Personal checking accounts are a must-have for everyone. This bank account is where your paycheck can be deposited if you have a direct deposit at your workplace or if you receive paper checks, you can still deposit your funds into this account. Personal checking accounts allow you to write checks to family, friends, and businesses while also enabling you to safely store money for the future. You can send bill payments from a personal checking account and much more! Check out all the possibilities of personal checking accounts below:
The Benefits of a Personal Checking Account
We’ve all asked ourselves: “What kind of checking account do I need?” While there are many different personal banking options, personal checking accounts are ideal because they are so versatile. Personal checking accounts are doorways that can open many different possibilities in your life and let you do many different things, such as one or all of these three options:
Pay Your Bills
How many times have you suddenly gotten very anxious because you couldn’t remember if you’d paid a bill? Over 5 million people are more than 90 days behind on their car payments. Having a personal checking account could help alleviate this stress because most billing companies will let you set up an auto-pay with most personal checking accounts. According to the Federal Reserve Bank of New York, 107 million people in the United States have car loans. You can bet that many of them benefit from automatically paying their bills through personal checking accounts.
Cash When You Need It
Personal checking accounts come in handy when it comes to everyday spending. Whether you need to go grocery shopping or grab a quick bite with friends, personal checking accounts usually come with a debit card that you can use to pay on the go. This debit card also works with an ATM, so you can withdraw cash fast! As long as you have funds available, it easy to quickly take money out of your personal checking account in a pinch.
Save for the Future
According to a 2016 GOBankingRates survey, less than half of all U.S. adults have only several hundred dollars in their savings accounts. 34 percent of U.S. adults have nothing in their savings accounts. This can be scary if you come up against an emergency that requires immediate funds. Luckily, a personal checking account can be the gateway to fiscal responsibility. You can use your bank statements every month to make smart budget decisions, which will then help you learn savvy spending habits. Make your money work for you and prepare for the future at the same time.
Choosing a Bank That’s Right for You
How do you decide which bank deserves your trust and your money? It’s a personal decision that requires a lot of research and exploration before you make a final decision. Whether you’re buying a home, investing in business loans, or just need reliable banking services, make sure you’re making the right call before opening a personal checking account.