A checking account is one of many financial tools available to help keep your finances in order. It’s a safe, convenient place to put your money and access it for day-to-day expenses like paying bills or using a debit card to make purchases. Here are some of the benefits of having a checking account.

What is a checking account?

A checking account is a transactional account with a credit union or bank that allows you to make deposits, withdrawals and transfer funds. You can write checks or use a debit card to make everyday purchases. You can use it to pay your bills—you can even set up automatic payments from your checking account so your bills are always paid on time. Each individual account holder whose name is on the checking account has the same access to make withdrawals and deposits. You don’t have to be the person who deposits money into the account in order to withdrawal funds. However, all account holders are responsible for maintaining the account.

Checking account benefits

Before you decide to take the next step and open a checking account, take the time to review all the advantages of having a checking account.

Paying bills is convenient

One benefit to having a checking account is all your household expenses, like rent, mortgage, groceries and utility bills can all be paid from one place. You don’t have to worry about how you’ll cover different expenses because the money to pay bills all comes from one place.   

Money is available sooner

A majority of people choose to receive their paycheck via direct deposit. Direct deposit is when your paycheck is directly deposited electronically into your checking account. One advantage of direct deposit is you usually have faster access to your funds. If you have direct deposit set up with your Partner Colorado checking account, you could get paid up to two days early, at no extra cost!¹ Direct deposit guarantees you get paid on time, no matter if you’re on vacation or away from the office. It’s also more secure than receiving a paper paycheck which can end up getting lost or misplaced.

Money-saving and money-earning opportunities

Some checking accounts provide opportunities to save money or earn interest. With an Elevated Checking Account powered by BaZing, you can lower your bills and save money on things you’re already paying for with benefits like cell phone protection, identity theft aid, roadside assistance, BaZing Fuel discounts and more.²

We’ve recently added new benefits to our BaZing Checking Accounts. Accountholders can now take advantage of Billshark, which helps you get the best rate from service providers for internet, cell phone, cable, satellite, home security, and more. It can also help you find recurring subscriptions you no longer need and help with cancelation. BaZing accountholders can also utilize credit and identity monitoring. You can access your credit report and credit history. You can choose areas of your credit report you’d like to monitor, as well as set up alerts.

Buyer’s Protection and Extended Warranty are also available to BaZing accountholders. This will replace, repair or reimburse you up to the original purchase price, less any shipping and handling charges, for purchases of new items, including but not limited to TVs, tablets, laptops, computers, wi-fi routers, printers, scanners and other digital devices.

If you’d like to earn interest on your checking account, take advantage of our Elevated High-Interest Checking Account powered by BaZing This checking account offers a no-minimum balance account that pays interest and has exclusive discounts and benefits.³

Easy access to money

You can easily access money from your checking account by using your debit card at an ATM to make withdrawals. Most financial institutions don’t charge a fee if you make a withdrawal from a CO-OP ATM. As a credit union member, you have access to over 30,000 surcharge-free CO-OP ATMs.⁴ You can make in-store or online purchases with your debit card. You can also add your debit card to a virtual wallet such as Apple Pay^®, Google Pay™ or Samsung Pay^®. Virtual wallets give you additional security because your card number is not given to the retailer. When you make a purchase with your debit card or virtual wallet, the money is immediately and directly taken from your checking account.

Easy to track spending

A checking account gives you a clear and concise record of your spending habits. Having a checking account makes it easier to track your income and spending because your money is going in and coming out of the same place. A checking account can help keep you on track when it comes to spending. Keep in mind, checking accounts usually have overdraft fees, so it’s important to make sure you’re aware of the amount in the account before making a purchase. If you need help tracking your spending, our free online personal financial management tool, My Financial Partner, can track your spending, as well as help you create a realistic budget.

Manage your account online

A majority of financial institutions offer e-services via online banking or a mobile banking app. This allows you to check balances, make deposits and transfer funds all from a laptop or smart device, no matter where you are or what time it is.

Money is safe and secure

Carrying cash around in your wallet is risky. It could get lost or stolen, and once it’s gone, it’s gone. Cash is not insured like funds in a checking account are. Typically, deposits are insured up to at least $250,000 per depositor, per financial institution for each account ownership category. This can give you peace of mind knowing that your funds are more safe and secure than just having cash in your wallet. Using a debit card makes it easy and safe to pay for expenses directly from your checking account. It also eliminates the need to carry excessive cash with you.

Having a checking account can make it easier to manage household expenses while keeping your money safe. If you need help finding the right kind of checking account, Partner Colorado offers a variety of checking account options, and we can help you determine which one is best for you.

¹Early access to direct deposit funds depends on the timing of the submission of the payment file from the payor. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date. Early availability is not guaranteed, and may vary from deposit to deposit.
²Click here  for full disclosures on Elevated Checking powered by BaZing.
³Click here for full disclosures on Elevated High-Interest Checking powered by BaZing.
⁴Surcharge-free transactions are available for debit and ATM card holders of participating credit unions.