- Checking Account
- Savings Account
- Line of Credit
- Loan Account
- IRA
When you conduct a research on information about banking account, you will find out that you do not need a lot of money to open a bank account. There is a certain account known as Basic Banking Account, which is low cost account. This is ideally suited for people who cannot afford regular checking accounts as they carry high fees. Even people who do not do many transactions on a monthly basis will find this account quite easy to maintain.
Basic banking account is perfect for people who do not draw a high salary. The initial deposit required to open the account is hardly $25 and the minimum balance requirement is one cent. The monthly maintenance fee is approximately $3 depending on which bank you open the account with. In addition, most basic banking accounts allow you make around 8 free withdrawals from ATMs or via checks each month.
Although a basic bank account may be more limited than a regular checking account, there are benefits to having this account. In the long run, you do end up saving a lot of money as you are not paying high monthly account maintenance charges. However, you might still have to pay additional service charges and fees which including fees for bounced checks, stopped payment order and using ATMs not operated by your bank.
In order to get complete information about banking accounts, it is best to compare all the account types and then choose one that is right for you.
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