5 Features Every Modern Bank Account Should Have

Modern Bank Account

Banks offer a variety of services to their customers. They provide checking accounts, savings accounts, credit cards, loans, mortgages, and other financial products. Opening a bank account doesn’t require any special or minimum qualifications. 

You can open a bank account at any age. The only requirement is that you have enough money to cover the initial deposit. However, here are some important features to consider if you are looking for a modern bank account.

1. Ability to Check Bank Account Online

In this digital age, having a bank account that allows you to check bank account online is almost necessary. It provides flexibility to access your account from anywhere and at any time. In addition, it saves you the hustle of queuing in the banks, saving you time.

2. Irresistible Interest Rates

A modern bank account should have competitive interest rates. It should have different rates for different accounts to cover diverse customer groups. A flexible modern bank account should have the potential to earn interest, get preferred rates on deposit accounts, and receive cash back rewards. In addition, ensure it is possible to check your bank account online to see the various interest rates for the specific accounts you are interested in.

3. Reasonable Service Charges

Many consumers have fallen prey to overcharging instances, especially hidden charges they didn’t know applied. So, a modern bank account should provide adequate and honest information on the service charges. It will be an added advantage if you can check your bank account online to see their service charges before engaging.

Ensure you know the charges per statement period and the instances where the service charge does not apply. 

4. Different Checking Options

A modern bank account should provide different checking options to suit the different needs of its customers. Here are some checking options to consider.

Premier checking

This option provides flexibility and different benefits from the bank’s offerings. For instance, it allows digital banking-allowing you to check your bank account online, access to many surcharge-free ATMs in the country, availability of overdraft line of credit subject to credit approval, ability to receive cash back rewards like $0.05 cash back for every debit card or ATM transaction, access to preferred deposit account rates, and more.

Plus checking

This option also offers cash back rewards for every debit card transaction, the ability to check your account online, a savings overdraft sweep that allows an overdraft from your checking account to be funded from your savings account, wire discounts such as a $5 discount per wire, an annual discount on your safe deposit box, a service charge of $12 per statement period with a service charge exemption in some instances, and more.

Traditional checking

A traditional account is the best choice if you want a checking account that does not require a minimum balance. In addition, this option provides a service charges waiver for customers over 62 years old. It allows you to check your bank account online, get a savings overdraft sweep, an overdraft line of credit, and a reasonable service charge per periodic cycle.


It is essential to have a bank account, but having one that allows you to check your bank account online is a win. So, ensure to consider these features to get a modern bank account.