June 17, 2024

How to Decide on a Simple Bank Account

Bank Account

When it comes to a bank account, not all accounts are equal, and not everyone wants the same thing. What do you want out of your bank account? You may answer a variety of things: a wider array of features, a way to earn money, or just an account that you can pay for things from. If you’re closer to the latter, where you just want a simple bank account, you still deserve a high-quality one. Here are four things you’ll want to look for when you’re deciding on a very simple bank account.

No Monthly Fees

The ability to open an account with no monthly fees is a huge one, and it’s important when you just want a standard bank account. There are some companies that have pioneered this model; a Chime spending account, for example, has no monthly fees, but it also has no overdraft fees, ATM fees, or deposit fees. Lower fees are always better when it comes to a very simple bank account, as you’re not looking for the extra frills that a fee can give you access to.

No Minimum Opening Balance

It’s typically a good idea to avoid simple bank accounts that require you to have a relatively high opening balance. While these can be easily bypassed if you have a fairly significant amount of money to deposit, many people are looking to open these simple bank accounts with little to no money. For example, some people choose these simple accounts as their first accounts, which they may even open when they get their first job before they have a paycheck.

Options for Growth in Accounts

While a simple spending account is a great first step, it’s often not the last step that people want in their account. If you’re interested in saving money in the future, you’re going to want to find a simple bank account that also allows you to open a savings account at some point. Savings accounts can help you earn more from your money, rather than just letting the money sit in a random account.

Access to an ATM Network

Next, you want to make sure you have regular access to an ATM network if possible. ATM networks can be a great way for you to receive money whenever you need it, rather than having to find a specific location where you can take out money. If you’re going with an online bank account, you’ll have to get access to an ATM network to withdraw your money in cash.


There are many different reasons why you might want a simple bank account; maybe you’re looking for a first account for your child, or maybe you’re just trying to find an easy way to pay your bills every month. Either way, “simple” doesn’t have to mean “hard to handle.” A simple bank account can be a great opportunity for many people. Use these four standards to find the best simple bank account for your needs.