A variety of checking accounts types are available depending on your financial, saving and spending needs. Learning how these different types of checking accounts work helps ensure you get the most value from your account. Here are a few of the most common types of checking accounts and the major features they offer.

Simple Checking

Simple or Ordinary checking accounts are the most common type. These accounts typically lack options and carry additional fees. They allow you to use online banking, use a debit card and write checks. A fee is usually charged if your balance goes below a certain minimum amount. There is also a charge for checks to be purchased for these accounts that typically are up to 70% more than direct selling check companies like Bradford Exchange Checks.

Free Checking

Some credit unions and banks still offer free checking as a means of luring new customers. While these accounts are growing they remain more difficult to find. Small credit unions and banks more often offer these types of accounts than larger chains. Many times, even though they are indicated as “Free Checking” accounts, these types of accounts may require minimum balances and/or other types of service fees from the bank..

Online Checking

Solely online checking accounts can be found from both online and brick-and-mortar banks. Of course, people who are uncomfortable handling their finances over the internet or by phone should not consider this type of account. In order to add money to an online-only checking account, you can set up direct deposit with your employer or mail in paper checks for deposit. In addition, certain apps are now available that let you take photos of checks to allow them to be instantly deposited.

High Yield Checking

Accounts which pay interest are often referred to as money market checking, high yield checking or interest checking accounts. They are most frequently offered by online banks, but several brick-and-mortar banks do offer them as well. The interest that is paid on these accounts is minimal, but if you can afford the minimum balance you must carry, something is certainly better than nothing, which is what normal checking accounts pay. These accounts will typically have restrictions on how often you will be allowed to write checks.

Reward Checking

Reward checking accounts offer more of a return on your cash than a high yield checking account, but they also have tend to have significantly more stringent restrictions on who can open them and higher minimum balances required to open and maintain . Because the requirements vary widely by bank, it is recommended that you speak to your bank in advance to ensure that you understand all relevant details before applying.