A checking account is a simple demand deposit account that has very few strings attached.  It’s your money and you can write checks and withdraw your funds on demand without penalty.  Very convenient for the consumer but offers little in the way of yield or rate of return.  Use these accounts for the service they provide, convenience for easy access to your money by writing checks and transferring money.  Use other bank accounts such as savings accounts or money market accounts to obtain higher interest rates and then transfer funds to the checking account as needed.  Consider switching checking accounts if your bank has extra fees or low balance minimums.  Free checking accounts are also a good option.   Try to avoid any significant balance in an account that has no financial return.

Tags: , , , , ,

No user commented in " Checking Accounts Should Be Used for Bill Paying "

Follow-up comment rss or Leave a Trackback

Leave A Reply

 Username (*required)

 Email Address (*private)

 Website (*optional)