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Understanding Checking Accounts

A checking account is one of the most essential bank accounts for managing your finances and depositing your paychecks. It's the banking product people use most for daily transactions, including checks and debit cards. The best checking accounts reward account holders with value-added options and free, no-fee access to their finances.

Many checking accounts offer a great deal of flexibility and freedom. Several credit unions and banks charge low or no fees, often with no or low minimum balance requirements. One of the biggest benefits of choosing the right checking account is when the account comes with a built-in, high-yield checking APR that pays dividends simply for having money in the bank.

Financial institutions offer a variety of checking options for everyone, including businesses, families, and individuals, and they offer plenty of savings incentives to boot.

FAQ

Here are the answers to some of the most frequently asked Checking Account questions.

As your checking account is fundamentally where you do your daily banking and link all our autpay bills, it is a good idea to keep one to two months worth of expenses in it to make sure all of your bases are covered. With so many of your payments being automated, it's important to have enough to cover everything from rent to phone bills. For example, if your expenses are $4,500 a month you would want at least $4,500 to $9,000 in your checking in case something happens that affects your ability to make deposits for a while.

Learn More: Experts: Here's How Much To Keep in Your Checking Account

When organizing your finances you should have two checking accounts. One would be designated to necessary expenses such as bills, groceries, rent, mortgage payments or student loans whereas the second could be for discretionary spending.

Learn More: How Many Checking Accounts Should You Have?

It can take about one to two business days for a check to clear. However, the clearing time may vary depending on factors such as the bank’s policies, the check amount and the account history so make sure you look into your banks deposit agreement.

Learn More: How Long Does It Take for a Check to Clear?