Here are some upsides and downsides of opening a checking account:
Pros of opening a checking accountCons of opening a checking account Gives you easy access to money, with fewer restrictions on withdrawals. May charge monthly fees or have requirements for those wanting to avoid them. Direct deposit lets you receive paychecks straight into your account.Most checking accounts don’t earn interest. Checking accounts opened in banks and credit unions are usually insured. They aren’t ideal for long-term savings.