Money Basics
Managing a Checking Account
What is a checking account?
Having a checking account at a bank or financial institution allows you to write checks to pay for goods and services or to get cash. A check is a written order instructing your bank to pay money to an individual or entity.
To use checks, you must first open a checking account and make regular deposits into that account. Banks offer several types of checking accounts. Here are some of the most common checking options:
- A basic checking account is for someone who primarily wants to use checks to pay bills or everyday expenses. To avoid fees, some banks require a low minimum balance.
- An interest-bearing account requires a higher balance, and interest is usually paid monthly. A minimum deposit is typically required to open this type of account.
- A joint checking account is for two or more people who are typically in the same household.
Visit banks to learn more about the types of checking accounts they offer, and decide which one best fits your needs or the needs of your household.
