• There are several different types of bank accounts a customer can choose from.Paying Bills image by ne_fall_photos from Fotolia.com
  
  Most people use a bank checking account to manage their money and pay bills. A checking account holds money for the customer and allows the customer to withdraw cash or pay bills from the account. There are several different kinds of checking accounts available. It is important to determine what you need from a checking account before choosing which type of checking is best for you. For example, know how many checks you write each month, know if you willing to maintain a minimum balance and know if you are able to manage your account without bouncing checks. While specifics regarding the number of checks permitted each month and the minimum balance required varies from bank to bank, there are several basic account types from which customers may choose.
  
  

Free and Basic Checking

• Many people choose a free checking account. This is a good account because it is free and does not charge a monthly fee to maintain the account. These accounts do not have a minimum balance and typically do not limit the number of checks you can write each month.
  
  A basic checking account is a standard checking account. Typically the bank will require a monthly fee to maintain the account if you do not maintain a minimum monthly balance. Some banks may limit the number of checks you can write each month, but this varies by bank.
  
  

Student and Senior Accounts

• Many banks provide special accounts for students and for seniors 55 years old and older. The terms of this account vary by banks. Some banks will offer to waive fees or provide lower interest rates to account holders.
  
  

Lifeline Accounts

• Banks are required to offer lifeline accounts in Illinois, Massachusetts, Minnesota, New Jersey, New York, Rhode Island and Vermont. These accounts are for individuals with low incomes and have a low monthly charge, typically $6 or less. The accounts may have low deposit and minimum balance requirements, as well as a limit on the number of checks that can be written each month. The terms of these accounts vary by state.
  
  

Interest Bearing and Money Market Accounts

• An interest-bearing account requires a minimum balance to open the account. In addition, the account holder must maintain a minimum balance, usually one that is higher than the amount needed to open the account, to avoid a monthly fee. These checking accounts pay a low interest rate on the account balance each month.
  
  Money market accounts require a high minimum balance. According to bankrate.com, banks usually require at least $1,000 to open this type of account. There is also a limit on the number of checks permitted each month. These accounts pay a higher interest rate than the interest-bearing accounts.
  
  

Joint Checking

• Joint checking allows two people to have equal access to the checking account. It can be applied to any type of checking account.