If you don't have a bank account, you may be thinking about which is the best one to get.

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Banks have many products and services for new customers like you but when it comes to keeping your money at a bank, the options are quite simple.

Step 1: Determine If You Are A Spender Or Saver

Look back over the past several months:

  • How often do you use cash versus your credit cards?

  • How many other pre-authorized transactions happen each month, like rental payments, phone bills or membership fees?

  • Has your cash balance grown, shrunk or stayed the same?

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These answers will help determine which type of account is best for you.

Step 2: If You're A Spender, Consider A Checking Account

As a spender, cash withdrawals, debit card transactions, and pre-authorized payments will be happening in your bank account. Checking accounts support these types of spending behaviors the best.

A person swiping a bank card into a pay terminal

Checking accounts:

  • allow for a good number of transactions and checks for free

  • allow for a good number of withdrawals for free

  • are accessible by ATM machines and mobile banking apps

Step 3: If You're A Saver, Consider A Savings Account

If more money stays in your account than goes out each month and transactions are minimal, a savings account is a perfect choice for you.

I love saving money

Savings accounts offer:

  • Better interest rates than checking accounts

  • Easier monthly reconciliation because there are fewer transactions

  • A safe place to build your savings to attain a future goal, like a big ticket purchase


You make around 50 transactions a month on average. Which type of account works best for you?

Take Action

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One of these accounts is for you! It just depends on your financial habits and goals.


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