3 Great Uses For Free Checking Account Offers
Banks and credit unions often advertise free checking accounts as a way to offer more services to their customers and increase their customer base. Since most adults already have an established checking account, they may not pay attention to these offers. If you are guilty of ignoring free checking account offers because you already have a checking account, you may be missing out and here's why.
A free checking account is perfect for a new side gig
If you are just starting a new side gig to earn some extra money, a free checking account can provide the perfect way to maintain good financial records during the critical first months or years. While you will eventually need the advantage of a business checking account, that step can wait until you actually begin earning a profit. Until that time, using a free checking account for all business related expenses and income will provide you with a ledger-like record that you will be able to use when filing taxes, tracking expenses, or applying for a small business loan.
A separate account, such as a free checking account helps to ensure that none of the income or expenses of your fledgling business are mingled with your household accounts, giving you a much clearer picture of your level of success.
A free checking account is a good idea for your child's first bank account
Another excellent use for a free checking account is when your child is ready to begin learning to handle money. Some banks may even offer special incentives or features for teenage or younger account holders, including paying interest on the account balance and mobile apps to help kids (and their parents) track their account balances and spending habits.
A free checking account can be a savings vehicle for a special goal
While saving money in an interest bearing account is best for long-term goals, a free checking account can work well as a convenient place to stash extra cash when saving for a specific goal. For instance, those who like to set money aside for holiday gifts or vacations may find that using a free checking account to hold those funds allows them to more effectively save. In addition, using a free checking account in this manner allows for purchasing straight from the account via check or debit card, eliminating the need to move the money into your regular checking account.
To learn more about the benefits of free checking accounts, take time to contact a reputable bank or credit union in your area and speak with their new accounts representative.
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