Checking accounts may not seem all that exciting, but they are the hub where your income flows in and your expenses flow out. Beyond the basics of depositing and withdrawing money, your checking account can be a powerful tool for maximizing your financial well-being. Here are five tips to help you make the most of your checking account.

1. Choose the right account – Not all checking accounts are created equal. When selecting a checking account, look for one that offers high interest rates, low fees, and convenient features such as online banking and mobile check deposit. Additionally, pay attention to any minimum balance requirements or monthly fees associated with the account, as these can eat into your earnings. Let Valley help you find the right checking account for you.
2. Optimize your spending – Your checking account isn’t just a place to stash your cash—it’s a tool for managing your spending habits. Take advantage of budgeting tools and alerts offered by your bank to track your expenses and identify areas where you can cut back. Set up automatic transfers to your savings account or investment accounts to ensure that you’re consistently putting money aside for your financial goals.
3. Earn cash back rewards – Many checking accounts offer cash back rewards for certain types of transactions, such as debit card purchases or bill payments. Take advantage of these rewards programs to earn money on your everyday spending. For example, check out Valley’s All Access Rewards Checking account, where you can earn $240 over 12 months with a qualifying direct deposit.
4. Set up direct deposit – Direct deposit is a convenient way to ensure that your paycheck is deposited directly into your checking account, eliminating the need for paper checks and trips to the bank. But beyond the convenience factor, direct deposit can also help you save money. Some banks offer incentives such as higher interest rates or waived fees for customers who set up direct deposit. Plus, by having your paycheck deposited automatically, you’re less likely to spend it impulsively, helping you stick to your budget.
5. Stay vigilant against fees – One of the biggest threats to maximizing your checking account is fees. Whether it’s overdraft fees, ATM fees, or monthly maintenance fees, these charges can quickly eat away at your balance if you’re not careful. Avoid overdrawing your account by keeping a close eye on your balance and setting up alerts to notify you of low balances. Use ATMs that are affiliated with your bank to avoid out-of-network fees and consider switching to a bank that offers fee-free checking if your current bank charges excessive fees.

Your checking account has the potential to be much more than just a place to store your money—it can be a powerful tool for building wealth and achieving your financial goals. By choosing the right account, optimizing your spending, earning cash back rewards, setting up direct deposit, and staying vigilant against fees, you can maximize the value of your checking account and make your money work harder for you.

Valley offers a variety of checking accounts to suit your personal needs and maximize your money. Visit Valley.com or contact us today to learn more.