When you start at a new bank, one of the first things you’re likely to do is open a checking account. A checking account is a deposit account at a financial institution that allows you to both easily withdraw and deposit money. Unlike a savings account, a checking account allows you to access your money numerous times without as many limitations. Similarly, it also enables you to make unlimited deposits. As such, checking accounts are a great place to store the money that you’ll be using for everyday expenses such as paying bills, making purchases, or engaging in other daily transactions.  

At many banks, you might notice that there are a variety of checking accounts being offered. With so many options to choose from, it can get a little confusing knowing which account has what benefits. As such, we’ll be going over a few common types of checking accounts and some of the specialized accounts that are offered right here at FFB for both business and personal needs.  

Regular Checking 

As the most standard version of a checking account, a regular checking account allows you to perform basic checking actions such as writing checks, making withdrawals, and making deposits. Your bank may also allow you to link this account type to a debit card which can be used for purchases or at ATMs.  

If your checking account is linked to a savings account, you can also easily transfer money between the two to separate the funds used for everyday expenses and the funds you want to save for a rainy day.  

It’s important to note that many financial institutions may require a minimum deposit amount in order to open your checking account. Similarly, you may be subject to monthly fees. However, since banks look at daily balances and/or average monthly balances, they will often offer the option to waive those fees if you maintain a certain minimum balance. For example, if you have a regular checking account at FFB, you can avoid the $10 monthly service fee by maintaining a minimum $1,500 daily ledger balance or a $3000 average daily ledger balance. For more information on this topic, be sure to speak with a financial advisor at your institution. 

 

Two people looking at Laptop

 

Interest Checking Account  

Like the regular checking account, this type of account will still allow you to perform basic checking actions and you may even be able to link a debit card to it for easy access to your funds. However, as its name suggests, an interest checking account differs by allowing you to earn interest on the balance within your account.  

Although it may be common for the interest rates on these accounts to be lower, you can once again find specific rates information by speaking to a financial advisor at your financial institution. If you bank with FFB, you can find information on our rates here.  

At FFB, we offer both a personal interest checking account and a business interest checking account for non-profit organizations and sole proprietors.  

 

Man working on glass

 

Small Business Checking Account  

The small business checking account is among the specialized business accounts that FFB offers for its business-owning customers. In fact, this type of checking account was specifically designed for use by smaller businesses who may have limited but increasing amounts of activity.  

Although this account is made to be used by business owners, it is very similar to a regular checking account in that it offers the ability to write numerous but limited, amounts of checks, make deposits and withdrawals, and even link the account to a debit card for use at ATMs or to use for business purchases.  

Moreover, this is a flat-fee account, meaning that there is a set dollar amount you will be charged for the account that will not change as your account’s value varies. Therefore, if you are a startup or a smaller business that is still growing its sales, then this type of account may be a very good option for you to consider. 

 

Woman tending to flowers

 

Analyzed Checking Account  

An analyzed checking account is another specialized account that caters toward business needs. In particular, this type of account can be a lucrative option for medium to large businesses with high levels of activity.  

Unlike the small business account with its flat fee, analyzed checking accounts have service charges and transaction fees that are based on the account’s activity. Yet while you may be charged a set of account fees, you also receive an earnings credit to help offset them.  

Just as the interest checking account offers unlimited check-writing, transactions, and withdrawals, so does the analyzed checking account. In addition, FFB also allows users of this account to add on cash management services, including payroll management, record keeping, and more! If you are a large, growing business with a high transaction volume, then this account may be the perfect option for you.  

 

Business Team Meeting

 

E-Checking Account  

On the personal side of things, FFB also offers a specialized e-checking account. This type of flat-fee account works similarly to a regular checking account but without the paper checks or need to visit our branch in person.  

With an e-checking account, you gain access to many online services from online bill pay to mobile banking to e-statements. This account type can also once again be linked to a debit card for your convenient use and offers unlimited transfers, withdrawals, and check-writing.  

So, if you prefer to do your banking from the comfort of your own home or live far from your bank’s physical branch, then an e-checking account may be a promising alternative.  

 

Woman doing reports

 

Senior Checking  

A senior-checking account is another specially designed personal account intended for use by people aged 60 or older.  

For each financial institution, the perks and fees that are associated with a senior checking account will tend to vary. At FFB, this account type has similar features to the previously discussed accounts from access to online banking services to debit card linking to unlimited transactions. Better yet, we also offer to waive the monthly service charge based on lower daily ledger balances than we require for other types of checking accounts.  

 

Older and younger man in kayaks

 

It’s important to remember that not every checking account may be suited for your specific needs. When opening a checking account, be sure to assess your financial situation, do your own research, and connect with a financial advisor at the bank to determine if you are a good fit for a certain account type. At FFB, our fantastic staff is always just a call away to discuss your options and determine the best solution for your financial needs!