You may have come across ads in your local papers or online asking you to open a free checking account. This account might be why you or your business needs at the moment. If you have no previous knowledge of what it is, or you need more convincing, here is why you should quickly take advantage of it.
What is a checking account?
A free checking account is a deposit account that is operated without a minimum balance and is charged (very little or) no monthly maintenance fee. A checking account is available not just in traditional banks, but also in credit unions. These reasons are why you should respond to that ad and sign up.
- Your money is intact: Those painful deductions which banks make for monthly, quarterly, and yearly charges of all kinds are absent in checking accounts. When you deposit, you are sure that your money is intact for as long as you want.
- Save and gain money: Money saved is money gained. This is true about a checking account. The absence of numerous charges on your checking account helps you to save up money, which you would have spent on other types of accounts. These can be invested and earn you more income.
- You can build a good credit score: Using a checking account allows you to keep a good credit score by limiting your overdraft, keeping your balance positive, as well as having access to smarter loans. All these will contribute to having a good credit score.
- Have access to a community: Most financial institutions that offer free checking accounts to customers in a community have a vested interest there. This is positive for the community, as the institution will regularly roll out developmental programs for its members, which in turn will benefit the larger community.
- Enjoy instant banking anywhere: With most financial institutions offering mobile and internet banking, you can go anywhere and access your account from there at no extra costs. This is particularly useful for small business owners who have to do a lot of transactions.
If you want to open a free checking account, it is advisable to meet with your local credit union. Credit unions offer more benefits than banks. So, follow up that ad to find out all you can about a checking account and how it will benefit you.