A woman walks down a brick alley to shop using her Fifth Third checking account.

6 Benefits of Having a Checking Account

03/28/2022

Pay bills, get direct deposits, and bank from anywhere.

Checking accounts allow you to conduct many types of everyday transactions, both in person and online. Using your checking account, you can deposit money, transfer funds to other accounts (both yours or other people’s), withdraw cash, and write checks.

So why do you need a checking account these days? Here’s a look at a few of the biggest advantages of a checking account:

1. Pay Bills Online

Most checking accounts now make it easy to pay bills such as electricity, phone, and cable online. Simply log in to your account and enter the bill information, including the vendor name and your account number, into the bill payment form. You’ll then enter the amount that you owe to have the payment sent on the date you schedule it.

Once you’ve done that the first time, your account will typically save the information, making it even easier for you to pay that bill in the future. You can also set up automatic payments for recurring charges like auto loan payments, which means you’re less likely to miss a payment (or get charged a late fee).

2. Receive Direct Deposits

Once you have opened a checking account, you can set up direct deposit to have some or all of your paycheck automatically deposited into your account. That may not only eliminate the chance that your paycheck gets lost or stolen, but also make it easier to keep track of and manage your money. When you have direct deposit added to your Fifth Third Momentum® Checking Account, you could get your paycheck up to two days early—without a fee.

3. Bank from Anywhere

Since today’s checking accounts are accessible online, you can log in to your account from any smartphone or computer, no matter where you are. That makes it easy to take care of your banking transactions, such as paying bills, transferring money between accounts, or reviewing your statements on your own schedule. Fifth Third’s mobile banking app lets you take care of nearly every banking need with just a tap, and our online banking is always here for you anytime when you log in at 53.com. Plus, 24/7 message support is available in our mobile app and online.

There typically aren’t any maximum restrictions on the number of transactions you can make with checking accounts, either. That means you can make as many withdrawals or bill payments as you’d like without worrying about additional fees. Plus, many checking accounts also provide a debit card to account holders, meaning you can also make purchases in stores or online or use the card for a withdrawal from the account through an ATM.

4. Potentially Earn Interest

In addition to the benefits above, an interest-earning checking account can also allow you to earn a small return on the money that you have in a checking account. While the interest on a checking account is typically lower than the rate on a savings account, it’s still an opportunity for your money to grow over time.

5. Receive FDIC Insurance

Most checking accounts include free insurance from the Federal Deposit Insurance Corporation, a U.S. government agency. FDIC insurance covers up to $250,000 per person, per account.

6. Enjoy the Option to Write Checks

While using checks may not be as common as it has been in the past, you still might have to write a check to a business or individual at times. Maintaining a checking account means that you can easily take care of business if that need ever arises.

 

Try Fifth Third’s Momentum® Banking - Banking Made Simple

For those who want to strengthen money habits now to reach long-term financial wellness.

  • NO monthly service fee
  • NO minimum balance requirements
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  • Access to money when you need it

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