The Benefits of a Checking Account

    2 minutes
    Explore the benefits of a checking account and learn important considerations to keep in mind.

    A checking account is a fundamental financial tool that simplifies everyday transactions and can help propel us into slack-building behaviors. Some checking accounts even offer additional features to automate this process. We’re breaking down the benefits of checking accounts and listing important considerations to keep in mind as you determine what works best for your needs.

    The Pros

    Easy access to funds. Checking accounts are convenient for day-to-day expenses. You can easily access your money through various channels such as checks, debit cards and online transfers.

    Additional protection. Keeping cash increases the risk of it being lost, stolen or damaged. It also lacks the protections offered by checking accounts. At credit unions, checking accounts are insured by the National Credit Union Association (NCUA) – safeguarding deposits up to $250,000 per account holder in case of bank failure.

    Debit cards. Most checking accounts come with debit cards so instead of paying cash, you can just tap or insert your card for transactions. Credit Human members with a checking account can pick up a contactless debit card at any Financial Health Center, no appointment necessary.

    Track spending easier. Transactions made with your debit card deduct the amount from your account immediately, allowing you to see an accurate balance in real time. See what other digital banking features can help you track your spending.

    Direct deposit. Instead of receiving a paper check that is at risk of getting lost or stolen. Many employers offer direct deposits which allows your paycheck to be automatically deposited into your checking account.

    Important Considerations
    Keep these in mind as you research which account works best for your needs.

    Account fees. Some checking accounts have monthly maintenance fees or penalize you for not maintaining a minimum balance.

    Overdraft fees. If you spend more than the available balance in your account, you may incur overdraft fees which can throw a wrench in your financial goals. Our Sensible Spend checking account is a safe alternative to a traditional checking account with everything you need minus the overdraft fees.

    Minimum deposits. Some financial institutions require a minimum initial deposit to open a checking account. While the minimum deposit is usually a small amount, this can be a barrier if you’re just starting out.

    Limited interest. Checking accounts typically offer minimal or no interest on your balance. If you’re looking to grow your savings, a checking account with a separate savings account like our Share Savings might be the best option.


    Keep in mind all your financial needs and habits when choosing a checking account. For personalized financial guidance in choosing an account right for you, visit your nearest Financial Health Center.

    Sensible Spend Account

    An alternative to a traditional checking account with everything you need without the possibility of overdraft fees that can impact your financial health.

    • Open with a $0 minimum deposit
    • No overdraft fees
    • Waive monthly fee by setting up a $3 monthly auto-transfer to your savings
    • Get paid early. Eligible to receive paycheck up to two days early
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