Article | 1:57 min read

Is a "Free Account" Really Best for You?

Budget and Save

Trying to decide which checking account is right for you can be a little overwhelming, especially considering all the available options. You want to be sure you’re in the right account, and most of the time we’re naturally drawn to anything labeled “free.”

Stacks of coins

But is a “free” account really the right fit for you? If we see the word “free,” we’re usually inclined to think that account will cover most of your needs with minimal requirements from you.

However, there may be better options waiting for you.

While there might be a monthly fee associated with a more premium account, its benefits can end up saving you money, and make your banking life more convenient.

Some checking accounts come with free services and products to make your financial life easier, like mobile banking apps, free electronic statements, or money-transferring programs like Zelle®. These types of tools and services can be valuable in helping you maintain your finances.

While you can complete basic banking with a free account, a premium account may provide you with the tools and resources to achieve your financial goals. Some accounts come with services like cell phone coverage, shopping rewards, and double credit card points.

A more premium account can make it easy to start growing your financial portfolio – with access to tools like Money Manager, an online budgeting tool to track your spending, you can create budgets, set alerts, and best of all, you can link all your accounts and credit cards to see a full picture of your budget.

Tools like these make it easy to set account alerts, and receive custom notifications to fit your needs – transactions, balances, deposits, card activity, and more.

Keep up with your credit score with credit file monitoring and reports, and enjoy free checks and money orders, as well as receiving refunds if you use an outside network ATM. Put any monthly payments on autopilot with Bill Pay – utilities, phone payments, loan payments, or even paying individuals.

These benefits are just a snapshot of the services that can come with a more premium checking account. Even though there may be a monthly fee associated with an account, the benefits it provides can save you time and money. However, it’s important to weigh out any costs, and be sure you’re not paying for something too expensive, and that the benefits truly are helping you.

In the end, it’s about your banking needs. We’re here to help you achieve your goals, and assist you every step of the way. Contact us for more information, or if we can help in any way.


The information provided in these articles is intended for informational purposes only. It is not to be construed as the opinion of Central Bancompany, Inc., and/or its subsidiaries and does not imply endorsement or support of any of the mentioned information, products, services, or providers. All information presented is without any representation, guaranty, or warranty regarding the accuracy, relevance, or completeness of the information.