Choose Your Checking Account Based on Your Lifestyle


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

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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

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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

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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

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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.

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