If you’re looking for a new bank account that allows you to easily store as well as access your cash, you might be thinking about opening a money market account or checking account. But how do you know which to choose? Decisions, decisions. Both types of accounts have unique advantages, depending on your savings and spending goals.
âThink about how you will be using the money within the account,” says Jill Emanuel, lead financial coach at Fiscal Fitness. “Is this money for daily, weekly or monthly use? Or is it money that will not be needed regularly?”
You’ll probably need a little more to go on before answering the question, “How do I decide between a money market account or checking account?” No worries. Our roundup delves into the features of both types of accounts to help you determine which one could be right for your financial plans, or if there’s room for both in your money mix.
Get easy access to your funds with a checking account
In simple terms, a checking account allows you to write checks and make purchases with a debit card from the money you deposit into the account. That debit card can also be used to withdraw cash from the account via an ATM.
When deciding between a money market account or checking account, Emanuel says most people use a checking account for the primary management of their monthly income (i.e., where a portion of your paycheck is deposited) and daily expenses (often small and frequent transactions). âA checking account makes the most sense as the account where the majority of your transactions occur,” she adds. This is because a checking account typically comes with an unlimited number of transactionsâwhether you’re withdrawing cash from an ATM, transferring money to a savings account or swiping your debit card.
While a checking account is a good home base for your finances and a go-to if you need to easily and quickly access your funds, this account type typically earns little to no interest. Spoiler: This is one key difference when you compare a money market account vs. a checking account.
âIf you plan to use your account for monthly bill payments and day-to-day transactions, you would be better suited with a checking account, as these support daily and frequent use.â
Grow your balance with a money market account
When you’re comparing a money market account vs. a checking account, think of a money market account as a savings vehicle that allows you to earn interest on the balance you keep in the account.
“A money market account is an interest-bearing bank account that typically has a higher interest rate than a checking account,” says Bola Sokunbi, certified financial education instructor and founder of Clever Girl Finance.
With some money market accounts, you can even earn more interest with a higher balance. Thanks to its interest-earning potential, a money market account can be the way to go if you’re looking for an account to help you reach your savings goals and priorities.
If you’re deciding between a money market account or checking account, you may think that a money market account seems like a typical savings account with your ability to earn, but it also has some features similar to a checking account. With a money market account, for example, you can withdraw cash from an ATM and use a debit card or checks to access money from the account. There are no limits on ATM withdrawals or official checks mailed to you.
Before you decide to use this account for your regular bills and your morning caffeine habit, know that federal law limits certain types of withdrawals and transfers from money market accounts to a combined total of six per calendar month per account. If you go over these limitations on more than an occasional basis, your financial institution may choose to close the account.
Don’t need regular access to your funds and want your money to grow until you do need it? Then the benefits of a money market account could be for you.
Deciding between a money market account or checking account
Still debating money market account or checking account? Here are some financial scenarios to help you determine which account may best suit your current needs and goals:
Go with a checking account if…
You want to keep your funds liquid. If you’re thinking money market account or checking account, know that a checking account is built for very regular access to your funds. âIf you plan to use your account for monthly bill payments and day-to-day transactions, you would be better suited with a checking account, as these support daily and frequent use,” Sokunbi says. Think rent, cable, utilities, groceries, gas, maybe that morning caffeine craving. You get the idea.
You want to earn rewards for your spending. When you’re comparing money market account vs. checking account, consider that with some checking accountsâlike Discover Cashback Debitâyou can earn cash back for your debit card purchases. The best part is you are earning cash back as you keep up with your regular expensesâno hoops to jump through or extra account activity needed. Then put that cashback toward fun things like date night, lunch at your favorite spot or a savings fund dedicated to something special.
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You want to deposit and withdraw without the stress of a balance requirement. If you do your research when comparing money market accounts vs. checking accounts, you’ll find that some checking accounts don’t require a minimum balance (or much of one). However, you may be required to maintain a minimum balance (and potentially a higher one) with a money market account in order to avoid a fee. If you’re accessing your money frequently and need to make large withdrawals, a checking account with no minimum balance requirement is a convenient option.
Go with a money market account if…
You want to earn interest. âIf your money is just sitting there, it should be earning money,” Emanuel says of the money market account or checking account question. âI spoke with a woman recently who told me she’d had around $50,000 sitting in her checking account for at least the last 10 years, if not longer. If that money had been in a money market account for the same period of time, she would have earned thousands of dollars on it. Instead she earned nothing,” Emanuel says.
You want to put short-term savings in a different account. If you have some short-term savings goals in mind (way to go!), you may benefit from keeping your savings separate from your more transactional checking account so you don’t dip into them for a different purpose. That whole out of sight, out of mind thing. âA money market account is the perfect place for money that will be accessed less frequently, such as an emergency fund [a.k.a. rainy day fund], a vacation fund or a place to park money after you’ve received an inheritance or proceeds from selling a home,” Emanuel says.
You need an account to fund your overdraft protection. If you’re comparing money market account vs. checking account, consider that a money market account could also cross over to support spending goals. One way is in the form of overdraft protection. If you enroll in overdraft protection for your checking account, for example, you could designate that funds be pulled from your money market account to cover a balance shortfall.
âA money market account is the perfect place for money that will be accessed less frequently, such as an emergency fund [a.k.a. rainy day fund], a vacation fund or a place to park money after you’ve received an inheritance or proceeds from selling a home.â
Using both accounts to achieve your financial goals
Speaking of crossover. Both spending and saving are vying for your attention, right? Consider leveraging both types of accounts if you have needs from the checking and money market account lists above.
“Personally, I use my checking account for bill payments, my day-to-day spending, writing checks and for any automatic debits I have each month,” Sokunbi says. She’s added a money market account to the mix “because of the higher interest rateâto store my savings for short-term goals, for investing or for money I’ll be needing soon,” she explains. Maybe it’s not about deciding between a money market account or a checking account, but getting the best of both worlds.
Before opening a money market account or checking account, do your research and compare your options to see which bank offers the best package of low or no fees and customer service, in addition to what you need from an interest and access to cash perspective.
The post Money Market Account or Checking Account: Which Is Best For You? appeared first on Discover Bank – Banking Topics Blog.
When personal finance blogger Allan Liwanag was establishing his career and living paycheck to paycheck, he often had just enough money to cover his expenses each month. He ran into an issue with an old checking account that caused him some major grief.
“I forgot to account for the $15 monthly fee that the bank would charge,” Liwanag says. “So I was short covering my rent. It was a stressful situation because I didn’t know at first if the bank would process the payment for the rent or not.” The bank ultimately covered it, but Liwanag got charged $35 for an insufficient funds feeâon top of the original monthly fee.
Liwanag, who now runs a consumer money-saving site called The Practical Saver, learned a lot from that experience. The main point being, checking accounts can rack up feesâeven for standard activity. In fact, bank fees, including those for ATM usage and overdrafts, continue to rise year-over-year, according to a 2019 Bankrate survey. As Liwanag learned, fees could eat away at the funds in your checking account, which may become problematic when it’s time to pay bills or take care of other expenses.
What you may not know is that there are no-fee checking account options without the hassle of common fees. Discover®Cashback Debit, a no-fee checking account, for instance, doesn’t charge any account fees.1 It also offers no-fee checking without an opening deposit requirement, which is especially beneficial if you’re starting with a small balance or plan to make big withdrawals or transfers.
So you might be thinking right about now, “What are the benefits of a no-fee checking account?” To answer that question, it’s important to understand what types of fees you may be racking up and how you can make the most of a no-fee account. Let’s get to it.
Bank fees, including those for ATM usage and overdrafts, continue to rise year-over-year.
Your most common checking account fees
Checking account fees can become a trap you may not realize you’ve fallen into until it’s too late. It’s possible to be charged fees just for keeping your account open or for services or features you may have assumed came standard with the account. Being charged a fee doesn’t necessarily mean you’ve done anything wrong, but it’s a hassle you can avoid with the proper research.
Here is a list of some of the common checking account fees you could be paying:
Monthly fees to maintain or service your account
Overdraft or insufficient funds fees
ATM fees
Fees to order books of checks
Online bill pay fees
Stop payment fees
Replacement debit card fees
Not sure which checking account fees you’re dishing out for? Contact your bank or visit its website to get a copy of your deposit account agreement. This document usually has a list of fees related to your checking account that may apply to you.
Another good tipoff: “If you see monthly, quarterly or annual fees broken out on your monthly bank statement, you’ll know whether your account is truly no-fee,” says CPA and financial analyst Riley Adams of Young and the Invested, a site with strategies for financial independence.
It’s important to review your statements regularly to identify which fees you are being charged and to determine how that’s impacting your budget.
3 benefits of a no-fee checking account
Now that you’ve identified the many possible checking account fees you could be charged, you’ll find that the benefits of a no-fee checking account go beyond just freeing up some cash in your budget. In addition to the features you’re used to with a regular checking account, a no-fee checking account gives you a financial edge in the following ways:
More money for your financial goals. “Having a no-fee checking account can help you get ahead financially,” Adams says. “Instead of paying monthly service fees and even overdraft fees, you can apply that money toward your own financial goals.” The money you save on fees could be used to pay down debt, boost a savings account or help fund an education, business venture or vacation.
Flexibility. A benefit of a no-fee checking account is that it allows you to bank on your terms. If you’re just starting out, a no-fee checking account without an opening deposit requirement means you have the flexibility to fund the account with whatever amount makes sense for you. Need to make a big transfer from checking to savings? No problem, since you won’t have to worry about dipping below a minimum balance threshold. You can even go on your merry way using ATMs in your bank’s network without being restricted by fees, and if you accidentally overdraw, your no-fee account’s flexibility may save you the stress of a ding for insufficient funds.
No surprises. “Should I get a no-fee checking account?” was an easy decision for Liwanag because he knows exactly what to expect with one. “A plus of no-fee accounts is that you can rest assured that unaccounted-for or surprise fees will not kick you into overdraft,” Liwanag says. (Or, in other words, less s-t-r-e-s-s.)
Manage your finances with multiple no-fee accounts
There are also ways that no-fee checking accounts can help you better manage your income and expenses, in case you’re still wondering, “Should I get a no-fee checking account?”
Liwanag had no problem answering that question: âI have four,” he says, “which I use for easily tracking specific budget categories or expenses.”
As he explains, it can be easier to track expenses when money for different priorities, such as his emergency fund or that much-needed vacation, is bucketed into different no-fee checking accounts. Because he may be charged fees for excessive withdrawals from a savings account, Liwanag uses his no-fee checking accounts to manage the money he’ll need to access frequently for specific purposes.
The best part: Maintaining multiple checking accounts doesn’t cost him extra since a benefit of no-fee checking accounts means fees aren’t in the equation, he says. Some banks do have limits on how many checking accounts you can open, so be sure to consider this if you’re using a multiple account strategy like Liwanag.
Keeping your expenses organized is a pretty big motivator; so if you’ve answered “yes” to the question, “Should I get a no-fee checking account?”, the next step is knowing how to choose one.
Find the best no-fee checking account for your needs
Although the benefits of a no-fee checking account are key, don’t lose your head too much and forget to consider other checking account features that match your lifestyle. If customer service is your deal breaker, make sure the bank offers it around the clock and that it’s recognized for being top-notch. If you’re always on the go and your phone is right there with you, mobile features and mobile check deposit may be on the top of your list. If you’re regularly withdrawing cash, evaluate the bank’s network of no-fee ATMs and see if an ATM locator is offered to make tracking them down a breeze.
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If the benefits of a no-fee checking account are top of mind, you may also want to consider the perks of a rewards checking account. For example, Discover’s Cashback Debit even offers 1% cash back on up to $3,000 in debit card purchases each month.2 So on top of a no-fees savings strategy to meet your goals, you could also earn up to $360 a year. (Vacation, here we come!)
Start on your path to smart checking
Clearly, the benefits of a no-fee checking account and a no-fee checking account without an opening deposit requirement are numerous. Just be sure to do your research, then compare your findings carefully. The no-fee checking account you choose should ultimately help you reach your personal financial goals. You may find that saving on fees and reducing financial stress could be just the edge you need to set your checking account on the best course.
1Outgoing wire transfers are subject to a service charge. You may be charged a fee by a non-Discover ATM if it is not part of the 60,000+ ATMs in our no-fee network.
2ATM transactions, the purchase of money orders or other cash equivalents, cash over portions of point-of-sale transactions, Peer-to-Peer (P2P) payments (such as Apple Pay Cash), and loan payments or account funding made with your debit card are not eligible for cash back rewards. In addition, purchases made using third-party payment accounts (services such as Venmo® and PayPal®, who also provide P2P payments) may not be eligible for cash back rewards. Apple, the Apple logo and Apple Pay are trademarks of Apple Inc., registered in the U.S. and other countries. Venmo and PayPal are registered trademarks of PayPal, Inc.
The post Should I Get a No-Fee Checking Account? appeared first on Discover Bank – Banking Topics Blog.
Heading off to college is exciting. Really exciting. You finally have freedom! You’re out on your own for the very first time, managing your studies, managing your social life and… managing your finances.
Despite being a big part of your newfound independence, personal finance is a subject you probably won’t find on your course schedule. If you didn’t take a personal finance class in high school and never had money lessons from your parents, you may not know how to manage a checking account as a college student.
“College students have very different needs for their checking account than their parents or other adults,” says Tommy Martin, CEO of Clear Path Financial Planning and a finance blogger at TommyMartin.com. If you live in a different city during the school year than you do during winter and summer breaks, for example, you may be after a bank for which location doesn’t matter.
Ok, so how do I manage my checking account in college, you ask? First, don’t get overwhelmed. Learning how to manage money while in college and getting a handle on checking account basics is simpler than you might think (oh, and the skills will serve you for years to come). Second, you can kick off your checking account education with these tips for managing a checking account in college:
1. Compare checking accounts before signing up
While your college life may center around your school campus, you should consider venturing off-campus to pick the right checking account for your lifestyle.
“Students typically sign up with a bank that’s on campus or close to campus,” says Sahil Vakil, a financial planner and president of MYRA Wealth in New Jersey. However, the nearest bank might not be the one that best fits your needs, he adds.
Instead of picking a bank based solely on proximity, consider all of your options, including banks with off-campus locations and online-only banks.
Martin agrees, saying that learning how to manage money while in college means considering all of your banking options rather than “automatically enrolling or choosing the official school bank just because it has the school logo on it.” There are other ways to show your school pride, after all.
2. Learn about checking account fees and rewards
Vakil and Martin both say a tip for managing a checking account in college is to consider an account’s fees before signing up. Costly fees can eat into your savings and spending money, which can be a blow for students who are not working full-time. When you are choosing a checking account in college, consider fees for:
Monthly maintenance (essentially keeping your account open)
Minimum balance (not maintaining one)
ATM usage
New checks
Wire transfers
Online bill pay
Replacement debit cards
Martin says a checking account with no minimum balance requirement or minimum number of transactions could be a good fit for students. “It allows them to focus on their education” instead of worrying about incurring penalties, he says. “Even a $5 fee on a checking account with $60 in it can be devastating.”
Costly fees can eat into your savings and spending money, which can be a blow for students who are not working full-time.
Martin also suggests finding an account that has a large network of no-fee ATMs located across the country to better manage your checking account as a college student. “Especially if you’re going to a school in a different state, the local bank from home might wind up costing you a lot in terms of ATM fees,” he says. If your parents plan to wire you money, find an account that doesn’t charge incoming wire fees, Martin adds.
While fees should be a focus when you are learning how to manage money while in college, don’t forget about incentives. You may be able to find a checking account that actually helps you grow your balance by paying interest or offering a cash back rewards program.
“If you have to pay for books or supplies, at least you can get some cash back and use it for a free dinner,” Martin says. Discover Cashback Debit, for example, offers 1% cash back on up to $3,000 in debit card purchases each month.1
Luckily, you don’t need to take Banking 101 to figure out your funds, and tech makes tracking your balance and account activity easier than ever. Most banks let you log in to your account online (don’t get distracted in class!), and with a bank’s mobile app you can transfer money to friends, pay bills, deposit checks and check your balanceâall while you’re on the go.
Knowing your balance at all times is a tip for managing a checking account in college because it can help you avoid overdrafts and insufficient funds fees. It can also help you forecast your income and expenses to ensure you’ll have enough money to cover future costs. Surpriseâthat’s budgeting!
There’s no one-size-fits-all budgeting program or system, though. You can go old-school and track your budget on a printed-out budget sheet, or you can go tech-savvy with a budgeting and spending app. “What’s best for you is the one you’re actually going to use,” Martin says.
If you learn how to manage money while in college and make a practice of maintaining your budget, the habit will follow you after graduation.
âCollege students have very different needs for their checking account than their parents or other adults.â
4. Secure your account
One of Vakil’s tips for managing a checking account in college is to make sure your account stays secure. Create a unique account name and password that you use only for your checking account, and never share your credentials.
Vakil says you can also enable two-factor authentication if your bank offers it and you’re looking for another way to improve the management of your checking account as a college student. “This additional layer of protection safeguards your sensitive financial data and strengthens the security of your account by requiring two methods of verifying your identity.”
For example, if you log in to your account from a new device, you may be sent a text message with a code that you’ll need to enter to access your account.
5. Keep an eye out for debit card holds
No matter where you bank, a merchant may place a hold on funds in your checking account when you use your debit card. Generally, a hold is placed for travel-related purchasesâsuch as at rental car companies, hotels and gas stationsâand used by merchants to protect against fraud and errors.
“Holds on a debit card can make it tricky for you to manage your finances,” Vakil says. For example, “when you rent a car, the car rental company might put a $500 hold on your account. If the balance in your account was $550, now you can only use another $50.”
Being aware of holds can be particularly important if you are managing a checking account as a college student and tend to have a low account balance.
If a merchant will be placing a hold, it will generally post a sign to notify customers. The hold will typically be removed after the funds are transferred to the merchant from your financial institution, typically within three to four days.
Knowing when a hold will be placed, the amount of the hold and how much money you have in your checking account can help you manage your checking account as a college student by avoiding overdrafts and missed bill payments due to insufficient funds.
6. Don’t let one mistake throw you off track
If you can learn how to manage a checking account as a college student, and more generally, how to manage money while in college, you can lay the groundwork for a solid financial future. Checking account mistakes may occasionally happen (oops, I didn’t budget enough for that spring break trip), but don’t let them discourage you to the point of apathy. Instead, try to continually expand your knowledge and practice healthy financial habits.
1 ATM transactions, the purchase of money orders or other cash equivalents, cash over portions of point-of-sale transactions, Peer-to-Peer (P2P) payments (such as Apple Pay Cash), and loan payments or account funding made with your debit card are not eligible for cash back rewards. In addition, purchases made using third-party payment accounts (services such as Venmo® and PayPal, who also provide P2P payments) may not be eligible for cash back rewards. Apple, the Apple logo and Apple Pay are trademarks of Apple Inc., registered in the U.S. and other countries. Venmo and PayPal are registered trademarks of PayPal, Inc.
The post 6 Tips for Successfully Managing a Checking Account in College appeared first on Discover Bank – Banking Topics Blog.
It’s a nonstop day. The usual. You’re at the grocery store, grabbing a few things for dinner (note to self: hit the ATM on the way out!), then a much-needed coffee at the drive-through (swipe that debit card), before you drop your tween at her first day of basketball practice (remember to bring your checkbook). Phew. And you’re only halfway done.
In the middle of it all, you certainly don’t want the nagging feeling that you can’t access your money at a moment’s notice, that you’re missing spending perks or that you’ll be hit with unnecessary fees. So a good question for you might be, “What’s the best checking account for busy families?”
How about a checking account that matches your lifestyle? Robert Farrington, founder of millennial personal finance site The College Investor and father of two, suggests that banking for busy parents should include an account that is âconducive to an on-the-move life.”
With everything on your plate, you may not realize that as your family’s needs change, the way you manage your money will likely need to change too. The good news is that many financial institutions offer bank accounts for busy families like yours, designed with features aimed at supporting your active lifestyle.
To select the checking account that best serves your needs, Farrington recommends first examining your current patterns. âNotice how you deposit money and how you spend it,” Farrington says. âLook at your banking trends and see where you’re being charged.”
Next, identify the unique features offered by each new checking account you are considering. To help you do that, here are four key things to look for as you narrow down your search:
1. Cash back rewards: More bang for your buck
According to the U.S. Department of Agriculture, it costs about $12,980 a year to raise a child. Even if your kids get their share of hand-me-downs and you don’t buy them everything they want, you’re still spending a lot. The biggest costsâafter housing (29 percent of child-rearing costs)âare food (18 percent) and child care/education (16 percent). None of that even includes birthdays, holidays and so on…
If you’re trying to find the best checking account for busy families, consider that all those purchases could be a little less painful with a checking account that rewards spending, typically in the form of cash back or rewards points.
Ashley Patrick, founder of the blog Budgets Made Easy, loves the idea of a checking account that offers rewards. Patrick, whose blog tells the story of how she paid off $45,000 of debt in 17 months, recommends that budget-conscious families use debit cards for purchases. âIf those purchases were rewarded,” Patrick says, âthat money would multiply.”
Say hello to cash back on debit card purchases.
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If you’re using a checking account that rewards you for debit card purchases, some of those seemingly endless expenses can actually help you save a bit of extra cash. Discover Cashback Debit, for example, lets you earn 1% cash back on up to $3,000 in debit card purchases each month.1 That means your monthly cash back earnings could yield $360 in total rewards each year. This feature of a bank account for busy families could pay for one night at your favorite family resort!
2. Easy account access: At home or on the run
You’re dropping off one kid, picking up the other, then have to get ready for a fundraiser. You are always on the go, so it’s time to find the best checking account for busy families that’s always right there with you. Patrick suggests opening a checking account with a bank that has a vast network of no-fee ATM locations. For example, Discover offers more than 60,000 no-fee ATMs around the U.S.
âI live out in the country, about 12 to 13 miles from town, so I need an ATM nearby,” Patrick says. âI usually go to town on Fridays or Mondays, get lunch for the kids, go to the store for groceries and get cash. Everything needs to be in one location.”
Besides getting money for day-to-day purchases, a conveniently located ATM is a must for depositing cash. Why make a special trip to visit your local branch when you can make deposits at an ATM that’s at or near a place you already frequent? Banking for busy parents is hard to imagine without this benefit.
âNotice how you deposit money and how you spend it. Look at your banking trends and see where you’re being charged.”
3. Online and mobile features: Save time in spades
In fact, you may not need a brick-and-mortar bank branch at all. Another option to consider is opening a checking account with an online bank.
The best bank account for busy families is one that offers maximum convenience. With an online checking account, all you need is a computer, tablet or smartphone to deposit a check (most online banks have a mobile app that allows you to take a photo of your check to deposit the funds). An online checking account also makes banking for busy parents effortless by allowing them to manage bills and bank statements from a deviceâeither while at home or out and about. Save the paper for your kids’ cute drawings that you tack up on the fridge.
Nermeen Ghneim, blogger at Savvy Dollar and mom of two, says the best checking account for busy families would offer a mobile app.
âI want to be able to access everything a bank can offer through my mobile device,” Ghneim says. âIt saves time, and it’s huge for a parent with a full-time job.”
Here are some of the other online and mobile features that are key if you’re looking for the best checking account for busy families:
Online transfers. Farrington says the ability to transfer money between accounts is especially important. Things come up unexpectedly and you may need to quickly transfer from savings to checking, or move those cash back rewards into a college fund for the kids. If you’re moving your cash back rewards into savings, you may even be able to make that happen automatically. For example, when you enroll in Discover’s Auto Redemption to Savings, we’ll automatically deposit your cash back into a Discover Online Savings Account every month.
Online bill payments. With everything else on your mind, you shouldn’t have to go through a stack of bills every month. The best checking account for busy families would allow you to set up automatic bill payments, so each month’s charges are automatically debited from your checking account.
Balance notifications. You should never be in the middle of a transaction and see those dreaded words: Insufficient Funds. Instead, you want to get a heads-up when your balance is close to zero, so there aren’t any surprises.
Debit card protection. While it’s important to be able to quickly and easily use your debit card, Ghneim says it’s just as important to be able to freeze it. Some banks offer a digital feature that enables you to switch your debit card on and off, so you can instantly freeze your debit card if it’s been misplaced or you want to curb spending.
Connecting to other digital applications. Nowadays, busy families rely on budgeting and spending apps to help manage their finances. A good bank account for busy families would be able to easily sync with those other tools online or via your mobile device so that you can efficiently manage your money and take advantage of the features of each app.
Farrington says that when selecting the best bank account for busy families, a no-fee checking account is a must-have, so it’s worth shopping around until you find one. For example, Discover Cashback Debit has no account-related fees.2 âYou shouldn’t have to pay a fee if you don’t keep a minimum balance,” Farrington says. âParents often don’t have the bandwidth to keep track of whether they’ve made a certain number of transactions.”
If you are getting hit with a checking account fee for any of the items below, you may want to consider a new checking account to make banking for busy parents easier:
Monthly maintenance
In-network ATM withdrawals
Replacement debit card
Standard checks
Online bill pay
Insufficient funds
Stop payment order
Official bank check
If you’re exploring a new bank account for busy families, Ghneim advises to watch out for hidden costs. Even no-fee checking accounts will sometimes hit you with unexpected charges. âThere should be no hidden fees because if a family is living off a budget, it’s very stressful to incur unexpected fees,” Ghneim says. Farrington agrees: âThere are some things that might cost you money, like wire transfers, but you shouldn’t have to pay for most features these days.”
âThere should be no hidden fees because if a family is living off a budget, it’s very stressful to incur unexpected fees.â
Banking for busy parents just got easier
Above all, Farrington says you want to prioritize the features that are most relevant to your family’s needs and lifestyle. If you’re always on the go, you may care most about convenient, no-fee ATMs and mobile check deposits. If your schedule necessitates a lot of out-of-pocket spending, you may want to prioritize debit card cash back rewards.
Keep in mind that when it comes to establishing the best banking for busy parents, you have options. âThere are so many checking accounts being offered now,” Farrington says. As long as you’re aware of the features that are available, you can make an informed decision and choose the account that’s best for you and your family.
1 ATM transactions, the purchase of money orders or other cash equivalents, cash over portions of point-of-sale transactions, Peer-to-Peer (P2P) payments (such as Apple Pay Cash), and loan payments or account funding made with your debit card are not eligible for cash back rewards. In addition, purchases made using third-party payment accounts (services such as Venmo® and PayPal, which also provide P2P payments) may not be eligible for cash back rewards. Apple, the Apple logo and Apple Pay are trademarks of Apple Inc., registered in the U.S. and other countries.
2 Outgoing wire transfers are subject to a service charge. You may be charged a fee by a non-Discover ATM if it is not part of the 60,000+ ATMs in our no-fee network.
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, who also provide P2P payments) may not be eligible for cash back rewards. Apple, the Apple logo and Apple Pay are trademarks of Apple Inc., registered in the U.S. and other countries. Venmo and PayPal are registered trademarks of PayPal, Inc.
, which also provide P2P payments) may not be eligible for cash back rewards. Apple, the Apple logo and Apple Pay are trademarks of Apple Inc., registered in the U.S. and other countries.