Types of Checking Accounts
6 Min Read | Published: 2 December, 2025
This article contains general information and is not intended to provide information that is specific to American Express products and services. Similar products and services offered by different companies will have different features and you should always read about product details before acquiring any financial product.
Wondering which checking account is best? Compare different types of checking accounts, explore their features, and learn how to choose the right one for you.
At-A-Glance
- Not all checking accounts are the same. Some focus on low fees, others on perks and rewards.
- Options include traditional, premium, student, joint, and rewards checking accounts.
- The best account for you depends on your stage of life, spending habits, and financial goals.
A checking account is the workhorse of your money. It’s where your paychecks land, bills get paid, and everyday spending happens. But here’s the catch: not all checking accounts are built the same. From student-friendly options to premium accounts with added perks, there’s likely an account designed for your lifestyle.
Let’s break down the different types so you can find the one that feels like the right fit for you.
Traditional Checking Accounts
If you’re not familiar with different types of checking accounts, odds are that you have a traditional checking account. Usually equipped with a debit card, checkbook, and online bill pay, a traditional checking account can handle most of your regular payments and deposits. Typically, a traditional checking account doesn’t earn interest. Financial institutions may charge some fees to keep your checking account open, but there are often ways to avoid them if you meet certain balance or deposit requirements.1
Premium or Interest-Bearing Checking Accounts
Some premium checking accounts pay interest on your balance, similar to a savings account, and may also waive ATM fees or offer more readily available customer support.2 That said, they typically require significant balances to avoid maintenance fees.3 If you like to keep more cash in your checking account and can avoid the fees, you might want to look into opening an interest-bearing checking account.
Student Checking Accounts
Many financial institutions offer low- or no-fee checking accounts catering to students or young people who are new to banking. Student checking accounts may waive overdraft fees or minimum balance requirements,4 giving young people a low-cost way to learn the ins and outs of financial responsibility.
If you’re a high school or college student and want to open a checking account for the first time, a student checking account may be the right choice for you. Just remember, after a period of time or when you graduate from school, financial institutions may upgrade you to a traditional checking account.5 So, make sure you know what fees are associated with your account once you’ve learned the ropes.
Joint Checking Accounts
If you share your finances with someone else in your life, you may want to consider opening a joint checking account, which allows multiple people to deposit or withdraw funds.6 Having more than one person on a single account may simplify shared expenses, such as rent, utilities, or groceries, and go a long way toward financial transparency among families or couples.
Rewards Checking Accounts
Rewards checking accounts may let you earn points on purchases, like a rewards credit card, and even let you earn interest on your account balance, like some premium checking accounts.7 Like traditional checking accounts, rewards checking accounts may have requirements that you have to meet to avoid fees or to open an account, like making a minimum number of transactions per month or keeping a certain balance in your account.
Did you know?
American Express offers a Rewards Checking Account that could help you earn perks on your everyday spending.
Finding the Best Checking Account for You
Most checking accounts offer basic features like debit card use, checks, and online bill pay. Here are some of the other features you might run into:
Typical Features |
Best For |
|
|---|---|---|
Traditional Checking |
Standard offerings with possible monthly fees |
Everyday banking needs |
Premium Checking |
Higher balances, perks like interest or waived fees |
High-balance customers wanting added benefits |
Student Checking |
Low/no fees, minimal requirements, overdraft protection |
Students new to managing money |
Joint Checking |
Shared access for deposits/withdrawals |
Couples or families managing shared expenses |
Rewards Checking |
Earn cash back, points, or higher interest rates |
Savers and spenders who want perks on usage |
Frequently Asked Questions
Traditional, premium, student, joint, and rewards checking accounts are some of the most common. Each has its own features to match different needs. Many banks offer at least three to five types, though their names and perks vary.
The best checking account may depend on your lifestyle. For example, young people may benefit from no-fee student accounts, while high-balance customers may prefer premium options that deliver interest or rewards.
You don’t need to choose between a checking and a savings account. In fact, it can be smart to have both at your disposal. Your checking account can serve as your financial hub for your everyday transactions, and your savings account can help you save money for the future.
The Takeaway
Checking accounts aren’t one-size-fits-all. Whether you’re just starting out, sharing expenses with a partner, or looking to earn rewards on your spending, there’s an option out there for you. If you’re looking for everyday banking that offers more benefits in return, consider exploring American Express Rewards Checking.
1 “Checking account fees: What they are and how to avoid them,” Bankrate
2,3 “Should You Open a Premium Checking Account? Pros and Cons Explained,” Investopedia
4,5 “Should You Open a Student Checking Account?,” Experian
6 “What is a joint bank account?,” Bankrate
7 “Rewards checking accounts: What are they and what to watch for,” Bankrate
Scott Drueding Hanson is a content writer and copywriter based in Brooklyn. His work focuses primarily on personal finance.
All Credit Intel content is written by freelance authors and commissioned and paid for by American Express.
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