The act of writing and paying with a check is quickly becoming a thing of the past.  Checking accounts are still around and there are more to choose from than one would expect.  Most banks offer different types of checking accounts including business checking, free checking, high yield checking and online checking.  When choosing a checking account for yourself, weigh the options of all the accounts to see which one is the best fit for you.

Business Checking

Banks offer a checking account for people who own their own business, including small business owners.  Most banks have a couple different checking accounts to choose from depending on how much money your business brings in monthly.  If the accounts have monthly fees, they can be waived if you keep a daily minimum balance, a minimum monthly balance or have a certain amount of transactions each month.  Most business checking accounts allow you a certain amount of checks to be deposited or paid each month.  If you go over that amount, there could be a small fee attached to each check.  The amount of checks you are allowed to write or deposit each month varies depending on which accounts you sign up for.  The same fees apply to the amount of cash you are allowed to deposit each month.  Business accounts come with a debit card free of charge valid for use at ATM’s and wherever debit cards are accepted.  Most checking accounts also offer online banking free of charge.

Free Checking

Checking accounts are a great way to simplify your finances.  Most banks offer a variety of checking accounts and even have accounts specifically for college students and military personal.  Since the economy, free checking accounts can be harder to find.  If you are looking for a free checking account, make sure the account is actually free.  Some accounts do have a small fee, but there are ways, set up through the bank, to forgo the account fees.  For example, the monthly fee is waived if you keep a certain amount of money in the account, sign up for direct deposit, or set up an automatic monthly transfer from the checking account to a savings account.  By choosing which requirement works best for you, you can have a free checking account.  With the downturn of the economy, banks are fighting for your business.  Some banks are offering deals including iPads or iPods or money if you open a checking account with them.  If all the checking accounts seem the same, choose the one with the best incentive for becoming their customer.

High Yield Checking or Interest Checking

Typically checking accounts don’t offer much interest on the money in your account.  High yield, or interest checking accounts, are similar to a checking account, but you can gain interest on the money you have in the account.   The difference between the two accounts is the amount of money you plan to have in the account.  A larger sum of money is required as the minimum daily and monthly balance on high yield checking accounts.  There is a monthly fee on the account which can be waived if you meet the requirements of the account.  As with other checking accounts, the requirements are usually maintain a daily or monthly balance, set up direct deposit or automatic monthly transfers.  The majority of banks offers a high yield savings account, but some do offer a high yield checking account.  If it is a checking account you are looking for, look around to find the bank with the best account for you.

Online Checking

Checking accounts have typically been free and they still should be.  If you are in need of a checking account and don’t want to worry about the fees or meeting the requirements of the account, online banking is a good option.  Some banks are now offering online checking accounts with no fees, free bill pay and an ATM card.  If  you decide to sign up for an online checking account, be sure to read the terms and conditions on the account.  According to one bank, there is a maintenance fee if your account falls below a minimum balance, while other accounts offer no fees or balance requirements.  While an online checking account is now an option, most banks do offer online banking, free of charge with most checking accounts.

FDIC Checking Accounts

Choosing the best checking account can vary depending on your situation.  When choosing which is best for you, be sure the bank you choose is an FDIC Insured bank.  If you aren’t sure which banks are best, or even FDIC insured, check out our list of bank reviews to help you in your decision process.