My First Car Loan

A checking account makes daily life much easier. With a checking account, you can pay your bills and make everyday purchases with no problems. This kind of account also gives you a place to deposit your paycheck and makes handling your money much easier. While having a checking account is essential, fees and other costs may apply. If you want to avoid fees, you should consider a free checking account. Here are three things that you should know when searching for this kind of checking account.

There May Be Credit Score Requirements

When you are searching for a free checking account, your credit score may impact your eligibility. Some banks require a credit score of at least 600 to qualify for free checking. If you have no credit history or a low credit score, it may be challenging to find free checking. However, it is possible, and there are even programs out there to help those with bad credit obtain checking accounts with low fees or even no fees. 

There Are Non-Traditional Options

When you are searching for a free checking account, there are many options to choose from. While many banks offer free checking, there are non-traditional options that provide this kind of checking. Taking the time to comparison shop is the best way to find a free checking account that meets your needs. Some other options for free checking accounts include online banks and credit unions. Around 82 percent of large credit unions offer free checking. In comparison, only 38 percent of banks offer this kind of checking account. Taking the time to shop around can pay off significantly. 

Some Come With Requirements

Avoiding monthly service fees is the main benefit of having a free checking account. However, to get this kind of account, some banks and credit unions may have specific requirements that you need to meet. Minimum balance requirements may apply, meaning that you will need to have at least a certain amount of money in the account for your checking to be free. Other conditions may include having to make a certain amount of debit purchases each month. Before you put your money into a checking account, make sure that you can meet the requirements necessary for it to stay free.

When it comes to free checking accounts, there are a few things to know. You may need to meet specific credit score requirements to open a free checking account with some banks. There are options other than traditional banks that offer free checking. Credit unions and online banks are excellent resources. Finally, before you open an account, make sure you meet the requirements needed to keep your checking free.

For more information about free checking accounts, contact a local bank.