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  • Nov 17, 2022

4 Advantages to Opening a Checking Account

Mobile and online banking make your financial life a lot simpler. These useful tools grant you many opportunities and benefits you wouldn't receive with cash alone. However, to have access to such conveniences, you need a checking account. Here are the advantages of opening one.

Budget and Build Savings

Checking accounts allow you to see exactly where your money goes, especially when you utilize digital options. Most mobile or online banking systems break down your spending into different categories, like food or shopping. This feature gives you the opportunity to budget properly.

From there, you can build up your savings. The bank you use most likely offers specific savings accounts. With modern banking, you can easily set up money transfers on a schedule that works for you. You also have the ability to set the amount with each transfer.

Money at Your Fingertips

Accessible funds are one incredible advantage of opening a checking account. Online and mobile banking open you to many convenient options, including:

  • Depositing checks by taking a picture
  • Paying bills online and no longer relying on mail
  • Using the money in your account at stores with a debit card
  • Receiving direct deposits from employers
  • Sending money to your friends with apps like PayPal or Venmo

Maximum Security

If you're worried about securing your funds, you should put them in a checking account. Banks ensure your money, making them much safer than using a piggy bank or putting it under a mattress. While the amount can vary, most financial institutions will do up to $250,000.

You can also feel safer by not carrying too much money in your wallet. If you drop your cash or are the victim of a pickpocket, you likely won't get it back. While thieves can get away with using your debit card for a time, notifying your bank immediately will remedy the situation.

Setting You Up for Success

Checking accounts have the power to get folks on the right track. For example, young adults finishing high school would do well to open one for all their future opportunities. As we mentioned, employers can deposit money directly into their accounts, and they can start saving their money. Many student checking accounts offer low or no fees.

Newlyweds also benefit from opening a shared account. While they can still maintain the autonomy of their own checking accounts, a joint account can assist with paying shared bills. Couples can get a clearer picture of their finances this way.

If you’re looking for a checking account in Massachusetts with little to no fees, choose GFA Federal Credit Union. We offer quality banking tools and many other benefits. Sign up online and become a member today!

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