Checking accounts make for the first milestone of most people’s financial journey. They are an essential part of personal finance. A checking bank account brings with it better financial planning. In simpler words, it allows for much effectiveness in handling your expenses and income while helping with setting the right budget. Checking accounts have always been lauded for their advantages; however, they now bring many more benefits that fit today’s financial scenario.

Looking to open a checking account but are still contemplating about the same? Here are five pros that will help you wrap up how an account of this kind can be of advantage to you.

Protection and safety
There is no dearth of incidents where cash is stolen even from the safest nooks. Storing cash at home too brings with it the threat of robberies and natural disasters. A checking account lets you avert such a risk. Consumer banks are insured and can cover huge amounts even in the case of an untoward incident. Storing monetary savings under a checking account brings with it safety and peace of mind.

Easy check cashing
The cashing of a check can be complex if you do not have a bank account. In the case of non-customers, the bank will only cash the check if the same is issued by the given bank. This makes for an inconvenient and long process as you must have the check uncashed at any one of the bank branches. Moreover, there may also be an extra fee charged for the service. For people who regularly deposit checks, the fees can amount to quite high costs over a period. Starting a checking account can aid in avoiding such costs and bring in better savings on money and time.

A budgeting tool
Checking accounts act as free budgeting tools. A bank account automatically tracks all the purchases, withdrawals, and deposits that are undertaken. It is presented in the form of a report via a periodic statement. This proves to be a great way to understand your purchase behavior and how exactly the money is spent each month. You can also fine tune your habits if you find them unaligned and effectively organize the same. What’s more? With the growth in several banking institutions providing online systems and mobile applications, the tools can be accessed right from the confines of your home.

Debit card usage
A checking account lets you enjoy certain privileges and a debit card is one of the many. Holding a debit card allows for a cashless transaction and easy cash withdrawal at any time. Moreover, most banks also offer protection in the case the debit card is lost or is a part of a fraud case. Debit cards indubitably add to more convenience when making payments or doing any financial transactions.

A checking account can be opened by anybody; however, a low credit score can pose to be a glitch when getting one. Nevertheless, it is not an impossible feat as there are several steps that can smoothen the process of getting a checking account.