It is good to know the difference between a checking account and a saving account for it will help you to choose the best account type fit for you and your family.
- As the name suggests, the primary purpose of a saving account is to save money for emergency, for future purchases, or for investment.
- Compared with the checking account, a saving account has a higher interest rate.
- The number of withdrawal per month is limited and may charge fee for too many withdrawals.
- The checking account is more fluid because it is for everyday money transactions such as paying bills and making purchase. You can write checks with a checking account.
- It earns little or no interest.
- The checking account has few or no restrictions on the number of withdrawals or checks per month.
- Usually checking account users have to keep a minimum balance or make direct deposits many times a month in order to qualify.
Many banks in America provides customers with the service of applying for a checking account online, which is very easy and convenient. Take Bank of America as an example. In addition to applying for new credit card, customers are able to request a checking account. Bank of America MyAccess checking account can help users get a better handle on your cash flow. With a Bank of America account, you can also join Easy Rewards Program to enjoy benefits.
Bank of America MyAccess Checking Account Benefits
- No monthly fee if each month you make at least one direct deposit of $250 or maintain an average daily balance of $1,500 or more. Otherwise, you have to pay $12.00 monthly maintenance fee.
- Students under age of 23 are eligible to have the monthly maintenance fee waived.
- Access easily with online banking and mobile banking app. Customers can check account balances, transactions and easily transfer funds between accounts via online banking or smartphone or tablet.
- Withdraw or deposit at thousands of ATMs.
- Set up alerts to notify you about important activities in your accounts.
How to Apply for Bank of America MyAccess Account
- Open a Bank of America account online is simple and should only take a few minutes. If you already have an account, you can refer to the ordering check help center for assistance when you encounter some problems.
- Visit Bank of America MyAccess application page.
- Click on “Open Now” button to continue. Besides, browse the detailed benefits and fee information carefully.
- Check your choice and click on “Go to application” button.
- Select the number of applicants and hit “Continue”.
- Then provide your personal information such as your full name, address, phone number, email address, date of birth, Social Security Number.
- Follow the rest of the prompts on the screen to finish the application process, including account setup, choosing additional options, reviewing & submitting.