One has to follow a very easy process if he/she wants to open a bank account. You have to select the bank you want to open the account with and choose the type of account you want to open. Once you decide on the bank and the type of an account, all you need to do is to fill out the form, attach photocopies of the documents like valid driving license, social security card, address proof, passport, etc.

Most banks offer various services to their customers. To attract new customers, the banks offer promotions to give some services to the potential customers. Offering a free checking account is one such proposal the banks put forward. A checking account is an account wherein you have to maintain a specific amount all the time and the account holder gets the checks to make payments or for withdrawal.

You must ensure the free offer has the following features:

• The bank offers Free ATM and/or Debit Card
• The bank offers No Low Balance fees
• Free online bank account access
• No minimum limit for check writing amount
• No limit for monthly checks
• Free check book, and
• ATM fee reimbursement if you use other bank’s ATM for transactions etc.

Using ATMs almost a necessity these days and frees you up from standing in long lines or driving to the bank. However if you use an ATM of another bank, you have to pay certain charges as fees. However, when you get a free checking account, make sure the bank offer includes ATM fee reimbursement so that you do not have to pay fees for withdrawing your own money from your own account.  Fee reimbursement often has a minimum balance requirement attached to it.

Investing money is a wise option if you want to survive when the going gets rough. Keeping money in bank accounts is the easiest way of saving money as well as earning some more money through accumulating interest. The annual interest rate of the high interest savings account is considerably higher that the regular savings accounts. The person opening this kind of account has to deposit around $5000 as opening balance and has to maintain a particular amount of money in the account each and every month, if not the bank charges some fees for not maintaining minimum balance.

If the high interest savings account holder’s transactions exceed the limit set by the bank, the account holder has to pay a penalty. This kind of savings account is good for those people who can keep a large amount in the bank for longer periods of time without having to withdraw it. This way one can reap the benefits i.e. higher annual percentage revenue by opening high interest savings account.

Whether you open a free checking account, savings account, high interest savings account or any other type of account, make sure you study in details the policies of the bank before investing your money.