Checking accounts can be a secure way to deposit money and manage ongoing expenses, but they can also offer underrated, often overlooked perks. For savvy customers, choosing the checking account that fits with their lifestyle can mean saving both time and money.
From help tracking expenses to mobile check deposit, here are some lesser-known checking account perks that can help save money and make life a little easier.
Tracking and budgeting tools
Checking accounts are designed for everyday expenses, so it makes sense that they often offer tools to help track expenses and create a budget. With budgeting tools, customers can save time by having their expenses automatically categorized and tracked.
Some checking accounts, like Laurel Road Freedom Plus CheckingSM, offer more specialized tools. With this account’s Forgiveness Plus Dashboard, borrowers enrolled in student loan forgiveness programs can see their estimated forgiveness amount and track their progress. Tools like this can offer peace of mind and help customers stay on top of their finances. These features can also save borrowers time because they don’t have to track things manually and could help make sure they don’t miss important payments.
Discounts
Checking accounts can also offer customers savings perks. For example, some banks may offer a discount on interest to borrowers who set up automatic payments for a linked loan account – which can lead to significant savings over time.
Banks may also offer discounts on other products and services. For example, student loan borrowers enrolled in Freedom Plus Checking can receive $200 off an annual Laurel Road forgiveness counseling membership.
Automatic savings
Many customers know about automatic payments, a common checking account feature that can help ensure they never miss a credit card or utility bill payment. Checking accounts can also offer ways to contribute to savings automatically. Customers can simply set up a specific amount to send to a savings account, choose the frequency, and watch their savings account grow.
No-fee ATMs
Checking accounts are designed for everyday expenses, so it goes without saying that they offer ways for customers to easily access their funds. But even with online banks that don’t have brick-and-mortar locations, customers can easily withdraw funds. With online banks, customers can often withdraw from a wide network of ATMs without paying a fee.
App perks
Bank apps can let customers easily access information in a convenient format. Customers can log in from their phones to know exactly how much money they have available. Many checking account apps have an option for mobile check deposit, which means not having to go to the bank to deposit a check. Simply endorse the check and follow the instructions on the app.
Apps can offer easy access to online bill pay. With in-app payments, customers can pay their bills from anywhere, wherever they want. And many apps provide access to easy ways to send money with features like Zelle®.
Bottom line
Checking accounts are for more than just paying bills and handling everyday expenses—they offer perks that can make life easier. From budgeting tools to special features for student loan borrowers, with the right checking account customers can take advantage of checking account features to help save time and money.