If you’re opening a new checking account, you’re going to need to think about a number of different elements. However, many people, especially people who are opening an account for the first time, don’t really know what to look for in a new checking account. There are many elements to consider, which can be complicated and a bit daunting. Here are four things to look at for your family’s newest checking account.
Things to Know Opening a Family Checking Account
Maintenance fees can be frustrating to deal with, especially if you’re in a financial situation that makes it difficult to get them waived. A maintenance fee is a fee that the bank charges to keep your account open. However, you can almost always have them waived with a certain average dollar amount in your account. Check to see what the waive requirements are for the maintenance fee, as well as how expensive that fee is if you don’t meet the requirements.
APY for Checking and Savings
APY, which stands for Annual Percentage Yield, is essentially the amount of interest that a bank pays you for holding your money. Some companies offer APY on both checking accounts and savings accounts, while others will only do one or the other, and a minority may not do either. However, if you need a place to hold lots of money, you’re going to want to keep it in high-yield savings account rather than just choosing whatever savings account is easiest.
Refer a Friend Program
It’s surprisingly common for banks to have a Refer a Friend program. These programs typically reward both you and the person you refer, which means that both of you can get a great benefit when the other person signs up. Especially when you’re part of a family, this can be a big deal. Families are often coming across new fellow families, which means there are all sorts of people who you can refer to your bank.
A sign-on bonus is a type of bonus that you can get as a benefit when you open a new account, then typically spend a certain amount of money within the first few months of having the account. The Chase checking account, for example, is currently offering a $225 welcome bonus if you open an account and set up direct deposit for paychecks, pensions, or government-issued benefits. It’s an easy way to get some extra money as part of your path toward getting a handle on your family’s finances.
Not every checking account is going to be perfect for every family. That’s why there are so many different checking accounts, after all. If you’re planning to open a new checking account for your family, you want to make sure you’re thinking about these four important things. They can be the things that make or break your experience with a specific checking account, and making the most of them can help improve your family’s finances no matter where they are right now.