Third, having your money in an account is safer than holding cash. Finally, keeping track of your money and how you spend it may be easier. Checking Accounts With a checking account you use checks to withdraw money from the account that you have deposited in it. Typically, you can make deposits into the account as often as you choose. Institutions may impose fees on checking accounts, besides a charge for the checks you order.
Fees vary among institutions.
Some institutions charge a maintenance or flat monthly fee regardless of the balance in your account. Other institutions charge a monthly fee if the minimum balance in your account drops below a certain amount. Many institutions impose a combination of these fees. Although a checking account that pays interest may appear more attractive than one that does not, it is important to look at fees for both types of accounts. Often checking accounts that pay interest charge higher fees than do regular checking accounts, so you could end up paying more in fees than you earn in interest.