Whether you are opening a checking account for a young teen or you’re starting a new business, there is a lot to consider when weighing your checking account options. While it may not seem significant at first glance, checking accounts — and credit unions or banks — can be really different from one another. Here are some of the factors you should consider when opening a new checking account to make sure you get the one that is right for you.

What are your financial needs

• Standard Checking Accounts: Ideal for everyday banking needs with easy access to your money.
• Interest-Bearing Checking Accounts: These accounts offer interest on the balance but might come with higher fees or balance requirements.
• Rewards Checking Accounts: These accounts provide rewards for certain activities, like using your debit card or direct deposits.
• Student Checking Accounts: Tailored for students, often with no monthly fees and lower balance requirements.
• Joint Checking Accounts: Perfect for shared finances, these accounts are ideal for couples or business partners.

What kind of account are you eligible for

When you are looking for the best checking account, you not only need to consider the checking account you want, but also what kind of checking account you are eligible for. If your credit score is poor or non-existent or if you have a criminal history, many checking accounts will not be available to you. People under 18 can also find it difficult to open a checking account. Unless your bank or credit union offers checking accounts for younger teens, a joint checking account with an adult may be your only option. Bottom line: Know what you need and what might hinder you, then, shop around for a bank or credit union that offers a checking account that works for you and your situation.  

Is the checking account convenient

When you open a checking account, consider convenience. Will you ever need to go into one of your financial institution’s branches or use an ATM? If so, make sure it is relatively easy to get to a local branch and that there are plenty of fee-free ATM options in the places you might need them. What about online banking? While online banking is pretty much standard, not all online banking software and services are easy to access and use. Before you decide on a credit union or bank, check to make sure their online banking options are right for you. link