5 Things to Know Before Opening Your First Checking Account

Opening your first checking account is an exciting step towards financial independence. With a checking account, you’re able to manage your bills, monitor your spending and reach financial goals.

However, it’s important to consider several things before opening a checking account to ensure you choose the right one for your needs.

Here are five important things to know before opening your first checking account.

1. Research on fees

Look for fees associated with opening and maintaining a checking account. Some financial institutions charge maintenance or transaction fees each month. You may also find that other financial institutions require a minimum maintaining balance. If you are just starting, it might be best to choose a financial institution that offers a low minimum balance requirement to help avoid the fee or at least a way to waive the fee with certain conditions.

2. Identify your priorities

Do you want easy ATM access? If yes, choose a financial institution that has a convenient ATM location near your home, work or school. Using ATMs outside of their network can result in paying additional fees.

3. Check online/mobile banking features

While many financial institutions offer online/mobile banking not all of them are built equally. Make sure to look for features like funds transfer, Zelle, online bill pay, mobile deposit, fraud and account alerts and many more.

4. Don’t miss out on the perks

Some checking accounts offer perks like cashback/shopping rewards, interest on the balance, cellphone protection or free checks. Research if those offerings are worth the charge and see what you would actually use.

5. Choose your financial institution

While researching fees and features, you might come across banks and credit unions. The decision to open with a bank or credit union comes down to your personal preferences and needs. Consider factors such as location, fees, interest rates, and the types of services you need. Credit unions typically offer lower loan rates and higher rates on deposits - since they are owned by the members the profits get returned to the members in this way.

To learn the credit union benefits, read our Get To Know The Benefits Of A Credit Union Checking Account blog article. 

Opening your first checking account is an important decision. By taking the time to research and compare different financial institutions and checking account options, you can find the best fit for your financial goals and needs. CCCU offers competitive interest rates and checking accounts for your different needs. Visit the Checking Account webpage or call us at 702-228-2228