Which Bank Account Features are Actually Useful?

When you get a new bank account, it is a good idea to sit down and see which features you think are going to be useful. You want to consider all of your options so that you can get an account that is actually helpful to you. Do not compromise on something that is very important to you. Do not get an account that does not give you what you want. There are plenty of bank account options out there, so make sure that you are happy with everything that is being offered to you before you set things up. Below are some of the features that you might want to look for.

 

Online Banking

First of all, you need to use online banking. It will make your life so much easier. You will be able to go onto your account from home to see how much money you have. This gives you the ability to monitor checks that you have written or deposited. You can make sure that payments are coming through when they are supposed to come through. You can also use this to see how much money you have left before you write a check, saving you from accidentally overdrawing and incurring a fine. Online banking is free and can save you money.

This is also helpful because you can move your money from one bank account to the next. You will be able to take money out of your savings account, put it into your checking account, and then spend it. You can do this all from home. You can also do things in the reverse order. If your employer pays you through a direct deposit system, you can then take as much as you want out of your checking account and put it into your savings. You can do all this by going to the bank as well, but it is much more convenient to be able to do it from home. Some systems even let you send money to other people who have accounts at the same bank.

If you are traveling you can also access your bank account and keep on paying bills and monitoring activity. This is especially useful if you are on an extended trip.

PayPal and Credit Card Connectivity

As long as you are transferring your money around, making sure that you are able to connect your bank account to your PayPal account. You can then transfer back and forth between the two. This gives you an easy way to buy things online. You can also connect the account to your credit card. You can then spend money on the credit card, earning points toward flights or anything else that you want, and you can pay it off without having to mail in a check. This is nice because it means that you can put off making the payment until the last second without any penalty.

Debit Cards That Act As Credit Cards

When signing up for the account, you may want to see if the debit card that you are being given can also be used as a credit card. The best bank accounts will give you this option. This allows you to use the card for withdrawing money and making payments with the money that you have. If you get into a difficult situation and you need a short-term loan, however, you can then just use it as a credit card and you will have the money that you need. This is much easier than having to carry two cards with you at all times, and you will be less prone to lose just a single card.

Fraud Protection

You should never get a bank account that does not give you fraud protection. Unfortunately, there are many people out there who want to take advantage of you and steal your money. They might take your physical debit card and begin withdrawing the money from your account. They might steal your banking numbers while you are on the internet and start transferring the money out that way. No matter what strategy they use, you want to know that you have someone watching over your account. They can then shut it down if there appears to be something illegal going on. They may even give you back the money that was stolen from you.

Overdraft Protection

While you are thinking about protection for your account, it is a good idea to get overdraft protection as well. When you draw too much money out of your checking account, the check will bounce. This can be very bad if it is for a loan payment or a credit card payment because you will then incur a lot of interest fees. Some banks will cover you if you have only overdrawn by a small amount. They will pay the extra and then allow you to pay it back to them, saving you from the heavy interest fees and the hassle of trying to figure out what happened.

Interest Rates

One of the most common things that you should look for is a good interest rate. People often ignore this even though it can make a huge difference. You just want to get the best interest rate that you can. This will allow the money that you have in your account to grow even when you are not adding to it. You will not see a massive increase, but every little bit of free money that you can get is important. You do not want to settle for a low rate when there are better options that exist.

No Monthly Fee

You also do not want to have to pay every month just to have an account. You should get one that does not have any sort of a monthly fee. You will be very happy if you do because you will not be throwing away your money. The bank is already making money off of you when they invest.

Look For Everything

These are the main things that you should look for. If you try, you should be able to find a bank account that offers you each option that is listed above. You can see how important some of these can be. You might have to give up on some of them to get the ones that you really want, especially if you do not have time, but a little bit of effort will go a long way toward getting you an account that you love.

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