4 Different Types of Checking Accounts

Your checking account is an essential part of everyday life, so you want to be sure you get an account that works for you at every stage of your financial journey.

There is a checking account out there to fit your needs. Whether you're about to open your first-ever account, or you want to upgrade to an account with a better annual percentage yield (APY), or you’re switching to a different financial institution, there are perfect types of checking accounts to suit everyone. 

Read on to learn more about the four different types of checking accounts offered by Arbor Financial.   

1. Free Checking Account 

A checking account should provide you with all the convenient features you want – and none of the fees that you don't want. Ideally, you want a Free Checking Account. This kind of account is best for people who want to make no-fee daily transactions, including debit card purchases, money transfers, direct deposits, and ATM withdrawals.  

These are the special perks and benefits you should look for in a Free Checking Account: 

2. Free Momentum Checking Account

In addition to all the handy features of a Free Checking Account, it might be a good idea to shop around for an account where you can earn interest as you go. A Momentum High Yield Checking Account offers great rates on your balance – and the more you use your debit card, the higher your rate will go. 

This kind of account is best for people who want their money to work for them each time they swipe their debit card. You'll get one rate for 10 to 19 debit card purchases per month, then it will go up for 20 to 29 debit card purchases per month, and you'll get the highest rate if you make 30 or more debit card purchases per month

Note: Benefits are capped to the first $15,000 in your account.

3. Premier Checking Account

We've all seen the premier counter at the airport, but did you know you can get a Premier Dividend Checking Account, too? You know you've made it once you've signed up for this account!

A balance of $2,500 or more will qualify you for competitive dividends so you can watch your money grow! If you thought dividends were reserved for the stock market, think again. As a member of a credit union, you're a part-owner so a portion of the revenue goes back to you.

Plus, see your APY jump as your balance goes up. You'll earn more once you reach the milestones of $25,000 and $100,000.

Note: To motivate you to keep saving, there is a $25 monthly fee if your balance dips below $2,500. So keep up the good work, and you'll be fine!

4. Volt Account

Teenagers and young adults need to start their financial journey right – and that's where a Volt Teen Account and a Volt Young Adult Account come in. The Volt Teen Account is specially designed for people aged 13 to 18 and the Volt Young Adult Account is for people aged 19 to 24.

A Volt Checking Account means teens and young adults can get familiar with banking in person, online, or on a mobile device. It will also motivate them to start saving with great rates on balances up to $1,000. With a convenient all-in-one checking and savings account, young people can learn the ropes and take charge of their finances. 

With this type of checking account, savers 18 and under will be protected against overdraft fees and out-of-network ATM fees. There is also education and support available, in addition to the Level-Up Program with special modules for younger groups.

And parents also benefit. You can easily transfer money to your child without using a third-party app, turn their debit card off or restrict usage, and monitor their account balance. Feel at ease knowing your teens and young adults will be set up to make great decisions for the rest of their life. 

Bonus Perks of Having a Checking Account 

Your checking account is the gateway to every other financial service available through your local credit union. 

In addition to all the great features of the different types of checking accounts, you can take advantage of these services and resources:

  • Free Credit Checkup: A credit professional will guide you through an annual review of your financial situation to make sure you're in excellent shape. 
  • Financial Coaching: Enjoy learning the best techniques to make smart decisions with your money so you can thrive financially. 
  • Grow & Achieve Blog: Read up on topics relevant to your stage of the financial journey, including homeownership, borrowing money, and securing auto loans.

Still Wondering About the Different Types of Checking Accounts Available?

We hope this breakdown has provided some insight into the variety of checking accounts available, but maybe you still have questions. That’s where we can help! The professionals at Arbor Financial are ready to assist and offer guidance.

Click below for more information to help you decide on the best type of checking account for you!

HOW TO CHOOSE A CHECKING ACCOUNT
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