A checking account or a deposit account is a bank account that is used for everyday expenses. People mostly use checking accounts for paying their bills making purchases etc. A person can assess checking accounts through automated teller machines ATM cheques and electronic debits. Checking accounts are also known as transactional accounts or demand accounts. A noticeable difference between a checking account and other bank accounts is that through a checking account one can make unlimited deposits and several withdrawals in a single day. These accounts are easily accessible and handy, which makes a holder keep a large amount of money in the form of a single card, without any fear of being stolen. Furthermore, a Holder can connect them to payment apps like PayPal and Venmoand can pay bills regardless of place.

Options for checking accounts (1)

  1. Commercial accounts

Businesses and corporations use a commercial checking account. Business managers and officers have the authority to sign in and withdraw a high amount at any time. A commercial account is usually set up at any branch of the same bank where one already has a personal account. Examples of commercial banks include Wells Fargo, Bank of America, Citibank, and Chase. These banks offer personal as well as commercial accounts.

If a personal account of any employee and commercial account of the business is housed in the same institution then the owner can set up a direct deposit for employees for free.

If a business’s commercial account is in good standing then It is easier to get a business loan whenever needed.

Corporations and businesses can save money if they allow the bank to look after invoicing services and payroll.

Commercial banks with several branches make it easier for business officers and employees to deposit and withdraw money at any time.

Furthermore, for tax purposes, It is highly beneficial for a business owner to permit a bank to oversee federal taxes and payment of state.

  1. Student account

This account is for students who are 18 to 23 years of age. It is designed according to the needs of the student.

Some banks provide free checking account for students that remain free till their graduation.The student account office creates student bills, processes payments, and processes refunds made to the student account. During studies, the student overdraft remains interest-free up to a certain limit, and in some cases, it increases every year of study.

There are several best student bank accounts, including

  • capital one 360 money account which is best for the students studying in high school
  • Chase Bank college checking account
  • Bank of America advantage banking, which is best for savings
  • US bank student checking account
  • US bank student checking account
  • BB&T student checking account
  1. Joint account

This account is shared by two or more persons. The holders have equal access to the account and share an equal ratio of fees and charge incurred. This account helps one partner to have a check and balance on the purchasing and spending habits of other partners. It allows expenditure goals on track.

Many banks provide the facility of a joint account.

  • Royal Bank of Scotland
  • Tesco bank
  • The co-operative bank
  • Natwest
  • Yorkshire bank
  • Barclays
  • Clydesdale bank
  1. Traditional checking account

These accounts offer debit or ATM cards, cheques, and options to pay bills online. Some accounts need a fee for monthly maintenance, and some accounts do not demand any fee. These accounts also offer overdraft services, which help the holder to make payment even if having no amount in the account. Holder needs to check the account before making any purchase because overdraft services often charge a fee.

  1. Premium checking account

This account provides different advantages such as free official checks, free and safe deposit boxes, free money orders, and free personal checks. The maintenance of a premium account with a higher minimum amount is usually required.

  1. Senior checking account

These accounts are for people 65 for 66 years and older. Free check order is one of the perks offered by this account.

  1. Interest-bearing account

This account helps the Holder earn interest. Some interest-bearing accounts have particular obligations to earn a certain Annual percentage yield APY.

  1. Checkless checking

These accounts do not provide cheques. Holderrelies on the debit card for making transactions. These types of accounts sometimes do not have overdraft fees.

  1. Rewards checking

Cashback or earning points is possible through rewards checking. Following are Top banks for rewards checking accounts

  • TD Bank beyond checking
  • Chase total checking see below
  • TD bank convenience checking

No fee checking account (2)

According to the recent Bank rate data, the maintenance fee for an account is approximately $5 per month.  Most of the banks offer no-fee checking accounts, which means that the monthly maintenance  fee of account can be waived if the holdermeets recurring deposit demands or minimum balance. Some of the pros of a no-fee checking account are as follows

  • Minimum overdraft fees
  • Good interest rates
  • no service charges
  • No requirement for credit score
  • Access to a free account

The best no free checking accounts are

  • Capital One 360 checking
  • Discover cashback debit account
  • simple online checking account
  • Schwab bank high yield investor checking account

     Sign up bonus

Bank promotions include cash bonuses when a Holder signs up for a new checking account.This one-time perk is qualified by setting up a direct deposit and keeping the account open for a few months.Upon sign up:

  • HSBC advance checking offers $200
  • Bank of America advantage banking offers $100
  • Chase total checking offers $200
  • Chase savings offer $150
  • TD bank offers $200 or $450

Interest rates

When a holder deposits a specific amount, then the checking account generates interest on that balance. It encourages the holder to keep a high balance for more interest in income.

La Capitol Federal Credit Union offers the highest interest rate of 4.25%  on the first deposit of $3000

Evansville Teachers Federal Credit Union gives the highest interest rate of 3.30% on balance up to $20,000

Usually, the interest rates lie between 0.50% to 4%.


  1. https://www.bankrate.com/banking/checking/types-of-checking-accounts/
  2. https://www.businessinsider.com/personal-finance/best-no-fee-checking-accounts#read-more-about-our-favorite-no-fee-checking-accounts