2 Answers
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A. Beacon offers a regular checking account as well as a Money Market account. A Money Market account is similar to a regular checking account, except that it pays a higher interest rate and places a limit on the number of withdrawals (6) with 3 checks per month.
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There are several different types of checking accounts depending on the financial institution you are trying to do business with.
For an individual, there are checking accounts that pay interest and the rate is usually tied to the average monthly balance you keep there. If your balance falls below the minimum balance, you will incur a fee.
There are non interest checking accounts that have no monthly fees (most popular), if you have you paychecks directly deposited into your checking account. Many banks and credit unions offer free checking for students.
There are business checking for small business owners that have a flat monthly fee and there are checking accounts for larger businesses where their fees are tied to the number of transactions they have on a monthly basis.
Whatever you do, please do not attempt to use a checking account as a savings because the rates are much lower.
What different types of checking accounts are available?
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