A checking account can be used for managing your money efficiently and for handling your expenses conveniently. The primary function of a checking account service is to maintain records and allow you to make payments via automated clearing house transactions or your debit card. There are many different types of checking account services that you can choose from. Here are the classifications: 1. Personal checking account In simple terms, this is the name given to any checking account service available in the market. It can come in many different types, but it is a term used by and large for this product. A personal checking account service could also refer to an online checking account or a free checking account, depending on your provider. 2. Business checking account A business checking account service works by keeping your business and personal finances separate. Additionally, when you have a business checking account, you are able to keep accurate records for filing your business taxes every year. 3. Online checking account There are many financial entities that conduct their operations online entirely. When you opt for such a bank or provider, then your checking accounts service becomes an online service. Since these entities do not have any overhead expenditures for maintaining physical locations, they pass on the savings to the customers in the form of free checking account offers.

Credit card debt can be best described as an unsecured liability. It is incurred through credit card loans that are not paid off on time. Borrowers accumulate credit card debt by opening different credit card accounts with differing credit card limits. All the credit card accounts of a borrower are reported and tracked by various credit bureaus in the country. A large chunk of the outstanding debt that is reflected on a credit report is mainly credit card debt. This occurs because these credit accounts keep revolving and stay open indefinitely. Let’s break down the details of credit card debt: 1. Benefits of credit card debt Credit card debt can actually be used for the benefit of borrowers in some cases. For instance, if a borrower is seeking to purchase items and services that give them the provision of deferred payment over time, then credit card debt may actually be a positive aspect. Even so, this debt carries some alarming interest rates in today’s industry. However, the battle is not lost if you do get into credit card debt. You still have the option of paying off the balance every month in order to save up interest over the long term.

Everybody who wishes to invest in the stock market is looking for maximum returns. Of course, the stock market is an ideal place for financial wizards who want to maximize their invested money in the best way possible. However, the stock market is full of uncertainty. It takes an expert to predict whether the investments they are making will give them the required returns. Thankfully, there are certain tried and tested concepts that can help you navigate through these tricky waters. If you are looking for maximum returns on investment tips, you’ve come to the right place: 1. Look for ten baggers Peter Lynch, the investment mastermind at Fidelity Investments, has some simple advice for all. He says that you should look for “ten baggers”. These investments are basically stocks that have the potential of increasing by nearly tenfold in their value. His popular portfolio had a small yet significant number of these stocks. However, he says that it requires patience to hold on to these stocks, even after they’ve gone up in value by a significant amount. He further explained that he held on when he noticed further potential with these kinds of stocks. The essential tip: Stop going by arbitrary lessons, and instead analyze a stock for its potential, merit, and worth individually.

With the cost of education increasing, saving for college has become more necessary than ever. One of the best ways to do this is by opting for a 529 plan, which is a savings plan that not only offers financial aid but also provides tax benefits. There are two types of 529 plans that you can consider: prepaid tuition plans and college savings plans. The good part is that nearly every state has a 529 plan in place, and even some private colleges and universities offer this plan. Here are the basics that you need to know if you are planning to start saving for college for your child: 1. Which state’s 529 plan should ideally be used when saving for college? The best part about this plan is that you can invest in any 529 plan offered by any state. You do not need to go for your own state’s plan. It can be used to pay the fees for any college that is qualified nationwide. For instance, you can belong to North Carolina and invest in a California plan. This plan is applicable to over 6,000 colleges across the country and can also be availed for 400 foreign colleges and universities.

The larger student community has traditionally not been the focus of big banks, because students who are saddled with debt right out of college have little to save. However, in recent times, banks have started taking an interest in this segment of the population as they are sure to drive growth in the competitive markets of today. To attract students, banks are offering several options from low fees and ease of access. Many online banks have also taken over this space as their costs are significantly reduced once business is transacted over the web. Let’s examine the criteria for cost-effective savings accounts for students: 1. Low fees The importance of fees can never be overstated as banks earn a large chunk of their revenue through these charges. There are monthly fees, transaction fees, and even withdrawal fees. Students should look for something that suits their needs instead of focusing on a higher APY (Annual Percentage Yield) as the fees could easily wipe out any additional gains that could be made. 2. Ease of access to your funds Students must be informed about any type of fees that could be levied on them for transferring, viewing, or withdrawing funds. Students must keep in mind the national presence of their banks, as local banks seldom service a customer who was away in another city due to their education.