Equity Bank Offers Checking Accounts to Fit Any Stage In Your Life

Mar 09, 2017 | Be First to Comment!

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Having a checking account can make your financial life easier when it comes to paying bills, depositing your paychecks and tracking your spending. The trouble is, with so many different checking accounts to choose from, it can be tough to pick the one that best meets your needs.

Equity Bank provides a solution to that dilemma by featuring checking accounts that are designed to fit wherever you’re at financially. With branches located throughout Kansas, Arkansas, and Missouri, Equity Bank offers banking services that are unique to each community it’s in. Its innovative products and tech-enabled services make it a worthy competitor for the nation’s big banks.

In addition to its lifestyle-friendly checking accounts, Equity Bank can make managing your money easier with other perks like:

  • No ATM fees nationwide (Equity Bank blocks all ATM fees)
  • Online and mobile banking services
  • AutoSave (Save automatically as debit card transactions are rounded up and the spare change transferred to savings)
  • Go! Card debit card: Add what you can, whenever you’d like

If you’re a resident of Kansas, Missouri or Arkansas, learn what sets Equity Bank apart from other local banks.

Checking That Fits Your Lifestyle

What you need from a checking account in your 20s is likely to be very different than what you may need in your 30s or 40s. Equity Bank recognizes that checking accounts aren’t one-size-fits-all and their products are designed to appeal to recent college grads, newlyweds who are just starting out, couples who are planning to buy a home or start a family and seniors who are moving towards retirement.

Regardless of where you are on the spectrum, you have five checking account options to choose from. Here’s the full rundown on how they compare:

1. ECO Checking

Minimum deposit required to open an account: $100

If you like your banking served with a side of convenience and you’re environmentally conscious, ECO Checking may be what you’re looking for. This account keeps things simple with no minimum balance requirement and no monthly service charges if you choose electronic statements.

Mobile and online banking services allow you to manage your account on the go, with no paper trail to keep up with. While you can set up bill payments online, unlimited check writing is included if you need it. There’s a $5 service charge if you decide to opt for paper statements.

2. Gold Checking

Minimum deposit required to open an account: $100

Equity Bank’s Gold Checking account offers many of the same benefits and features as ECO Checking but there’s an added plus. One hundred percent of your account balance earns a competitive interest rate. That’s great for someone who’s used to having a higher balance in their account.

The current Annual Percentage Yield for Gold Checking is 0.03% and there’s no minimum average daily balance required to earn that rate. There is a $1,000 minimum daily balance needed to avoid a $10 monthly service charge. You can also sidestep the service charge by maintaining a $25,000 combined balance if you have more than one Equity Bank checking, savings, or certificate of deposit account.

3. Platinum Checking

Minimum deposit required to open an account: $100

If you’re focused on building wealth in your 40s or 50s, you may be keeping more cash in your checking account. If you plan on maintaining a balance of up to $25,000 or more, Platinum Checking rewards go one step further than Gold Checking by rewarding you with a premium interest rate.

The Annual Percentage Yield for balances ranging from $0 to $25,000 is 1.25%. That’s comparable to the kind of rates you could earn with a certificate of deposit (CD) but you have the flexibility of being able to tap your funds anytime you need to.

For balances larger than $25,000, the Annual Percentage Yield is 0.05% -- only on the portion of the balance in excess of $25,000.

To qualify for the premium Annual Percentage Yield, you’ll need to enroll in online banking and eStatements, and complete at least 10 debit card transactions each month. There’s a $10 monthly service charge but you can skip paying it if you maintain a $2,000 minimum daily balance.

The Annual Percentage Yield is accurate as of the publish date of this article. The rate may change at any time after account opening. And, fees could reduce your earnings.

To sweeten the deal even further, Platinum Checking customers enjoy perks like free stop payments, cashier’s checks and money orders, $100 off mortgage closing costs and a 0.25% discount on auto loans. You still get all the regular features of Equity Bank checking, including a MasterCard® debit card, unlimited check-writing, and unlimited electronic transfers.

4. SMART Checking

Minimum deposit required to open an account: $100

If you’re working on building a career path or you have young children at home, you’ve likely got enough to juggle without adding a high maintenance checking account to the list. The SMART Checking account is Equity Bank’s “worry free” option that offers reduced overdraft fees and a low monthly fee.

Compared to the average overdraft fee of $35.20, Equity Bank charges just $15 per overdraft if you accidentally run your account into the red. The overdraft fee must be paid within 30 days. If you normally have one overdraft fee per month, that could save you over $240 a year. That extra money could come in handy if you’re working on building up a savings buffer to avoid overdrafts in the future.

The SMART Checking account has a $12 monthly service charge.

Equity Bank does authorize and pay overdrafts on: checks and transactions made using the checking account number, automatic bill payments, and ACH payments. The bank will not pay overdrafts on ATM transactions and everyday debit card transactions. If your account balance at the end of the day is overdrawn by $5 or less, an overdraft fee will not be charged.

Get Cash Without Paying High ATM Fees

ATM fees can take a serious bite out of your cash flow if you have to use another bank’s ATM. If you’re paying $5 a pop to withdraw cash at a foreign ATM twice a week, that’s $520 a year you’re throwing away on fees.

Equity Bank solves that problem by eliminating ATM fees altogether. Any time you’re charged a foreign ATM fee, Equity Bank blocks it from showing up on your account statement. That means no more being nickel and dimed when you have to withdraw cash in a pinch.

Use AutoSave to Meet Your Savings Goals

Saving money--whether you’re building up your emergency fund, planning for a vacation or putting together a down payment on a home--can be a challenge if you’re naturally a spender. Setting up a separate Equity Bank savings account is a step in the right direction and the AutoSave feature makes saving virtually hassle-free.

Every time you swipe your debit card, AutoSave rounds the transaction up to the nearest whole dollar amount. The extra change is then transferred automatically from your checking to your savings account. If you spend $25.05 on dinner, for example, the remaining $0.95 gets funneled into savings. If you’re a regular debit card user, all those extra pennies can really add up at the end of the day.

Go! Card Keeps Your Spending in Check

If you’re running into trouble sticking to your budget, the Go! Card could make it easier. You can load only what you need. Once the balance is gone, you’ll have to load more money to keep spending.

Like your regular checking account debit card, there are no ATM fees to make withdrawals with your Go! Card. The card can be used anywhere MasterCard® is accepted. It’s a safe way to spend if you’re not comfortable carrying cash.

The Bottom Line

While Equity Bank doesn’t have the geographic reach that some of the nation’s larger banks offer, there’s a lot to like if you’re looking for a community bank that doesn’t weigh you down with excessive fees. Between the different checking accounts that Equity Bank offers and its full line of savings and loan products, you’ve got plenty of options for customizing your banking needs as you move through life’s different phases.

Equity Bank. 2017. Member FDIC. Equal Housing Lender. NMLS#438264.

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