A checking account is something everyone will need to save and spend money. It’s a bank account that keeps your money secure and allows you to deposit and withdraw your money as often as you need to. Checking accounts come with a debit card and optional checks that you can use to make purchases. Many checking accounts now have online and mobile functionality, so you can check your balance and pay your bills with your bank’s app as well as conduct financial transactions through Zelle and other payment types.
With low opening deposit requirements, mobile banking capability, and such convenient access to funds, it’s no wonder the checking account has become a staple in most people’s finances. Having a checking account is a no-brainer, but the real decision lies in choosing the right checking account that best fits your financial needs.
There are several types of checking accounts, all with different features and benefits. In this post, we’ll remind you what you need to consider, and walk you through the four checking accounts you can choose from at Hickory Point Bank!
What to consider
When you’re in the market for a checking account, it’s important to look at different options and compare their offerings and benefits. Here are a few main things to consider that can help you pick the checking account that’s right for you.
Balance requirements
Most checking accounts have a minimum balance requirement that sets a minimum amount of money you must maintain in the account (this can be as low as $0 or as much as $500 or more) to avoid an account maintenance fee. If your checking balance falls under the required minimum, then you’ll incur a monthly charge from $3 to $7 depending on the account. Make sure you are familiar with the opening deposit required, deposit you need to maintain in the account, and the monthly maintenance fee if you’re below the requirements before you open an account.
Convenience
Since most banks offer online and mobile banking these days, you probably won’t have a hard time finding a checking account with these features. But if being able to go into a bank and receive in-person service is important to you, make sure you choose a checking account at a financial institution with a location near you. If you travel a lot or are a student from out of town, make sure your bank has the online banking tools you need to access your money remotely with features such as remote check deposit or Zelle (a secure and fast way to send money directly to almost any other bank account).
Fees
Many checking accounts charge a service fee that you’ll need to pay each month. If you’re trying to keep your spending to a minimum and you want to avoid fees, you may want to choose a checking account that doesn’t have fees. Some checking accounts don’t charge a monthly fee if you always keep a certain balance in the account (i.e. maintaining $500 or more) or if you take advantage of the direct deposit feature. And if you’re a student, most student accounts have no fees.
Types of checking accounts
At Hickory Point Bank, we believe there is a checking account for everyone. That’s why we offer four unique checking account options, each with its own benefits. Whether you’re a student just embarking on the journey of handling your finances, or you’ve been on this journey for a while, you can trust that you’ll find a checking account that checks all your boxes!
All of our checking accounts offer the same foundational features: online banking and bill pay, mobile banking, electronic statements, access to Zelle, and a debit card.
Classic Checking Account
This is the all-around checking account that’s anything but basic. You only need to deposit $100 to open the account, and the monthly service charge is anywhere from $0 to $6, depending on how much money you maintain in the account. Your monthly fees can be waived by adding the convenient direct deposit feature. This allows you to receive electronic payments directly into your account without a check or a trip to the bank.
Classic Plus Checking Account
The defining feature of this account is its competitive interest rate. Enjoy all the benefits of the Classic Checking account with a higher interest yield on your balance. You only need to deposit $500 to open the account, and the monthly service charge of $7 if you fall below the $500 minimum balance requirement.
Student Checking Account
This checking account is perfect for students, who will benefit from the same features of Classic Checking, plus no monthly service fee (if enrolled full-time). Read more about why you should open a student checking account here.
Ambassador Club Checking Account
Specially formulated for our customers 50 and better, this account offers the same features of Classic Plus, along with additional benefits. This includes half off on cashier’s checks and money orders as well as a free box of checks each year. You only need to deposit $250 to open the account, and the monthly service charge of $7 is waived if you maintain the $250 minimum balance requirement or you enroll in direct deposit.
The Breakdown
When you’re in the process of choosing the right checking account, all the details can be difficult to keep up with. Here’s a breakdown of Hickory Point Bank’s 4 types of checking accounts, so you can select the best one for you.
| Checking Account Type | Main Benefit(s) | Who It’s a Great Option For |
| Classic Checking | $100 minimum to open and unlimited check writing and withdrawals
Monthly fees waived when enrolled in direct deposit feature |
Customers who want an all-around great checking account
Customers who want convenience of direct deposit |
| Classic Plus Checking | Competitive interest rate | Customers who can easily maintain a balance of $500 or more and want to earn more interest |
| Student Checking | $100 minimum to open and no monthly service fee | Students enrolled full-time |
| Ambassador Club Checking | Tiered interest rates, half-off on cashier’s checks and money orders plus service fee is waived when enrolled in direct deposit feature | Customers 50 and better
Customers wanting the convenience of direct deposit |
Once you’ve used this information to decide on a checking account, you’ll want to head to your local trusted bank to open the account. The great thing about opening a checking account with Hickory Point Bank is that you can come visit any of our ten locations in Central Illinois or you can conveniently open many of our checking accounts online! If you have any questions or want more information about the different types of checking accounts, stop by one of our branches today and we’ll be happy to walk you through it.
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