The cost of having a checking account varies from bank to bank. Some banks charge per transaction, some have a basic monthly fee, and others offer free services if you maintain a certain minimum balance in your account at all times. Your canceled checks and a list of all the account activity of the preceding month will be sent to you in a monthly statement. Be careful to keep an accurate record of every check you write in order to avoid having checks returned and incurring additional charges. A savings account enables you to save money and accumulate interest on your money.
Interest is paid either monthly or quarterly.
Although you can withdraw money from your savings account, this service is limited. Ask your bank for the number of monthly withdrawals permitted without penalty. Interest Checking Account Interest checking accounts provide the services of both a checking and a savings account. This means that you can write checks and also collect interest on the money in your account. The primary piece of ID must be a driver's license, State of Michigan ID card, or a Central Michigan ID card.