In a world where technology has intersected with every aspect of our daily lives, cash no longer holds the crown of king. While carrying a bit of cash with you is still important for emergencies, cash-only purchases, and small-value transactions, more consumers are leaning on checking accounts with debit cards to make payments—especially in our digitally driven world.
In fact, in the Diary of Consumer Payment Choice (a study conducted by the Federal Reserve using a sample of 2,873 diverse individuals), debit cards were the most used form of payment in 2019—accounting for 28 percent of all transactions.
With paper currency falling by the wayside and debit cards becoming the most popular payment method, you might be curious about all the real-world benefits that come with opening a checking account and using a debit card. So, at Landmark National Bank, our experienced associates have put together this guide to detail the most important benefits of a checking account—helping you make an informed decision on whether or not opening one is right for you.
4 Benefits of Opening a Checking Account
Unlike only carrying cash, having a checking account with a debit card means you have financial flexibility. From online transactions to direct deposits, a checking account gives you the ability to take control of your money in many important ways:
1. Get Your Money Faster with Direct Deposit
One of the main benefits of a checking account is the ability to receive direct deposits. Rather than waiting on paper checks from your employer, benefits provider, or pension provider, a checking account with direct deposit allows you to access your funds much faster. In addition, you will not have to worry about making an extra trip to the bank every pay period.
2. Utilize Online and Mobile Banking Tools
With a checking account, you do not have to write physical checks to do things like pay your rent or utility bills—and that is all thanks to secure online and mobile banking tools. If you are connected to a mobile service provider’s network or the internet, you can use a smartphone or computer to:
- Check balances
- View your transaction history, including images of checks
- Transfer money
- Pay bills
- Go paperless with e-statements
Additionally, your checking account and debit card allow you to make contactless purchases online, meaning you can buy the products you need through online retailers and have them delivered straight to your doorstep.
3. Earn Interest
Interest-bearing checking accounts can be an inexpensive way to make your money work for you. By meeting minimum account balance requirements and receiving monthly direct deposits, an interest-bearing checking account will earn you passive income to help you plan for the future.
4. Keep Your Money Secure
Rather than stashing cash under a mattress or in a shoebox, putting your hard-earned money in a checking account will safeguard it from the unexpected. Loose cash can be lost, stolen, or damaged, and there is no way of getting back paper currency once it is gone. With a checking account, your finances will be insured by institutions like the Federal Deposit Insurance Corporation (FDIC), which means your earnings will stay protected.
Discover the Benefits of Our Checking Accounts
At Landmark National Bank, we offer five personal checking accounts, so you can select an account that best suits your financial needs and budget. Complete with online and mobile banking options and a debit card with Landmark Rewards, all our accounts allow you to:
- Manage your daily finances
- Pay your bills
- Receive direct deposits
- Withdraw cash from ATMs
- Keep your money secure
Learn more about the real-world benefits of a checking account by calling our friendly, knowledgeable associates today. If you are ready to open your new checking account today, don’t hesitate to apply online in just a few minutes. At Landmark National Bank, we look forward to helping you on your journey toward financial freedom.