Banking Basics: How to Find A Checking Account That’s Right For You

By Amanda Nageleisen and Fifth Third Bank

A checking account lets you pay for most day-to-day transactions and is one of the most important financial tools available. Whether you are new to banking or searching for a new bank, asking the following questions can help you find the best checking account for your financial goals:

1 Is there a monthly fee?

If you don’t want to pay a monthly fee, look for a free checking account, such as Fifth Third Momentum® Checking. You may need to complete a certain number of transactions or maintain a minimum balance each month to avoid fees.

2 Is there a minimum deposit or balance?

Some banks require users to deposit a minimum amount of money to open the account. Some checking accounts also require you to keep a certain amount of money in your account. Understanding an account’s minimum deposit or minimum balance requirements can help you determine the best checking account for your situation.

3 Can I get my paycheck early?

Some checking accounts, such as Fifth Third Momentum® Checking or Fifth Third Express Banking®, allow you to get access to the funds in your paycheck up to two days early. This can help with cash flow needs and provide an opportunity to start earning interest earlier.

4 Is there a banking app or bill pay?

If your checking account has a banking app, you can typically make deposits and other financial transactions directly from your smartphone. With bill pay, you can digitally pay everything from rent to credit card bills. That can make it easier to track your money and make progress toward your financial goals.

5 Can I make mobile deposits?

Mobile deposits mean that you can deposit paper checks into your account without visiting a branch or an ATM. That may be particularly important if the closest branch is not nearby or if it’s hard for you to get to a bank during working hours.

6 What kind of overdraft protection does the checking account offer?

Overdraft protection prevents your checks from bouncing if you make a payment greater than the amount of money in your account. It works by linking your checking account to another account, such as savings, or a credit card. Overdraft protection may require additional fees if you use it, so it’s important to understand the terms of the service offered by each account.

7 What’s the interest rate?

Not all checking accounts offer interest, which is money you can earn based on your account balance. Knowing the current interest rates offered for different accounts may help in comparing them.