I mentioned that I started using a financial bootcamp offered by LearnVest, a financial literacy website. You can find bootcamps and a ton of other information on their website: www.learnvest.com.
One of the topics was particularly important, and I have overlooked it while writing these posts. It’s a simple topic: what you should look for in your checking account! I’ll detail out their advice and some of my own (gathered from books, of course). And at the end of this post, I have a little suggested reading for you. Enjoy!
You should ensure your checking account can boast of the following:
1. No fees!!! No fees when you make a withdrawal. No fees annual fees to keep your checking account open (suggested by LearnVest).
2. Many ATMs nearby (suggested by LearnVest). These ATMs should not charge you to withdraw cash. This money adds up and is a complete waste.
3. FDIC insurance coverage (suggested by LearnVest). This insurance covers up to $250,000. Find out more about FDIC insurance coverage at this website: http://www.fdic.gov/deposit/difaq.html.
4. Online banking to monitor your account.
One particularly important point about checking accounts as suggested by LearnVest: your checking account should not be where you store large sums of money because it doesn’t earn significant interest. It should just house small amounts of money that you need to keep on-hand. You should choose interest-bearing savings accounts for large sums, or even investment vehicles to house your money.
You can find the checking account that suits your criteria on BankRate.com: http://www.bankrate.com/checking.aspx.
