So, saving a bit of money on the side is all well and good, but you need something for your day to day spending. Come on, man! There are new kicks to buy, extra spicy chicken wings to eat, and larger, better squirt guns to use in wildly inappropriate ways (like soaking your boss from behind a bush as he’s walking to his BMW).

How it works

Checking accounts were made for easy access. You place money in the account, and you generally use that money for your everyday spending. Your bank will give you checks, but there will be other ways you can reach your money such as a debit card or online service. Also, you can deposit and transfer money at will. Done. Wham. Bam. Thank you, ma’am.

The Pros, Bros?

• Easy access just got easier. No one wants to drag themselves home or even drag themselves to an ATM every time they want some money. Checking accounts provide a ton (okay, maybe a pound) of ways to take out cash, including ATM/debit cards, checks, cash withdrawals, and money transfers. Plus, your golden debit card allows you to buy at almost any store and buy things online. Checking accounts allow for unlimited deposits and almost unconfined withdraws (gotta remember minimums and…how much money you have in there). Deposit it. Withdraw it. Do what you do. Get that money.
• It better be online. I don’t understand the meaning of “not online.” Unless they still live in the Age of Technological Darkness, most banks have online access to your money. This means that you should at the very least be able to see the basics of your account, if not move your money, edit your profile/privacy settings, open accounts, and pay your bills online.
• Money’s locked up like a chastity belt. Just like savings, checking accounts can be FDIC or NUCA insured, and therefore, your money is safe…at least up to the magic $250,000 number.
• Keeping track of the money beast. It can be hard keeping track of what and where you are spending. Not only will your checking account tell you what you spent each month, but as long as you aren’t taking out cash, it will tell you where you are spending it. This can be particularly helpful if you are overspending, and you want to reel in your financial monster with The bÜdg.
• There’s free stuff! These are all bank specific, but your bank should offer you some sort of freeness. Some banks can link your checking to your saving to prevent overdraft charges, meaning if you take more money than you have in your checking account, they will take the extra money out of your savings. Others don’t have minimum balance requirements. Some have free checks. Every bank differs in what they offer, and with a little research, you can find good offers.
• Water your little money plant, and let it grow. A lot of checking accounts do not have interest, but there are interest bearing accounts. This means that they toss you some dollas for keeping your money with them.
• Haha! Proof! If you pay your bills with cash, it’s hard to prove that you gave them the money, but a check clearly shows up on your bank statement. This can seriously help you out if the greedy jerks come after you.
• Don’t forget about the mail. Sending giant wads of cash through the mail is never a good idea. Who knows what goes on in those post offices? Huge chunks of money are pretty tempting. Checks allow you to safely pay bills or send people money. Kudos, checks!

The Cons, Mon?

• Checking accounts have measly interest rates with a black lung cough and a limp. They generally have lower interest rates than savings, if they give you any interest at all, but they do provide convenience and easy access to all your cash.
• Fees think your money tastes exquisite. Believe me, finding the free stuff that banks offer is not the problem. Anything that the bank offers free, they are going to paint in big red letters, highlight it, underline it twice, and have some celebrity sing an amazingly catchy ditty about it. The hard part is finding what they are going to charge you for. Keep in mind that they want your money. Because you make more transactions with a checking account, there is more danger for fees. Banks can hit you with fees for opening the account, using ATMs (especially ones that don’t belong to your bank), getting more checks, not keeping a minimum balance, service charges, and overdraft charges. Yikes! Stupid banks. But there are also plenty of banks that offer plenty of things for free, so don’t freak…or egg your local bank.
• Banks don’t care that you got mugged. If someone steals your debit card number or the card itself though, you might suddenly end up with $6,000 worth of aloe plants on your bank statement. You have more financial responsibility with a debit card than with a credit card. If you report the theft within two days, you may be liable for $50, but if you report two days or more, you can be liable for up to $500.