Banking Guide

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With so many banking options available these days, it can easily get overwhelming when you are making the decision to open a new bank account. Depending on how you intend to use the bank account, different options will be better for you. A standard checking and savings account that is easily accessible may be more beneficial than a high-yield savings account that requires a high minimum balance. 

Consider how you would like to access your money besides online, such as through ATMs and checks, and how often you will be making deposits. You can find more info about different types of banking accounts in our guide below.

Checking Accounts

A checking account is the most liquid type of banking account and allows you to easily deposit and withdraw money on a daily basis. Deposits can usually be made in cash, check or an online transfer. In general, it’s a good idea to keep 1-2 months worth of expenses in a checking account. Any additional funds should be kept in an account that earns interest, like a traditional savings account or high-yield savings account. Depending on the bank, checking accounts allow you to write and deposit checks, use a debit card to make purchases and withdraw and deposit cash at ATMs. 

Before you sign up for a checking account, be sure to fully understand the fees. There may be monthly service fees, overdraft fees and wire transfer fees. To avoid monthly service fees you may be required to keep a certain amount of money in your account at all times or have a certain amount of money directly deposited each month. 

All rates below are subject to change. Exact figures should be taken from each site.

Nationwide My Checking Account

Axos Cashback Checking

• Earn up to 1.00% cash back on signature-based purchases
• Unlimited domestic ATM fee reimbursement
• No monthly maintenance fees
• Unlimited check writing privileges

Loaded Tip: This account is great for someone who wants an accessible checking account online, at ATMs and through checks and to earn cash back on spending.

Nationwide Interest Checking

• No maintenance fees, no minimum balance requirements
• Earn up to 0.40% APY
• Up to $30.00 domestic ATM fees reimbursed per month
• Complimentary starter checks (upon request at account opening)
• Convenience of anytime access to your money with online banking
• Get paid up to two days early with direct deposit

Loaded Tip: This account is great for someone who wants to earn interest on their money, have access through checks and ATMs and get paid early.

Axos Rewards Checking

• Make unlimited withdrawals from any domestic ATM for free
• Never pay monthly maintenance fees again
• No need to keep a minimum balance to avoid fees
• No overdraft or non-sufficient fund fees
• Earn up to 1.25% APY

Loaded Tip: This account is great for someone who wants to earn interest on their money, have unlimited free access to ATMs and get paid early without worrying about fees.

Axos First Checking

• For ages 13 – 17 years old
• Earn 0.25% APY
• Up to $12 domestic ATM fee reimbursements per month
• No monthly maintenance fees
• No overdraft or non-sufficient funds fees
• Daily transaction limits ($100 cash, $500 debit)

Loaded Tip: This account is great for someone with a child who wants to set up a joint account to teach them about money management.

Savings Accounts

A savings account is generally less liquid than a checking account because your money is less accessible. The benefit of this is that savings accounts usually earn more interest than checking accounts. In fact, the savings accounts below are all considered high-yield savings accounts because the interest rate is much higher than traditional savings accounts.

This is possible because these are online banks with less costs than traditional banks, like Wells Fargo and Bank of America. There are requirements that must be met in order to qualify for the high interest rate so be sure to read the details before signing up for a new savings account. 

A high-yield savings account is a great place to keep your emergency fund or savings for a down payment or large purchase. You want the money out of reach, but accessible with a transfer if you need the money in case of an emergency or when you’re ready to make that big purchase.

All rates below are subject to change. Exact figures should be taken from each site.

Nationwide My Savings Account

• No minimum balance requirements
• $0 monthly maintenance fee
• Complimentary suite of digital banking tools
• $100 deposit to open your account
• Earn up to 0.70% APY with My Savings when you open a My Checking account and set up a $1,000 direct deposit or earn 0.40% APY with a My Savings account, a la carte.

Loaded Tip: This account is great for someone who wants to earn a high interest rate on their savings and is willing to set up a Checking account and a monthly direct deposit.

CIT Bank Savings Builder

• The minimum to open the account is $100.
• There are no opening, monthly servicing, online transfer or incoming wire fees.
• Earn up to 0.40% APY with a savings plan that fits your lifestyle by either maintaining a balance of $25k or $100 minimum to open an account plus, $100 minimum single deposit per month.

Loaded Tip: This account is great for someone who wants to earn a high interest rate on their savings and is willing to set up a monthly direct deposit or maintain a high balance in the account for an emergency fund, down payment, or other large, future purchase.

CIT Savings Connect

• Earn up to 0.50% APY by opening a linked eChecking account and making the automated monthly deposit of $200 or more.
• Access your accounts 24/7 online and on the mobile app or through any U.S. ATM with your eChecking debit card.
• CIT Bank doesn’t charge ATM fees and reimburses up to $30 in other U.S. bank’s ATM fees on eChecking accounts.
• Deposit checks remotely and make transfers easily with the CIT Bank mobile app.
• Earn 10x the national average with a Savings Connect account.

Loaded Tip: This account is great for someone who wants to earn a high interest rate on their savings and is willing to set up a linked checking account and monthly deposit.

Axos High Yield Savings

• Earn 0.61% APY with interest compounded daily and no monthly fees
• 6x the national average APY
• No monthly maintenance fees
• No minimum balance requirements
• Free ATM card upon request
• $250 minimum opening deposit

Loaded Tip: This account is great for someone who wants to earn a high interest rate on their savings with no minimum balance or fees.

Articles to help you save

With the right checking and savings account, you have the foundation to manage your money better to help you reach your financial goals. However, you still need the tools to help you set savings goals, build an emergency fund, save for a down payment or large purchase and utilize sinking funds. Below you will find in-depth articles to help you learn more about how to manage your money.