Checking accounts,despite their name,are far more versatile than just for writing checks. They play a crucial role in modern commerce,especially with the increasing preference for online shopping and digital transactions. In this article,we’ll explore why opening a checking account is essential in today’s financial landscape.

Difference Between Checking and Savings Accounts

Checking and savings accounts may both be offered by banks and credit unions,but they serve distinct purposes. Checking accounts are primarily for everyday transactions,such as paying bills,receiving deposits,withdrawing cash,and making online purchases. Savings accounts,on the other hand,are designed for long-term money storage and often offer higher interest rates than checking accounts.

Purpose of Opening a Checking Account

1. Automatic Insurance: One of the primary reasons to open a checking account is safety and security. Storing large amounts of cash at home can make you susceptible to theft and various natural disasters. However,when you use a bank or credit union,your funds are automatically insured by federal agencies like the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA). This insurance covers up to $250,000 per person,per institution,and per account category.

2. Convenient Money Transfers: Checking accounts combine safety with accessibility. They offer various ways to transfer funds,from digital transfers to writing checks and using debit cards. This flexibility makes it easy to send money to friends and family,shop online,or pay for everyday expenses without the need for cash.

3. Bill Payments Made Easy: Checking accounts provide unparalleled convenience when it comes to bill payments. Instead of visiting payment centers,you can manage all your payments online through your bank or credit union’s platform. This includes electricity,phone,credit card bills,and more. Automatic bill payments can also be set up,simplifying the process further.

4. Automatic Pay and Refunds: With direct deposit options,your paycheck is automatically deposited into your checking account,eliminating the need to cash checks and incurring additional fees. You can also receive refunds and settlements directly,saving time and effort.

5. Building Credit: Checking accounts offer overdraft protection,which can help you build credit responsibly. This demonstrates to financial institutions that you can manage your finances effectively,potentially increasing your eligibility for loans and credit cards.

6. Transaction Records: Checking accounts automatically generate e-statements for every transaction,which can be invaluable when resolving billing disputes or errors. These statements serve as a clear paper trail of your financial activity.

7. No Transaction Limits: Unlike most savings accounts,checking accounts don’t impose transaction limits,allowing you to deposit and withdraw funds as needed. Be mindful of your bank or credit union’s minimum balance requirements.

8. Easy Financial Management: Consolidating your funds in a checking account simplifies financial management. You can easily transfer funds between accounts,make payments,and track your spending.

9. Accessible ATMs and Online Banking: Banks and credit unions have widespread ATM and online banking networks,giving you convenient access to your money,either physically or digitally.

10. Rewards and Benefits: Many checking accounts offer member-exclusive benefits such as discounts,deals,and freebies. Credit unions often provide auto insurance and travel packages at reduced rates. Some checking accounts even offer monthly dividends,further boosting your savings.

Is Opening a Checking Account Right for You?

Considering the convenience,security,and financial advantages,opening a checking account is a smart move for anyone engaging in modern commerce. If you’ve decided that a checking account is the right choice for you,explore the various options available,such as Canopy Credit Union’s Rewards KASASA Checking Account,which offers enticing rewards,cashback,and high dividends. Make an informed choice that suits your financial needs and goals by checking out the link below!

Open a Checking Account Today

Checking accounts allow you to access and withdraw your funds. Unlike savings accounts,they don’t have a limit. Some checking accounts can also bear interest,granted that you keep to the minimum balance requirement.

However,there many types of checking accounts. If you plan to open a checking account,you may want to know where to put your money’s worth.

The Types of Checking Accounts

Checking accounts from different banks and credit unions vary in features. Some may have higher interest rates. Others can have limitations due to the customer’s overdraft history. Below are the types of checking accounts in a bank or credit union near you. 

Traditional Checking Account

Best for: people paying bills or doing online shopping and other debit transactions.

The traditional checking account is a great start for creating a reliable foundation for your money. 

Premium Checking Account

Best for: People with a five-figure balance or more.

Premium accounts have higher perks but also higher fee balances and penalties. 

A premium checking account has a slightly higher flat interest than traditional checking accounts. However,other accounts,such as the money market and certificate of deposit,may be better options for investing.

Student Checking Account

Best for: Students aged 18-23

The student checking account is a great start for young adults to get their first bank account. It is best to read the conditions that will happen to the account once the owner passes the age limit. 

Senior Checking Account

Best for: People aged 55 or 60 and older.

The senior checking account is for retired people or those living on a fixed income. The account has no monthly maintenance fees and has perks designed for seniors.

Interest-bearing Account

Best for: People with a large maintaining balance.

An interest-bearing account gives small monthly returns. The interest can be flat regardless of your balance. The account can also pay more the higher your balance.

If you cannot cover the charges,look for checking accounts that give monthly dividends instead.

Business Checking Account

Best for: Business owners

A business checking account is designed to help with the financial management of a business owner.

Other Checking Accounts

The mentioned checking accounts above are common in most banks. There are more types of checking accounts that are not as common.

Which Type of Checking Account Is For You?

When choosing a checking account,you must consider your convenience and specific features. What minimum balance can you afford? Do you agree with the fees? Are the rewards something you have use of?

Beyond that,there are diverse accounts to cover each individual’s different needs. There are student accounts for young adults and even senior accounts for those who have retired. There are even accounts that allow you to invest. From the types of checking accounts above,which one suits your needs the most?

To learn more information,please check out Canopy CU 

AT CANOPY,WE BELIEVE IN GOING ABOVE AND BEYOND FOR OUR MEMBERS.

Having products that also go the extra mile for members is important to us. Now,our KASASA Checking accounts are even BETTER,with members getting paid more than ever for banking local.

Our Kasasa Rewards Checking account now provides up to $12 cash back each month. Heres how it works. You earn 4.00% cash back on up to $300 in debit card purchases monthly when your account qualifies. That’s up to $12 cash back each month,which is $144 each year! 

All you have to do to qualify is enroll in eStatements and have 12 or more debit card purchases every month. Did we mention you also get up to $20 monthly in refunds on ATM fees nationwide?

Now the question is,what could you do with an extra $12 in your budget every month? Here are a few ideas to get you started!

Pay your streaming subscriptions!

It can be hard to say goodbye to your favorite shows,but budgets can be tight. Finding the best streaming service for you can take some trial and error that takes a toll on your wallet. Take the time to make a decision about one to two streaming services work best for you. Then use your $12 towards covering the cost of a streaming service. That will help you truly settle back and enjoy the show!

Treat a friend and you to coffee

Getting together over a cup of joe can lead to special moments. Intentionally setting aside time and your $12 to catch up with a friend is a great way to make the most out of your money. Exchange your $12 for two $4 coffees,a $2 pastry to share and little extra for tax and a tip!

Put towards gas money

Put your extra $12 toward your gas money is another way to utilize this free cash! While $12 might not make a huge dent,it will take you a few more miles.  

Buy local goods!

Take your $12 and see how you can support local businesses with your extra cash. At a farmers market,make a game out of seeing how much bang you can get for your buck. With a bunch of carrots,freshly picked apples and a jar of local honey,you will have won big time with your rewards.

Cover your gym membership!

Get your sweat on,for free! Use your $12 to cover monthly gym membership fees. That way just you will be doing the heavy lifting,not your wallet. 

Let the music roll on for free

Put your $12 to work by budgeting it to cover the cost of your favorite digital music service. Free tunes will be music to your ears!

Pay it forward!

There are so many ways to pass along the love! What if you utilized the $12 you earned to make other peoples day? Each month,make a plan to give back with your $12. Maybe that is a couple extra bucks in the tip jar at your local coffee shop,or paying for the person behind you at a restaurant.

$12×12=$144!

Now,what if you saved up that $12 each month and budgeted for one special treat with the $144 that you earned? With that extra cash,you can make special memories or even knock something off of your ever-growing to-do list.

• Fancy dinner for two
• Washington Parks Discover Pass for $35 and a new pair of hiking boots to hit the trails
• Tickets to your favorite sporting event
• New outfit for a night out on the town
• Deluxe car detail who knows how long those fries have been underneath the seat?
• Plane ticket to get out of town!
• Fresh set of housing cleaning supplies – laundry detergent,paper towels,toilet bowl cleaner – oh my!
• A day at the spa
• New patio furniture
• 10 bags of your dogs favorite treats they are your best friend after all!

To learn more information about this topic,please check out Canopy CU

The Web Page and SEO Training Experience Update, additionally called the Core Web Vitals, has actually rolled out to mobile from June to August 2021, and has currently additionally started presenting to desktop computer. The rollout to desktop is set to be complete by the end of March 2022. Lean more at SEOIntel from Dori Friend.

More about SEOIntel next page.

The Web page Experience Update provides significance to user experience, in order to provide individuals a much better online experience. The launch to desktop is based upon the exact same page experience signals that it has rolled out to mobile last year, and also the very same three core web important metrics are made use of – Biggest Contentful Paint (LCP), First Input Hold-up (FID), as well as SEONitro Cumulative Design Shift (CLS).

Other than the Core Internet Vitals, various other facets of page experience signals like HTTPS Protection and also compliance with Google’s Intrusive Interstitial Standards are likewise consisted of.

Mobile-friendliness is not a aspect as the rollout is for desktop computer. According to Google, if the site has a different desktop computer and also mobile variation, the desktop signal will certainly be based upon the link that desktop customers see.

Last month, Google has likewise included a committed desktop computer section for the Web page Experience record to assist site proprietors comprehend Google’s standards wherefore a excellent page experience is. You can look into your Web page Experience Desktop Record in Look Console to see just how your site is doing. If you have currently made adjustments and fixes to your site for the rollout to mobile, after that your website needs to not have much of a problem now that the upgrade is turning out in desktop.

For even more information on the Page Experience Update, the Core Internet Vitals, the different metrics and their threshold, what to do to boost your scores for each and every certain metric, take a look at our Core Internet Vitals post.