Not all checking accounts are created equal. If they were, banks wouldn’t compete so hard for your business. How do you choose a checking account?

When deciding which bank to open a checking account with, you should take the following five points into consideration.

1. Consider Your Needs Each bank customer is interested in slightly different checking account features. The first step in choosing a bank to open a checking account with is deciding what you really need from your account. For example, if you keep a low balance in your account, you would not want to open an account that charges a fee if your balance goes below a certain amount. If you are concerned that you might need to withdrawal extra money sometimes, overdraft protection is one account feature you would be interested in.

2. Number of Checks that Can Be Written Despite many modern changes, many people continue to write a large number of checks on a monthly basis. For individuals who do not use checks to pay for monthly expenses, a bank account that will only permit ten checks to be written each month would not be a problem. Other people who need to be able to write quite a few checks, though, would naturally opt for an account that lets them write more. Some banks allow customers to write fifty checks a month with no fee.

3. Are there perks to keeping a high checking account balance? Checking accounts can be used as a vehicle to make some money. Those that can maintain a higher balance have the option of opening an interest bearing checking account. Don’t overlook this fact. If you open such an account and don’t maintain the balance there will be penalties charged. Some minimum balances required can run around $250 dollars or more.

4. Service Charges Before you open any checking account at any bank, it is very important that you understand all service charges that your account could possibly incur. Some banks charge maintenance fees just to let you have a checking account with them. Other institutions will charge you for writing a lot of checks. Another common fee gets charged to your account if you overdraw and, instead of using a savings account, the bank takes the money from an overdraft account.

5. Can I view my statement online? Not all banks offer online banking for their customers. Online banking allows customers to view their accounts as often as they like. They can view details of transactions and move money from one account to another. Online services also include viewing and managing investments and applying for loans. Every customer has to apply for permission to access their account online. This keeps their account secure.

Free checking accounts work out great for people working on a tight budget, while checking accounts that earn interest on their balances are useful to individuals looking to invest.