Choose Your Checking Account Based on Your Lifestyle

Before you go, we thought you'd like these...
Before you go close icon

We all have different ways we live life and manage our daily, weekly, and monthly expenses.

Depending on your lifestyle and what stage of life you're in, your banking needs will be different. Students, business owners, newlyweds and retirees all have diverse lifestyle preferences when it comes to money. Anyone thinking about opening a new checking account should look at one that caters toward their needs. Balancing your finances could be a lot easier when you start to use the right kind of checking account.

Enrolling in a checking account designed for the way you live can prove rewarding. For instance, a student checking account could provide free enrollment until graduation. Every little bit adds up when you're in school, and saving money on monthly fees can help divert funds toward other expenses related to your education.

Explore the following types of checking accounts based on four specific lifestyles.

1. Student or Young Adult Accounts

(Image via Flickr)

Two types of accounts can be appealing for young adults. The first type is one that is designed for college students. The second is an account made for adults, not currently enrolled in school.

Students enrolled in school can open a checking account with most banks for free.

Notable features:

  • No minimum balance requirement
  • No monthly service fee
  • Free checks
  • Mobile banking

The only type of fees to watch out for are charges for using an out-of-network ATM. However, there are certain banks that offer this for free, such as Citibank.

Checking accounts that allow easy waiver options and mobile banking can be perfect for young adults not enrolled in school. Accounts like the Way2Save Checking from Wells Fargo has easy monthly waivers if your debit card is used at least 10 times a month, have $750 or more in direct deposits a month, or maintain no less than a $2,000 balance.

2. Retiree Checking Accounts

(Image via Flickr)

An ideal checking account for a retired individual has the following benefits:

  • Earns interest
  • Free checks, cashier's checks, travelers checks, and money orders
  • Discounted or free safe deposit box

A senior account that waives the monthly fee for being 65 or older is perfect for people that don't want to worry about paying a fee for keeping money in an account.

U.S. Bank offers all of these features and more with its Premium Checking Account for Seniors. Other banks like West End has a prescription drug savings card that may appeal to seniors.

3. Joint Accounts for Newlyweds

(Image via Flickr)

A newly married couple may consider opening a joint checking account, as it may help them work as one unit. Couples that start a life together can maintain balances easier when each person has a clear understanding of their financial situation.

An account such as Advantage with Tiered Interest Checking Account from Bank of America might be something newlyweds want to consider. The account comes with interest, a free safe deposit box, online bill pay, and payment reminders. An advanced checking account can provide newlyweds with a variety of options to make life easier.

4. Small Business Owners

(Image via Flickr)

The new year is around the corner and many people are considering pursuing independent endeavors. Small business owners may want to open an account specifically to manage the funds for their business, as opposed to mixing normal living expenses with business funds.

Chase offers their Chase Total Business Checking that allows 200 transactions a month, $7,500 in cash deposits a month with no fee, $50,000 in cash deposits a month, and incoming and outgoing domestic wires.

Small business accounts can help a business owner break down profits made throughout the year and makes it easier to file taxes.

The account of the future
The golden age of banking is dead. But if you want to learn how to take advantage of the impending bank renaissance, click below to discover the one company leading the way. You see, this fast-growing company is poised to disrupt big banking's centuries-old practices. And stands to make early investors like YOU a fortune... if you act now. Our brand new investor alert Big Banking's Little $20.8 Trillion Secret lays bare every banker's darkest secret for the world to see. Simply click HERE for instant access!

The article Choose Your Checking Account Based on Your Lifestyle originally appeared on

MyBankTracker has no position in any stocks mentioned. The Motley Fool recommends Bank of America and Wells Fargo. The Motley Fool owns shares of Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

People are Reading


S&P 5002,139.43-3.73-0.17%
HANG SENG23,325.43-239.68-1.02%
NIKKEI 22517,391.8426.590.15%
USD (per EUR)
USD (per CHF)0.990.00-0.11%
JPY (per USD)104.470.320.31%
GBP (per USD)
More to Explore
Wed, Oct 26
Set Your Location
City, State, or Zip