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.

4. Interest-bearing checking account
It is ideal to choose this option if you are looking for earning interest on your checking account service. You may need to meet specific requirements to qualify for this type of accounts. These prerequisites may range from maintaining a certain daily balance amount to debit card usage transactions, or even a requirement of a deposit.

5. Rewards checking account
This is not a very common type of checking account service. Even so, it does exist. For example, if you check out Discover’s cashback checking account, it allows the account holders to earn back 1% of cash on nearly $3,000 in debit card purchases each month. This account doubles up as an online checking account as well as a free checking account.

6. Second chance checking account
Worried that your bad credit history or a negative record reported by ChexSystems can stop you from opening a checking account? If so, you can go for this checking account. It will help you avail of the benefits of a checking account service. However, do note that it comes with higher fees than usual, so weigh your options carefully.

7. Other types

Apart from the types mentioned above, there are three other types of checking accounts services that banks provide. Here are the other options that you can consider:

• Money market account
• Student checking account
• Joint checking account

As you can see above, there is a different checking account service available for people from all walks of life. We recommend you consider external factors such as monthly maintenance fee, minimum balance required and number of transactions allowed so as to ensure that you make the right choice.