Not all checking accounts are equal. In fact, a lot of them are designed to take advantage of you, without any real benefit. 

In the past, checking accounts were simply a place to hold money you planned on spending in the near future, likely by sending checks. But fast forward to today, checking accounts are tied to debit cards, can earn you interest, and so much more. So if you are looking at switching financial institutions, be sure to examine their checking accounts and pick one that benefits you.
 

Skip Large and Pointless Fees
 

A common word, especially with for-profit banks, are fees. There’s a fee to open an account, a fee to close an account, a fee every month just to have an account. When looking to open a checking account, you need to look into all of the fees that go along with that process.

There are some checking accounts without any fees, but they are rare. Likely, most checking accounts you will open will have some sort of fee. The question to ask is: are you getting something beneficial for that fee? If the fee is simply to “maintain the account”, it’s just the bank trying to earn some extra money. 

You should also examine your lifestyle and see if the checking account has heavy fees that will cost you money down the road. Do you lose your debit card all the time and constantly need a new one? Don’t go with a bank that will charge you for a new one. Regularly on the verge of overdrafting your account? Find one with overdraft protection or at least low penalties for overdrafting.

Sometimes, fees come with an extra benefit. For example, Pioneer does have a small monthly fee on checking accounts, but this is for Fraud Protection. If your identity is ever stolen and you have this protection, you are connected with an identity recovery specialist who helps you reclaim your identity and stop any damages.
 

Avoid Unrewarding Student Checking Accounts
 

Your child is about to take the first big step of adulthood and leave the nest. A common practice during this change is getting them their very own checking account. With children under 18, they typically need to be attached to a parent’s account, but once they become an adult, can get their own.

On paper, student checking accounts often sound perfect. Low or no fees, maybe a cash bonus for opening an account, and a low deposit requirement are all common perks with student checking. But, often there are comparable checking accounts out there that come with extra benefits. You can find checking accounts with no fees, have a sign up offer, and a low deposit, along with better perks!

Just because you have a student does not mean that a student checking account is the right choice. Instead, find a checking account that matches what their lifestyle is going to be. If they need to pull out cash from ATMs regularly, get a checking account with no or low ATM fees. If they do a lot of online shopping, get one that rewards that. 
 

Checking Accounts that Restrict Your Money
 

A while back, there was a rule on financial institutions called Regulation D. This regulation limited transfers from savings to a checking account to six times a month. It was a point of frustration for many, and if you did more than six transfers, might have to pay a fee. 

Thankfully, Regulation D has been lifted, meaning legally you can transfer more than six times a month to your checking account. Yet, some financial institutions keep this rule, and others, to restrict how you move and use your money.

There are always rules in the world of finances, but you should know how much freedom you have with your checking account. Some checking accounts have limits on how much you can spend a day, while others require a set amount of money to stay in your account at all times. There’s no way to avoid all limitations, but you should know what rules you are signing up for, and avoid ones that might cause you issues in the future. For example, if you are going to transfer money from your savings to your checking account more than six times a month, don’t open a checking account at a bank that limits and punishes that.
 

Checking Accounts that Don’t Reward You
 

In today’s world, you should be getting rewards for using your chosen checking account. Those rewards can come in many different shapes and sizes, but you should be getting something for your checking account. Too many checking accounts have no extra benefits, or disguise basic functionality as something extra. Being able to use your debit card or getting a very low interest rate on your checking account are not benefits, they’re the bare basics. 

Pick a checking account with good rewards that benefit you. If the checking account has fees, make sure the rewards you get outweigh the fees. The financial institution is profiting off you keeping your money with them, you should be getting something extra too.

Pioneer offers two rewards checking accounts with great benefits. The first is the Reward U Checking Account. As long as you meet the simple qualifications, you can earn a 3.00% APY on the average daily balance, up to $10,000 and earn Rewards points on every purchase you make using your debit card. Those Rewards points can be redeemed for gift cards, vacations, or experiences.

The other checking account is our WOW Cash Back Checking. This checking account gives you 1.00% on all debit card purchases up to a $15 a month maximum! So, if you do a lot of shopping, you could get back $15 every month easily.

Open a Rewards Checking Account