How to Choose the Best Checking Account
Find an account that suits all your needs.
Published Tuesday, March 4, 2025 to Advice
The following information is for educational purposes.
Checking accounts, sometimes known as “spending accounts” or “debit accounts”, have become a necessity for most people these days. These types of accounts are where we keep most of the money we spend daily.
According to ConsumerAffairs, between 94% and 95.5% of adults in the United States have access to at least one transaction account. This includes checking, savings or money market accounts.
In its earliest days, users could spend the money in their checking accounts by filling out and signing paper checks. Today, the most common checking account payment method is a debit card.
While their purpose may be the same, not all checking accounts are alike.
If you do some research, you may be able to find accounts that:
- Have no monthly fees
- Earn a high interest rate
- Release your paychecks early
- Come with additional benefits that fit your unique needs
Now, let’s explore the different types of checking accounts and discuss how to choose the best checking account for you.
What Are the Different Types of Checking Accounts?
There are many different types of checking accounts out there. But here are some of the most common ones:
Standard Checking Accounts
This is as basic as it gets. House your money in this checking account and spend it with checks or a debit card. Some standard checking accounts may not earn interest and may charge a monthly fee in some situations.
Premium Checking Accounts
These accounts tend to have a few more special features. In most cases, the added benefit is a higher interest rate on your checking account balance. However, this could also come with a higher monthly fee.
Teen/Youth Checking Account
In the past, when teenagers needed money, they asked their parents for cash. But not even parents are carrying cash. A teen checking account allows them to have their own debit card and access to online and mobile banking, so they can learn the basics of managing their money while the parents keep an eye on things.
Student Checking Accounts
These accounts often come with no monthly fees, free ATM transactions, and other benefits, specially tailored to college students.
Second-Chance Checking Accounts
If you’ve ever been denied a checking account due to excessive overdrafts or poor credit, you may be able to get a second-chance account.
This isn’t an all-encompassing list of checking account types. Explore the different types to find the right one for you.
Considerations For Choosing the Best Checking Account
When looking for a checking account, here are some of the things to look for.
Checking Account Rates
Historically, checking accounts have earned lower interest rates than other types of accounts. But today, some financial institutions have high interest checking accounts. If you find an account with this benefit, you’ll be able to earn more money on the balance you carry in your checking account.
Checking Account Fees
Consider things like monthly maintenance fees, overdraft fees and ATM fees.
Look for an account that doesn’t charge monthly maintenance fees. Some financial institutions will waive this fee if you meet certain requirements each month. Just make sure you can meet those requirements.
You may also be able to find a financial institution that waives overdraft fees and some ATM fees.
Pro Tip: Veridian’s checking accounts are always free and we offer multiple overdraft protection options. Plus, we refund many returned item fees.
Minimum Balance and Deposit Requirements
Some financial institutions have different levels of checking accounts that have different requirements. To receive certain benefits, like waived maintenance fees, you may need to carry a minimum balance or deposit a certain amount each month.
Early Payday
Who wouldn’t want access to their paycheck a day or two early? Many checking accounts these days offer early payroll release. For example, with Veridian, you can get your paycheck up to two days early.
Online Banking Access
The ability to monitor and manage your account online should be standard. Make sure your financial institution allows you to make transfers, check your balances and complete other accounts tasks online and on your mobile devices.
Debit Card Features
If you’ve ever lost your debit card, or had it stolen, you know how much easier life would be if you could shut the card off on demand. This is a feature that comes standard with many debit cards at many financial institutions these days, so make sure your checking account offers it.
Digital wallets, like Apple Pay or Google Pay, offer a secure way to pay with your debit card in stores and online. Check to see if your financial institution offers digital wallet capabilities its debit cards.
Special Offers
Sometimes, financial institutions offer special introductory offers for new checking accounts. Look for cash bonuses or introductory interest rates.
Customer Service and Support
Today, there is no shortage of financial institutions. Some have brick-and-mortar branches, and some are exclusively online. Consider the pros and cons of in-person service and online-only service.
With online financial institutions, you may get better rates and lower fees, but you may have more trouble getting ahold of customer service on the phone. With an in-person financial institution, you can stop at a branch to deposit or withdraw cash, or get assistance with your accounts. Or, they may have local staff that can take your calls more efficiently than a larger institution call center.
Where to Find a Checking Account
You can start your search for the best checking account online. You can find and compare the benefits of different checking accounts from various financial institutions.
Or, even better, you can explore the options at your local financial institutions for hands-on support in your community.
Frequently Asked Questions About Finding the Best Checking Account
Your Next Checking Account
Veridian Credit Union offers three checking accounts with no monthly maintenance fees.
- Free Checking
- Premium Checking
- Premium Plus Checking
Our Free Checking is as simple as checking accounts get. It’s perfect for you if you like to keep things simple.
Premium and Premium Plus Checking earn a premium rate on your account balance when you meet the minimum requirements. Don’t worry – they’re easy!
Click below to learn more about our checking accounts or find a branch near you to open an account with that in-person touch!