Depends. The best one for one person may be different than the best one for another person.
Before you can find the best one for you, ask yourself some questions:
What kind of balance do I keep?
If you keep a relatively low balance, some kind of a free checking account may be right for you. Be aware though free doesn’t mean completely free checking. Costs can vary widely.
If you keep a larger balance, an interest bearing or high interest/ yield checking may be right for you. Be aware though, not all such accounts are the same. Some have no requirements to earn the interest while others have several requirements that have to be met monthly.
What type of electronic banking do I use?
Once your decide on the a amount of balance you’ll keep, now determine the type of electronic banking you use. Electronic banking includes using an ATM card, a debit card, direct deposit, automatic withdrawals, estatements, online banking and online bill payment.
This is important because the benefits you receive on your account may depend on some kind of electronic banking activities and these different electronic functions may cost you fees.
A free account will usually require a direct deposit at least monthly, while electronic banking functions like an ATM withdrawal and debit card purchase may cost you money!
A high yield checking account may require you to accept estatements, use direct deposit of your payroll and a certain number of debit card purchases monthly to earn your high interest.
For more detailed information on each type of account, please visit my blog at http://cashrewardschecking.com
Source by Sean Lydon
