My First Car Loan

Opening a checking account is a great way to better manage your money, especially if you can open one for free. Believe it or not, there are actually banks out there that offer free checking accounts.

Sometimes, these are offered to students, new customers, or just as a special offer by the bank. Whatever the case may be, do your research to ensure you get the very best free checking account possible. In order to do so, you'll need to know exactly what key features to be on the lookout for.

No Low Balance Fees

Most free checking accounts will require you to make a deposit to open the account. Some banks will say that your deposit has to be a certain amount to qualify, while others will let you deposit as much or as little as you like.

In either case, make sure you ask about low balance fees. Some financial organizations will charge a fee if your account dips below a certain amount. While this is not a bad thing if you manage your account carefully, it's always best to aim for a free account that doesn't charge this fee and lets you house as much or as little as you like in your account at any given time.

Direct Deposit Waivers

Many free banking accounts start out as free but, after a specified period, will provide nominal monthly banking fees.

While that's to be expected, some financial organizations will actually waive those banking fees if you use direct deposit for your checks each time you get paid. Direct deposit is convenient for you as it is, so if you can also get waived fees just by directly depositing your check, then you've really got a great deal!

Free or Low ATM Fees

Almost every bank will allow you to take money out of your account for free if you actually do it in person. However, some financial organizations charge a small fee for taking money out via the ATM. This fee is no big deal, but some banks will actually allow you to withdraw funds from the ATM for free. So, if you can find a free checking account that also offers free ATM transactions, go for it.

Free checking accounts are a wonderful asset no matter what. But, if you're thoughtful in the selection process, you can find a free checking account that offers even more benefits on top of those you're already enjoying.