There are many features to consider before you opt for a new checking accounts service. Some individual checking accounts offer rewards, while others may offer a better rate of bank fees. With so many options on the market, it can be challenging to pick the best option. While all of them offer certain standard services, the following features will help you decide the best option when you are looking to open a checking account service:

1. Check the different bonuses and rewards offered
A checking account service is known for offering rewards and bonuses. Let’s take Citibank for example. The rewards offered with this account are perfect for travelers. Apart from offering travel points, you can also earn rewards in the form of gift cards and merchandise. Basically, before you finalize your option, we recommend you to check the different benefits offered. These may range from travel to dining to fuel, thereby widening your options.

2. Check for the interest rates offered, if any
As per the FDIC (Federal Deposit Insurance Corporation), the average rate offered for a checking account is somewhere around 0.50% APY (Annual Percentage Yield). However, since bank accounts want to get more sign ups, they offer better APY rates to the consumers. There are some banks that offer between 2-4% APY.

3. See if you can get a no-fee checking account
A checking account service offers a lot of functions to the users. Approximately 38% of customers pay a maintenance fee to their banks. However, there are many banks that offer a checking account without any extra maintenance fee. It is ideal to go for such an account if the other benefits match your requirements.

4. Check for overdraft fees and overdraft protection
As per a report released by The Pew, the national overdraft fee is around $35. Overdrafting can result in a problem for you later if you do not efficiently maintain your funds. We recommend that you check for the overdraft protection feature and also compare the overdraft fees offered.

5. Opt for the change savings option
There are many banks which automatically transfer money after a certain limit of money is met. Let’s take the example of Bank of America. They offer a feature called ‘Keep the Change’. In this, they debit the purchases you make to the nearest dollar. So, for a purchase of $6.50, they debit $7.00. The remaining $0.50 is directly transferred to your savings. While opting for a checking accounts service, you should definitely check for this savings benefit.

So, we would highly recommend that you carefully analyze the features of your checking accounts service. Since there are many options available in the market, you should pick one that suits you the best. While you may not get all the aforementioned features in a single account, try to opt for a checking accounts service that offers most of them.