Keeping your money safe is one of the important benefits of opening a checking account. A checking account is an account where you’ll conduct most of your financial activity by making deposits to pay bills and using your debit card to make everyday purchases. A checking account has many benefits, from simple access to cash to direct deposit of your paycheck. However, like with anything, there are checking account pros and cons, and let’s examine each below. But before that, let’s first understand what a checking account is and why you need to get one.

What exactly is a checking account?

A checking account is a form of bank account that comes with a checkbook that may be used to withdraw money from the account. The items associated with Checking Accounts may also include a Debit Card, which allows account users to access their funds at any time using ATMs, point-of-sale machines (POS), or online purchases. One primary function of a checking account is to help you in keeping track of your financial transactions.

Advantages of having a checking account

If you are thinking of having a bank account, having a checking account is something you should probably consider. It offers tons of perks, and it is also hassle-free since opening a checking account is relatively easy. You can easily open a bank account from Citi checking account or any financial institution near you. Listed below are some of the advantages of having a checking account. 

1. Keeps your money safe.

It’s not a good idea to have significant amounts of cash at your house. Large financial reserves kept in the home are a target for home invasion robberies and are vulnerable to being lost in the event of a house fire, a flood, or any unexpected disasters. Not only is your money housed in a safe location when you keep it at a bank or credit union, but it also receives insurance protection while it is there. The majority of checking accounts are protected by FDIC insurance, which can cover up to $250,000 of your money per person and account if something unexpected occurs.

2. Earn interest.

Some checking accounts pay interest, meaning your money might continue growing even while it is sitting in the account.

3. Easy access to your money

You can make a cash withdrawal using your debit card at any ATM, giving you access to any immediate amounts you might require. If you withdraw from an affiliated ATM, most banks will not charge you any fees, and some banks may even allow you to make a certain amount of withdrawals from ATMs that are not part of their network without charging you fees. Nevertheless, the good news is that it won’t matter which scenario plays out because you’ll always have access to your money, regardless of where you are.

4. Easy Payment

Almost all checking accounts available today come equipped with user-friendly online banking features. One of these services is a dashboard for managing and paying bills. Utilize this technique to pay your credit card bills, electricity bills, or any other bills directly out of the balance in your account. If you have a consistent bill from month to month, you can set up your bank account so that it pays the amount automatically. In any case, paying one’s bills online is simpler than paying them in cash or with a money order.

5. Manage money easily

You may avoid having to count cash or think about how much money you have stashed away in various places or hidden in your wallet by just entering a password to gain access to a consolidated view of your financial status- this will allow you to save time and eliminate the need to count cash.

The disadvantage of having a checking account.

Even though checking accounts come with various advantages, you should be aware of a few drawbacks associated with them. Remember that checking accounts vary from bank to bank, so it is essential to look into the benefits that come with the checking account you choose.

1. No interest

Although some checking accounts pay interest, most of them do not. Additionally, the interest rates offered by checking accounts that do yield interest are often smaller than those offered by savings accounts. This is because a checking account is generally used like currency and is not intended for your money to sit still, while a savings account is more typically used for long-term savings that won’t be handled as often.

2. Monthly fees

There are instances when checking accounts impose monthly fees. That means you will have to pay a fee to use your own money. The good news is that certain free checking accounts do not have any monthly payments; this means that a greater portion of your money will remain in your possession; however, you will need to check into this possibility before selecting an account.

3. Keeping a minimum balance on your account

Some banking institutions require you to keep a particular amount of money in your checking account at all times. Should you fail to do so, there is a possibility that you will be required to pay a fine. Keep in mind, however, that not all checking accounts are made equal; therefore, if you are concerned about keeping a minimum balance, it is best to opt for a checking account that does not have such a requirement.


If you haven’t already done so, this would be an excellent time to open a checking account for yourself. Your checking account, in addition to your savings account, can be used to assist you in keeping track of your expenditures and make spending more manageable and secure. Manage your needs better by opening a Citi checking account. Not only does the company guarantee the safety of your funds, but they also provide you a bonus of up to $2,000 for doing so. This allows you to manage your demands more effectively.


Please enter your comment!
Please enter your name here