What are the most common types of checking accounts?
Here is a quick look at the common types of checking accounts. When you shop around, however, keep in mind that banks may use different — and somewhat fancy — names for these accounts. * Basic checking — This account is for the customer who uses a checking account for little more than bill-paying and daily expenses, and does not maintain a high balance. Some basic accounts require direct deposit or a low minimum balance to avoid fees. * Interest-bearing — Usually requires a minimum balance to open, with an even higher balance to maintain in order to avoid fees. With these accounts, the higher your balance, the more interest you earn. Interest is paid monthly, at the conclusion of your statement cycle. * Joint checking — An account owned by two or more people, usually sharing a household and expenses. Each co-owner has equal access to the account. Most types of accounts, whether it\’s basic checking, savings or money market, allow for joint use. * Express — Designed for people who
