July 5, 2017
Checking accounts are a necessary and wise way to store and manage your readily available money. Unless you want your wallet stuffed with cash, checking accounts allow you to not only store your money in a safe place, but also to manage and keep track of your money saving efforts. Checking accounts allow you to have easy access to your money, but they completely eliminate the possibility of you randomly losing your funds. The transaction list is one standard feature of checking accounts that allows you to see exactly what you’ve been spending your money on, and how much you have been spending. There are many checking accounts out there, so if you’re wondering which one is the right fit for you, here are some popular options.
Checking Account Options for You
Free Checking Accounts
Some financial institutions do not charge monthly fees and offer free checking accounts. Instead of getting penalized with a fee for going over the maximum amount of transactions per month, you can spend your money freely without consequence. This gives people the assurance that their money is truly their own, and gives them peace of mind when spending. These kinds of checking accounts come in handy during peak spending times such as graduation, family vacations, and Christmas. Many of these banks do online-only business, which saves them money, makes communication simpler, and provides free services to customers.
Online Checking Accounts
Online-only checking accounts are beneficial for a variety of reasons. They are a great option for parents who want to instill good spending habits in their children, keep track of where their money is going, and set up automated savings plans. Online checking accounts make all the information available at your fingertips, which can help you and your child manage their money in a smart and simple way. It also gives you the ability keep track of their money and provide helpful tips along the way.
Rewards Checking Accounts
Many people think credit cards are the only kind of accounts that provide rewards. While this is the norm, there are a few checking accounts out there that provide rewards. These rewards come in the form of high interest rates, airline miles, or cashback, which customers can receive in exchange for fulfilling certain requirements like setting up direct deposits or making a minimum number of debit card purchases per month.
Teen Checking Accounts
Teen checking accounts are designed for parents who want to get proactive and steer their kids in the right direction before spending mistakes become the norm. With these types of checking accounts, parents usually have to cosign, but that gives them the ability to view and access the account, monitor transactions, and provide advice and assistance to their teens along the way. It also means sharing the responsibility for any fees or consequences, so it is a good idea to look for a bank or credit union that keeps those fees to a minimum. If you want to help your teen learn how to manage money well, a teen checking account is a great way to get started.
Why Choose LUSO Federal Credit Union?
Before choosing a checking account, it is important to consider your banking habits and preferences. Once you have an idea of how you spend or desire to save money, seek out account features that suit you. There are many options available to you, so if you are looking for advice it is beneficial to speak with a professional advisor. For a checking account in Hampden County and the surrounding areas, LUSO Federal Credit Union can help you. Our professionals can help you set up the most suitable checking account for your needs, and we provide a multitude of additional services as well. These include mortgage advising, managing your finances, getting you out of credit card debt, saving for future goals, and setting you up with the loans you need. Our services and rates are available in Wilbraham and Ludlow, Massachusetts. Please contact our Ludlow branch at 1-(844)-587-6328 or our Wilbraham branch at 1-(800)-808-5876 to learn more.