits averaging at least 25 000 during a monthly statement cycle. Whether you ve just entered middle school or are a recent college graduate working in corporate america knowing how to use checking and savings accounts to your advantage can be challenging. I use ally demand notes as my checking account because it pays 1 16 apy and unlike a traditional mma it has no limit on withdrawals or transactions in a given month.