Checking Accounts

Still using checks? Still carrying cash in your pocket? A checking account can replace all these plus guaranteeing safety and convenience for its users.

Access America Checking Account
Cost of card

No cost


Up to 0.50%

Monthly fee

0% with daily balance or direct deposit

Loan conditions
Loan conditions
  • Be over 18
  • Have a valid ID/passport

Financial entities offer many different products, according to the emerging needs of the public. Checking accounts make up an important category of these products. They are bank accounts that are used for everyday money transactions such as making daily purchases and payments. It also allows you to get your paycheck directly deposited in your account, write checks and other services at a low cost. 

It is important to mention that even though these financial products are offered by banking entities, credit unions are also some of the most important providers of them hand in hand with online entities.


Features of checking accounts

Since it was designed for daily use, a checking account can have many features that can help you manage your daily finances easily. Some of these features are:

  • Physical Debit Card

  • Free order of personal checks

  • Direct Deposit of your paycheck

  • Rewards program and discounts

  • ATM usage

  • Minimum opening Balance

  • Online and Mobile banking

  • Free Monthly Transfers

  • Spending and Withdrawal Limits

  • Interest earning

  • Electronic Funds Transfer

  • Overdraft Protection


Types of checking accounts

  • Personal Checking Account: The is the basic checking account offered by any bank or credit union. Some of them are free and are very flexible with their conditions. They usually do not pay interest to its customers and if they do, they may be very low. Also, lots of ATMs and branches are available for these products. Nowadays, most of them can be used online and through mobile.

  • Online Checking Account: It is your typical checking account but fully online, which means that they do not have physical locations. This is why they tend to offer better rates, lower fees and most of them are usually free, because they do not have in-person bank services.

  • Students Checking Account: This is a low-cost checking account. It does not require any type of credit or bank history since it is offered to people that are new to banking. Age requirements depend on the state law, but most of them are offered to high school and college students as a way to introduce them to personal finance.

  • Business Checking Account: When you have a business, is necessary to have an account with money for daily expenses and payments. That is why banks offer handling large amounts of money and large numbers of financial transactions. They also offer the opportunity to link the business checking accounts to business line of credit. They are beneficial for businesses to keep track of their spending and evaluate better their success.

  • Interest-Bearing Checking Account: These are the accounts designed to help you earn interest from the money that is in your checking account. The interest will depend on how big are the amounts in the account and may charge you a fee if the minimum amount is not reached.


Typical checking account fees

Checking accounts main highlight is their low costs and fees they charge. Even though most of them are very flexible when it comes to charges, it is important to know that some entities might have some fees. The average fees charges are:

  • > Monthly Maintenance fee: Not all of them, but some checking accounts - especially the ones from large banks -, charge an amount as a maintenance fee every month. This amount can vary between $10-$15. Some of those entities might waive this charge if you meet some requirements they might have, such as having a minimum balance always available or setting up direct deposit.

  • > Overdraft fee: if you would spend more money than the one available in your account and you enrolled in overdraft protection for your account, large banking entities may charge an amount for exceeding your balance. They tend to be expensive.

  • > ATM fee: Some banks will charge for using ATM’s that are not owned by them or for using it for specific purposes such as sending wire transfers. 


Difference between a checking account and a savings account

Checking Account

Savings Account

  • They are very liquid.
  • No withdrawal restrictions.

  • Anytime access.- More accessibility to the account because they are designed for an active use of the account.

  • They provide a debit card, which makes easier the use and management of the funds.

  • They do not offer high interest earnings.

  • Allows you to set up direct deposit of your paycheck.

  • Most of the issuers offer very low fees 

  • It is designed for daily and active use of it.


  • - Maximum 6 transactions within the same month.

  • - Comparably higher interest rates and APYs.

  • - Less accessibility because they are designed to store your money for the long term. 

  • - Fee-free if the user do not exceed the withdrawal limit.

  • - Since they may not have a physical card linked to the account, withdrawals and transactions have to be done through a connected checking account, online, over the phone, or in person at any of the branches if available.

  • - There are no deposit limits on these accounts.


Benefits of a checking account

  • Not carrying money anymore

  • Not receiving checks anymore

  • Using the linked debit card to your account for daily spendings

  • Get your paycheck in your account with direct deposit

  • Online banking for purchases, payments, etc.

  • Checking accounts deposits are insured by the FDIC up to $250,000

  • Most banks provide budgeting tools with these accounts

  • Mobile banking to make transactions and inquiries

  • Use of ATMs withdrawals national and internationally

  • More money management from the account user

  • Helps to build or improve credit score (but not in a substantial way)

  • Additional financial services from your account provider such as discounts in loans or purchases

  • Overdraft protection in case there are not enough funds in the account

  • Most of them are free or have very low costs

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