For anyone managing their personal finances, checking accounts are an invaluable tool that they will need to use frequently. However, it can be difficult to know all of the various kinds of checking accounts, with there being so many out there available to you.

The Top Line

• Checking accounts are perhaps the most basic and essential need for anyone to manage their personal finances.
• Checking accounts are essential for anyone who wants to gain access to banking services, write checks, and use a debit card.
• There are a variety of types of checking accounts available to you, each serving a different purpose.
• We will walk you through the various options that you have available to you when it comes to opening a checking account.

Types of Checking Accounts

The various types of checking accounts can become confusing when there are so many to know. Here are the several types of checking accounts that you can obtain when you are in the market for a new bank account.

Regular Checking Accounts

A regular checking account is just that--your standard-issue checking account. These checking accounts provide you with all of the standard features that you would want in a checking account, access to a debit card, the ability to write checks, and easy online banking capabilities so that you can access your funds anywhere. The majority of people are well-suited to the standard, regular checking account that is offered by most banks.

Premium Checking Accounts

If you are storing a bit more money, say, amounts that hit five figures, then you may be eligible for a premium checking account. Premium checking accounts are made available by some banks for members that have a lot of money to store and protect. Being eligible for a premium checking account gives you access to a number of features such as ATM fee reimbursement, increased interest, and various account features that provide more convenience.

High-Interest Checking Accounts

High-interest checking accounts are becoming increasingly popular among customers as they learn that you do not have to store your funds in a checking account that provides hardly any return. High-interest checking accounts are so popular because they provide you with a decent return in a low-risk investment vehicle. These banks pay you for the privilege to use your money to lend out. When these accounts were at their highs, they were offering two to four percent interest. Now, the most competitive are offering about .5 percent.

Low-Balance Checking Accounts

For those that are just starting out and want a checking account that won't charge them for having a low balance, there is a checking account that is specifically made for you. Low-balance checking accounts provide you with all of the benefits of a checking account without charging you a large fee. In exchange, there may be limitations on how many checks you can write, which way you can receive bills, and other measures that will protect the bank and save you money.

Second-Chance Checking Accounts

Those with bad credit and a poor credit history know that it can be quite a challenge to get access to a checking account, especially with institutions that use systems to verify your eligibility for a checking account. Without a checking account, you'll find it difficult to do much of anything. If you are in this situation, you should be sure to seek out a bank that offers second-chance checking accounts to get you back on your feet.