What to Consider When Opening a Checking Account

Looking for a better checking account? With so many options, it can be overwhelming to narrow down your choices. By considering access to your money, account balance requirements, and existing banking relationships, you can find the perfect match!

3 considerations for choosing a checking account

1. Access to your money

Consider how you prefer to access your money. If you value in-person service, choose a financial institution with a nearby branch for your checking account needs. For those who appreciate digital convenience, ensure the institution offers robust online banking or a mobile app with features like customizable Debit Card Controls, mobile check deposit, and personalized alerts. Many institutions also enable their debit cards for use in digital wallets like Apple Pay®, Google Pay™, or Samsung Pay™, allowing for contactless, secure payments.

2. Your balance

Your average daily balance may influence the best checking account for you. Some accounts have minimum balance requirements that, if not met, can trigger fees. If maintaining a minimum balance is challenging, look for a free checking account with no balance requirement. Alternatively, consider high-yield checking accounts that reward you with interest, often operating under tiers that let you earn more as your balance grows.

3. Existing relationship

If you already have a savings account or credit card with a financial institution, consider opening a checking account with them. Leveraging your existing relationship can be beneficial, as you already know your closest branch and have mobile or online banking set up. Additionally, this established relationship can work in your favor when applying for credit, as the institution has insight into your credit habits and can better gauge your creditworthiness.

How to open a new checking account

If you’d like assistance opening a checking account, you can visit your nearest branch location or schedule a virtual appointment—in the event your financial institution offers them. Or, you can open an account online. Online forms may ask you to select the accounts you want and ask you a series of questions, such as if you want debit card access or certain types of overdraft coverage.

Regardless of which method you choose, you’ll be asked for some information. Typically, this will include your Social Security number, identification (like a driver’s license), your physical address, and more.  

For a checking account that truly meets your needs, consider General Electric Credit Union (GECU). With our competitive perks, you’ll experience a better way to bank. Open your account today and enjoy: 

• Early access to your ACH payments, including paychecks, with Early Pay.¹
• The option to enroll in free overdraft protection transfers,² which automatically covers transactions that exceed your account balance by drawing from a linked account.
• No minimum balance requirement on our Simply Free Checking account or waived monthly fees on our interest-earning Choice or Amplified High-Yield checking accounts when you meet average daily balance requirements.  
• A wide network of nearly 100,000 free ATMs nationwide, so you can conveniently withdraw cash without incurring additional fees, 24/7/365.³ 
• Round-Up, which automatically rounds up debit card purchases to the nearest dollar and deposits the spare change into a GECU savings account of your choice. We even match your rounded-up savings by 5%, up to $350 a year!⁴
• Free access to our user-friendly Online Banking platform and top-rated mobile app.⁵ 
• Zelle®—a fast, safe and easy way to send money to friends, family and other people you know and trust, wherever they bank.⁶