How to choose the right bank account

Choosing the right bank account starts with understanding how you plan to use your money. Consider whether you need an account for everyday spending, saving toward a goal or both, then compare fees, access and digital tools.

A Regions Greenprint® plan conversation with a banker can provide a no-cost, personalized view of your finances and guidance on which accounts may fit your goals.

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Key takeaways

• The right bank account depends on how you’ll use your money, your financial goals and your preferences for managing it.
• Checking accounts are generally used for everyday spending, while savings accounts can help keep money set aside for future needs or goals.
• Money market accounts may be worth considering if you want to keep funds accessible while exploring savings options.
• Before opening an account, compare fees, access, digital tools and account terms.

How to choose a bank account in 5 steps

1. Decide how you’ll use the account. Consider whether you’ll need it for everyday spending, savings or both.
2. Choose the account type that fits that need. Checking, savings and money market accounts can each serve different purposes.
3. Compare fees and ways to avoid them. Look at monthly fees, minimum balance requirements and qualifying direct deposit requirements where applicable.
4. Check how you will access and manage your money. Consider nearby ATMs and branches along with Online Banking and the Regions Mobile app.
5. Confirm the bank is FDIC-insured. Review FDIC guidance on choosing an account and confirm the institution’s deposit-insurance status before opening an account.

Checking vs. savings vs. money market: which account fits your goal?

The right account depends on how often you need to access the money and what you want it to do. A checking account may support everyday transactions, while savings and money market accounts may help you keep funds separate from day-to-day spending.

Checking accounts for everyday spending

A checking account is built for frequent use. It is typically where people receive deposits, pay bills, make debit card purchases and transfer money. For many customers, a checking account serves as the central hub for managing day-to-day finances.

Savings accounts for goals and emergency funds

A savings account is designed to hold money you don’t plan to spend regularly. Common uses may include emergency funds, short-term savings goals and money you want to keep separate from everyday spending.

Money market accounts

Money market accounts can be another option for customers who want to set money aside while maintaining access to funds. The features, fees, interest and access terms can vary by account, so review the account details before deciding whether a money market account fits your goals.

A simple guide to choosing the right account

• Choose a checking account if you mainly need a convenient place to pay bills, receive deposits and manage everyday spending.
• Choose a savings account if you want to build a financial cushion or save toward short-term goals in a separate place.
• Choose a money market account if you want to earn more interest for higher balances.
• If you want to do more than one of these things, you don’t have to choose just one. Many people use a checking account for everyday spending and a savings or money market account for money they want to set aside.

What to compare before you open an account

After narrowing down the account type, compare the features that may affect how you use the account each day. Review checking and savings options before making a decision. For more checking-specific guidance, review tips for choosing a checking account.

• Monthly fees and waiver options: Review monthly fees, minimum-balance requirements and qualifying direct deposit requirements where applicable.
• ATM and branch access: Consider whether nearby ATM and branch access fits your routine.
• Digital tools and alerts: Explore the available tools through Online Banking and mobile apps.

Choose an account that fits how you manage money

Your personal habits are just as important as account features. Some people prefer managing everything through mobile apps, while others value face-to-face conversations with a banker. Choosing an account that fits how you naturally manage money may make it easier to stay consistent.

Go further

Schedule an appointment with a banker to create a Regions Greenprint® plan and discuss checking, savings or money market options that may support your financial goals.

Make an appointment