6 Reasons to Have a Checking Account

Having a bank account is a necessity when it comes to securely store and accessing your money.

09:12 18 October 2022

Having a bank account is a necessity when it comes to securely store and accessing your money.

 

Yet in recent studies, it has been discovered that millions of people do not actually use a bank account at all. This is for a range of reasons, from wanting to simply deal in cash to not trusting the banks anymore.

 

But the fact is that even kids can benefit from having at least a checking account open under their name. If not for anything other than the fact that by simply having one open, you can get free money

 

A checking account is a type of account that lets you deposit your money into a secure place—either done online or through a check process. Having this account will then allow you to easily a range of your finances—from paying your bills to making spontaneous purchases with a debit card.

 

Checking accounts are different from savings accounts because they are designed for everyday use. This means that you can withdraw your money from an ATM, make a wire transfer, deposit checks and so much more. As long as you have money in your checking account, it is yours to do with it what you want.

 

Best of all, there is a range of different checking accounts available depending on who it is for. There are interest checking accounts that are similar to high-yield savings, rewards checking for having a certain amount of money in the account and even student checking designed for those who do not have as big of an income.

 

The type of checking account that you get all depends on the strategy you want to have and the end goal in sight.

 

Regardless of the one you choose, here are all the different reasons why you too should have a checking account.

 

1. Keep Your Money Safe

While there is some logic in always having some money stored away in cash, there is the risk that it can get stolen or lost—even if it is in a safe. Plus, having large amounts of money at home will only make you more vulnerable to robbers and could make a home disaster like a fire even more devastating if all your money burns away in flames too.

 

Storing your money in a checking account means that the money is automatically protected by the bank’s insurance. This means that even if something happens to the bank, your money will still be safe up to a certain degree.

 

2. You Can Pay in Different Methods

While paying in cash still has some relevance, it is not always the preferred way. Having a checking account means that you can easily Venmo someone or use your debit card for payment too. It also means that you can withdraw the specific amount of cash you need at any given time, rather than having to always have large amounts of cash on you.

 

With so many businesses now preferring digital payments, having a checking account will only make this more seamless for you.

 

3. Helps Support Checks

Plus, if you get paid in checks, you will want a checking account to deposit them into. It is very rare that an employer will pay in cash now. You will either get a physical check or a digital check that is transferred automatically to your checking account.

 

If you are an employee, then having a checking account will allow you to get paid fast and get access to your money fast. Plus, it cuts out all the middlemen and ensures your hard-earned money remains easily accessible to you.

 

4. Makes Paying Bills Easy

With a checking account, you can utilize the auto-pay features for any bills that you have. This ensures that you will never miss a bill payment and that you actually never have to think about it. Simply set up the automatic payment and the money will be taken out directly. Paying bills has never been easier.

 

5. Have the Accounting Done for You

Another perk of having a checking account is the fact that there is also a paper trail of your finances. This means that you do not have to worry about doing all the math yourself. Instead, your bank will do it all for you. You can easily access your monthly summaries to see what you spent money on, what money came in and anything else you are wanting to check.

 

This account summary also proves to be super helpful when it comes to proving payments or sorting out any financial disputes.

 

6. Get Free Money

Sometimes, you even get rewarded with free money based on the type of checking account you open. Who wouldn’t want to take advantage of that?

 

Conclusion

There are so many great benefits to opening a checking account. So what are you waiting for?