Banks offer checking accounts both for individuals and businesses. With a checking account, parties can deposit, withdraw, and transfer money. If you are keen on opening a checking account, understanding your financial needs and position can help you decide the right type of account. Different types of checking accounts may have different requirements for a minimum balance. Fees and interest may vary based on the type and volume of your transactions.

Once you know your needs, you can choose from these types of checking accounts:

Regular or Standard Checking Accounts
If you want to open a checking account to perform regular banking transactions like depositing or withdrawing cash, paying your bills, and shopping using debit cards, you can open a regular or standard checking. It may not offer much as interest, but banks may waive the monthly fee if you maintain a minimum balance per the bank’s requirements.

Interest checking accounts
Interest checking combines the features of a traditional checking account and a savings account. It offers all the features of a checking account like checks, auto-debits, debit card shopping, bill payments and earns you interest on the unused balance in your account. Interest is usually a percentage of your balance and may be lower than a savings account or other high-yielding deposits. The banks pay the interest to your checking account in regular and fixed intervals.

High-Interest or rewards checking accounts
High-interest or rewards checking accounts pay higher interest than interest checking accounts, usually higher rates than savings or high-yielding deposits. Banks may impose certain requirements like a specific number of debit card transactions, receiving deposits through ACH transfers, or signing for online banking. Banks and credit unions also pay out tiered interest based on your balance. If you have a lower balance or do not fulfill the requirements, you are likely to receive a lower interest and more if you complete them.

Premium Checking Accounts
Premium checking accounts are ideal if you want to maintain a higher minimum balance of $10,000 in your account and want some additional perks and services. Banks fulfill a range of financial services to premium account holders, including monthly fee waivers, ATM fee reimbursements, monthly interest on the balance, vehicle loans, and reduced mortgage rates. Premium checking account holders become eligible for discounts on shopping, bank’s additional financial services, investment products, and free checks. Banks may offer dedicated personnel who provide all the services that you may need.

Second-chance checking account
If you have had excessive overdrafts in the past or a history of negative balances, a bank may have closed your checking accounts. Second-chance checking accounts allow you to open another checking account with restrictions on overdrafts. If you maintain a good balance and show good financial standing, a bank may convert your account into a regular or a standard checking account.

Business checking account
Business checking accounts allow businesses to take care of their daily accounting transactions, like making deposits, withdrawals, and transfers. For a business, banks may stipulate maintenance of a minimum balance. Interest rates may vary on the basis of the number of business transactions and deposits.

Top checking account companies
The following banks are well known for providing the abovementioned checking accounts:

For business checking accounts, the best options include Kabbage checking, BlueVine Business Checking, Chase Business Complete Banking, Novo Business Checking, and Mercury Business Bank Accounts.

For high-interest and rewards-checking accounts, try Axos Bank Rewards Checking, Consumer’s Credit Union Free Rewards Checking, Connexus Credit Union Xtraordinary Checking, and Lake Michigan Union Max Checking.

For premier checking accounts, we recommend Chase Premier Plus Checking, Chase Sapphire Banking by Chase, Advantage Relationship by Bank of America, Citigold from Citibank, and Portfolio from Wells Fargo.

Lastly, the top options for Second Chance checking accounts include People’s Bank Cash Solutions, Lending Club Essential Checking, Woodforest National Bank Second Chance Checking, and Varo Bank.