Most banks often give incentives to people who open up a new bank account with them. In fact, they will sometimes offer savings and checking account bonuses if opening up a new checking or savings account. However, usually there are other requirements you need to meet as well, such as depositing an amount of money in the account and having it stay there for a certain period of time. In addition, banks also have limits on the amounts that can be deposited or withdrawn in these accounts, which you need to consider when choosing your financial institutions for your account.
It is therefore important that you compare various account options that banks offer. If you do not want to get caught out by any extra fees, charges or other charges that could make your account a hassle to maintain, then you need to shop around before deciding which accounts to open. The following are some of the most common account offers that people get when opening up a checking account.
The first account that is often offered is the checking account that has a low balance limit. People who do not plan to keep their money in their account for more than a month may choose this account. As such, you can enjoy lower fees, no minimum deposits and no restrictions. On top of all these perks, you may also be able to get an added benefit by having a higher deposit, which will give you a little bit of extra money for you to save if you decide to open up a savings account in the future.
Another account that many people get offers is the savings account. Since these accounts tend to have higher limits and require higher deposit amounts, you may find that the rate of interest is a little higher in comparison to other accounts. Some people prefer to use the savings account to pay off small debts and loans and thus can use the higher interest rates to save up some extra money, but in the long run this could end up costing you more.
For people who are already with a checking account but would like to increase the amount of cash that they deposit in their account, then the savings account is a good option. There are several types of savings accounts that a person may be able to open with a bank. Some of the common ones are the CD, certificate of deposit, savings, money market and treasury bill, and savings and checking.
One popular type of savings account that is usually offered is the Business Line of Credit, which allows customers to make small business transactions without having to deposit too much in the account. The bank may also waive any fee associated with the account. This account is very useful for people who need to make small business payments but are unable to do so due to some sort of financial hardship.