Interest-Bearing Checking Account

A checking account is the most common type of personal bank account. It provides easy access to the money you have deposited with the bank, and often comes with additional services such as a debit card, a check book and interest payable on your current balance. The interest rate often depends on how large the balance in the account is, and most charge a monthly service fee if the balance falls below a preset level.

A checking account allows you to draw on the funds stored in the account at any time and without notice. Using the additional services provided, such as a debit card or ATM card you can instantly access the funds stored in your checking account and use them to make purchases, withdraw cash or transfer funds to other accounts such as savings accounts.

In contrast to a basic 'no-frills' account, this type of account normally offers a higher level of service, although usually at a higher cost. Additional service often include the ability to make unlimited deposits and withdrawals per month, and unlimited numbers of checks.