the Price of Checking Accounts

I opened up a joint bank account at a nation-wide bank, and it did not cost anything to set it up other than a small $5 deposit. Each month, I accrue interest on my checking account balance, which usually ends up being about 40 cents per month. The only requirement for free interest checking is that you have a check direct deposited into your account each month. My company offers direct deposit, so my paycheck is deposited into my account each week. Additionally, you do not have to maintain a minimum balance to qualify for free interest checking.

There are so many benefits to this type of account, including free online banking and you free graystone style checks (these are just the basic checks, no fancy designs).

The representative that helped us set up our account was great. I have an individual checking account at this bank, and I have always been pleased with their service. We ran into an issue where we were charged for our free checks, and as soon as we contacted the bank to let them know we had been accidentally charged, they removed the check ordering fee and refunded the $19.85 to our account.

Prior to enrolling in this type of bank account, you should make sure that you are able to obtain direct deposit. If you cannot have any of your checks direct deposited into the account, you will not be able to open up interest free checking.