News & Advice

Here’s what you need to know to check opening a checking account off your to-do list. 

CONSIDER WHAT YOU WANT

Before picking a checking account, ask yourself some questions:

• What am I looking for in a checking account? 

• What do I mainly use my checking account for? 

• How much money do I keep in my checking account? 

• How often do I use my debit card?

• What’s most important to me — simplicity or extra features? 

What’s most important to you? Is it simplicity, building wealth, and having added security benefits through your account, or having an account with extra perks?

When you bank with us at INOVA Federal, all of our checking accounts come with a free Visa debit card, debit rewards with every purchase, access to digital banking and bill payment, access to free ATMs nationwide, and a minimum $10 deposit to open the account, but each checking account has different benefits. 

IF YOU WANT SIMPLICITY

When thinking of a checking account, the word exciting probably doesn’t come to mind. Checking accounts serve important functions and a simple checking account can be a great choice if you’re opening a checking account for the first time or just want a standard checking account. 

With Simply Free Checking, you’ll pay no monthly fee.

IF YOU WANT SECURITY BENEFITS AND TO BUILD WEALTH

In 2022, the Federal Trade Commission received more than 1.1 million reports of identity theft through its website. If you were to be a victim of identity theft, your wealth could be gone In an instant. That’s why INOVA Federal offers a Shield Checking account that provides IDProtect, an identity theft monitoring and resolution service. This service includes up to $10,000 in identity theft expense reimbursement coverage to cover costs associated with restoring your identity. IDProtect also includes a credit score tracker so you can monitor changes to your credit report and credit score. 

When you pay your cell phone bill through your Shield Checking account, you’ll also get cell phone protection. You can also grow your wealth with this checking account by earning interest up to 5% APY. Open yours for a low $5 monthly service charge. 

IF YOU WANT EXTRA PERKS

With a Performance Checking Account, you’ll earn competitive dividends when one direct deposit or automatic payment takes place per month. Just set up direct deposit payments with your employer or set a bill to be automatically paid and earn dividends without even having to think about it. 

IF YOU KEEP WANT TO GROW YOUR FUNDS

If you tend to keep large amounts of money in your checking account, an Elite Checking Account will help you make the most of these funds. With this account, you earn tiered dividends, with a higher dividend rate when you have a balance of $2,000 or more. If you keep a daily minimum balance of $2,000, you don’t have to pay the $7.50 monthly service charge. This account also comes with free personalized checks and unlimited check writing with no per-check fee. 

IF YOU’RE 50 OR OLDER

The Advantage 50 Checking Account was created exclusively for our members who are 50 years old or older and comes with competitive dividends, no monthly service charge, no minimum balance requirements, free personalized checks, and unlimited check writing with no per-check fee. 

When you’re ready to open a checking account, stop in and see us at one of our convenient locations or open your account today online.