Choosing the best checking and savings accounts means comparing fees, features, and interest rates to find the right fit for your needs. With the right accounts, you’ll enjoy convenience, security, and the potential for your money to grow.
Savings and checking accounts are the cornerstones of your personal finances. With the right accounts, you can grow your money, avoid unnecessary fees, and make everyday banking more convenient.
Lake Region Bank has personal bankers to help you understand your options and choose the savings and checking accounts that best fit your needs. Let’s take a closer look at these accounts.
What to Look for in a Checking Account
A checking account is designed for everyday transactions, both withdrawals (payments you make) and deposits (money you receive). When comparing checking account options, we recommend looking for the following features.
- Low or no monthly fees: Lake Region Bank waives fees if you meet balance or direct deposit requirements on certain accounts. You can learn more on our website.
- ATM access: Does your bank have a wide network of ATMs? Does it reimburse out-of-network fees?
- Online and mobile banking: Make sure you can deposit checks, pay bills, and transfer money online with ease. Lake Region Bank’s online banking suite and mobile app gives you 24/7 access to your checking account.
- Overdraft protection: Ask your bank how it oversees overdrafts and if they offer protection plans to help you avoid spending more money than your checking account has in it.
What to Look for in a Savings Account
A savings account is designed to help you save money over time. It is the ideal place to put money away for emergencies or future goals. When comparing savings account options, we recommend looking for the following features.
- Interest rate (APY): Look for savings accounts that offer competitive rates to grow your savings faster.
- Minimum balance requirements: Some savings accounts require a minimum balance to avoid fees. Ask your banker about these minimums before opening an account.
- Accessibility: Make sure transfers between your checking and savings accounts are simple and can be made online.
- FDIC insured: Ensure your deposits are protected by the FDIC up to $250,000.
The Case for a Checking and Savings Account
Many people choose to open checking and savings accounts together at the same bank. This is a convenient way to manage your money. Not only can you see all your accounts from a single login, but you will also build a relationship with your local banker. This can be helpful when it’s time to purchase a vehicle, buy a home, or take out another type of personal loan.
The best savings and checking accounts are the ones that fit your financial goals, your lifestyle, and your budget. Compare fees, features, and benefits so you make an informed decision. Lake Region Bank’s personal bankers are here to help you understand your options.
Want more personal banking tips? Check out our Personal Banking 101 page today!
Personal Banking FAQs
How can I avoid fees on checking and savings accounts?
Look for accounts with no monthly maintenance fees or meet minimum balance and direct deposit requirements to have fees waived.
How much money should I keep in my checking account?
A good rule of thumb is to keep enough to cover your monthly bills plus a small buffer for unexpected expenses.
How do I know my money is safe?
Check to see that your bank is FDIC-insured. If so, your deposits are protected up to $250,000. Lake Region Bank is FDIC insured.
What’s the difference between a savings and money market account?
Both are designed for saving, but money market accounts often offer higher interest rates and limited check-writing abilities, sometimes requiring a higher balance.
