Interest providing checking accounts are favored for getting additional money into your account. The checking accounts differ from saving accounts as the money deposited in it is used for varied purpose.
You can easily deposit money in checking account from any source. You can link the account with your android phone banking app to pay online bills as well.
Why checking account is beneficial?
The account holder feels secured. In present banking arena online banking is slowly reaching its height of easy banking and multi utility. However, online banking has its own drawbacks. Unfortunately, bank account can be hacked and the whole money will be cleared out without the person knowledge. Hence, people prefer to have separate account for doing online banking. They use the money deposited to pay bills, transfer checks and deposit money in other accounts, however not to save money.
Interest bearing account is a kind of basic checking account where the account holder avail benefits of interest money on the amount in their checking bank account. The interest may not be high as provided for savings account, however enough to encourage people to deposit more money in their interest-bearing checking account.
How do interest bearing account work?
You open the account as you do for opening other bank accounts. You can use the account to deposit or credit as per your preference, no conditions implied on the number of transactions you do a day as well. There is no requirement of minimum amount to be kept or to pay fine if the amount is reduced.
When you pay off every bill from the same account, it has its own advantages. You don’t have to save multiple account details in your android phone or laptop. You get to know easily when is the next energy bill or other monthly bills to pay without fail.
In some banks, they allow automatic transfers from interest bearing account of the account holder. Hence, you can transfer to your savings account or do recurring transfers with ease. Interest bearing account is easy to operate and you get interest on amount of money in the account as per the rules and conditions of the bank. You don’t have to worry about security of your whole bank balance getting hacked or while opening an account for your child think twice whether your child can understand the bank rules. It is because the best part in having interest bearing checking account is that it is quite flexible to operate and your child enjoys the interest money as well.