How Many Checking Accounts Should You Have?
A checking account is the place where your salary lands and the gateway to your money. But how many checking accounts should one person have?
In short, the general rule is to have at least two checking accounts. Most people enjoy having an account designated for saving money and another for everyday purchases.
Luckily, checking accounts don't function like credit cards. Applying for multiple credit cards at once will decrease your credit score, but that effect doesn't occur with checking accounts.
If you need additional information to make an educated decision, read below about the different types of checking accounts.
The Different Types of Checking Accounts
Free Checking Account
A free checking account is an account that doesn't come with any service charges or fees. It’s a great, super-easy tool for individuals seeking simplicity and convenience in their financial management. These accounts offer basic services such as check-writing, ATM withdrawals, and online banking without any associated costs.
Interest Bearing Checking Account
Interest bearing checking accounts are a smart way to grow your money if you routinely keep a large balance in your checking account. They're designed to incentivize members to deposit and maintain larger balances in their accounts.
This style of checking account often comes with various requirements and conditions. You will earn more interest by maintaining a higher balance, but it is not necessary with GFAs interest bearing account.
Business Checking Account
Business checking accounts are tailored to meet the unique needs of businesses, big and small. Unlike personal accounts, they offer features such as higher transaction limits and the ability to issue employee debit cards. Some even offer invoice and payment processing tools, which can be a huge advantage for businesses managing multiple client accounts.
Understanding how many checking accounts you should have will help you manage your finances better. Fortunately, GFA Federal Credit Union has several amazing checking account options to choose from. Review them here to see which products are right for you. Or stop into any branch and speak with a Better Banking Representative.