Checking Account Benefits: Get More from Your Logix Account

These days, you can do just about everything from your phone. Paying bills, sending money to friends, and getting paid by direct deposit has never been more convenient. And, while you may not be writing many paper checks anymore, a checking account is still one of the simplest ways to manage your everyday finances.

A good checking account should do more than sit there holding your money.  The best ones can offer features like early access to direct deposits, fee-free ATM access, helpful digital banking tools, and member rewards.

So, what sets apart a checking account that’s “just okay” from one that’s truly designed to work for you?  Here are some checking account benefits to look for when choosing an account, and how Logix Checking Accounts stack up.

The Importance of a Checking Account

Think of your checking account as home base. It’s typically the place where your paycheck lands, your bills are paid from, and your debit card pulls from every time you swipe or tap to pay for purchases.  Unlike a savings account, which is generally intended for setting money aside for future goals and emergencies, a checking account is designed to provide more frequent access to your money.  Therefore, instead of juggling cash, paper checks, and multiple payment methods, you can use a checking account to organize many of your daily financial tasks.

This is where features like direct deposit, automatic payment, and Zelle® may play a beneficial role.  They help take the manual labor out of managing your money so you can spend less time on logistics and more time living your life.  Plus, checking your account regularly (pun intended) is one of the easiest ways to catch fraud, stick to a budget, and transfer a little extra into savings each month.

5 Checking Account Benefits That Stand Out

Whether you already have a checking account or you’re thinking about opening a new one, it’s worth examining the features and benefits your account offers to make sure it’s the right fit for you.

Since your financial needs often change over time, your checking account should fit your life as well as help make your specific goals more attainable.  For example, perhaps you opened your first checking account when you started your very first job.  Today, your income, spending habits, and financial goals may look very different than they were when you were younger.

When comparing checking accounts, here’s some perks to look for:

1. Direct deposit can help you get paid early

Setting up direct deposit can eliminate the need to rush to deposit a paper check before it gets lost (or worse, stolen).  At Logix, taking advantage of this feature may also unlock another exciting checking account benefit: Early Payday with Direct Deposit.*

With Early Payday with Direct Deposit, your paycheck funds may be available up to two days earlier than your standard payday, depending on your employer.  A couple of extra days may not sound huge, but it can potentially give you a bit more flexibility when big expenses are quickly approaching.  Getting your paycheck sooner can make a big difference when your rent or mortgage is due, or you just need a little more breathing room between paychecks.

2. Fee-free ATM access wherever you are

Convenient and secure access to your money is essential, especially when you’re on the go.

Logix members have access to a large nationwide network of 30,000+ fee-free CO-OP ATMs. This is often many more than big banks offer, too.  Whether you’re close to a Logix ATM in Southern California or traveling elsewhere, you shouldn’t have to pay extra just to withdraw your own cash.

3. Digital banking makes managing money simple

Online Banking and Mobile Banking make managing your checking account a breeze no matter where you are.

Digital banking tools let you gain real-time insight into your account. You can easily check your balance, monitor transactions, manage your budget, send money with Zelle®, and deposit checks through mobile eDeposit all from the convenience of your phone, tablet, or computer.

When you add your Logix Debit Card or Credit Card to your digital wallet, you can conveniently pay for purchases with your smartphone or smartwatch instead of a physical card.  In fact, all Logix cards link with Apple Pay®, Google Pay™, or Samsung Pay, so checkouts are not only fast and easy, but secure.  Digital wallets also use unique digital tokens for each transaction, so your card number stays private. Because of this, your card information may be less exposed during transactions.

4. Built-in security features help keep your account safe

Security features like debit card alerts provide an added layer of protection and peace of mind.  Depending on your account and alert preferences, notifications can help you stay informed about transactions. This way, you can manage your account more effectively.  Security features may also help you catch unusual activity before it becomes a larger concern.

5. Relationship Rewards help take your relationship to the next level

A Relationship Rewards Program is another valuable checking account benefit to consider when assessing your current or new account.  Not all financial institutions offer relationship-based rewards, so this benefit can offer value beyond the basics.

At Logix, we believe great relationships deserve great rewards! 

So, when you qualify for membership and open and maintain a qualifying Logix Checking Account or Money Market Account and meet the Relationship Rewards Tier requirements, every member of your household is automatically enrolled in Relationship Rewards.  Your Relationship Rewards Tier is based on your household’s combined loan, mortgage, checking, money market, and savings balances with Logix (excluding Certificates).

There are three Relationship Rewards Tiers:

• Silver: $20,000 – $34,999 combined household balances^†
• Gold: $35,000 – $99,999 combined household balances^†
• Platinum: $100,000+ combined household balances^†

As your relationship with Logix grows, so too can your benefits.  Depending on your Relationship Rewards Tier, members can enjoy benefits like monthly Checking Account service charge waivers, additional World Rewards Mastercard® points, auto loan interest rate discounts, mortgage loan fee discounts, and so much more!**

Relationship Rewards are one of the many ways Logix adds value to your everyday banking experience.

Do Checking Accounts Earn Dividends?

Some checking accounts earn dividends (a credit union’s version of interest), while others don’t. Convenience and accessibility are generally the focus of traditional checking accounts, while growing your money is the main goal of savings and money market accounts. However, some financial institutions offer dividend-bearing checking accounts if you keep a higher balance.

At Logix, our Premier Checking earns dividends on daily balances of $2,500 or more, and High-Rate Checking earns dividends starting at a $20,000 daily balance.^‡  Our Advantage Checking Account, on the other hand, keeps things simple and doesn’t earn dividends.

The amount you earn depends on the account type, balance, and applicable rate.  Since rates can change, check current rates before opening an account.

Want to dig a little deeper?  Read Does a Checking Account Earn Interest? for a closer look at interest-earning and dividend-earning checking accounts.

What Types of Checking Accounts Does Logix Offer?

Logix offers a variety of checking accounts to meet different needs, each with its own set of benefits:

• Advantage Checking: For convenient, simple, no-frills everyday banking. 
• Premier Checking: Ideal for members who maintain higher daily checking balances and want the opportunity to earn dividends on balances of $2,500 or more.^‡
• High-Rate Checking: Designed for members seeking to earn dividends on higher daily checking balances of $20,000 or more.^‡

Each account has its own minimum balance requirements and ways to waive the monthly fee. Setting up direct deposit or maintaining a minimum balance can usually accomplish this. You can see current numbers side by side on the Compare Checking Accounts page. This page also answers most of the “wait, how does this work?” questions people have before opening an account.

Credit Union vs. Big Bank: What’s the Difference?

When comparing checking accounts, you may naturally find yourself choosing between a credit union and a traditional big bank.  At first glance, both may seem fairly similar since they typically offer many of the same products and services.

The biggest differences come down to who owns the financial institution and who it’s designed to serve.  This difference in structure helps shape how each does business.

Traditional banks are for-profit institutions owned by shareholders. These outside shareholders generally expect a return on profits.  Credit unions, like Logix, are member-owned, not-for-profit cooperatives. Instead of focusing on generating returns for outside shareholders, credit unions can reinvest earnings to support member benefits. Some of these benefits include competitive rates, lower fees, and improved service.

When you qualify for membership and open a checking account with Logix, you’re not just another account number, you’re part owner of one of California’s leading credit unions.  Your voice helps shape how the credit union operates.  On top of that, “heart” is at the center of all we do, from helping our members thrive and succeed to actively supporting the local communities we serve.  If you’ve heard rumors that credit unions are harder to join or less secure than big banks, we cleared up the most common credit union myths here.  

Ready for a Checking Account That Works Harder for You?

Understanding the benefits of a checking account is the first step towards smarter financial management.  A checking account shouldn’t just hold your money. Instead, it should help make your financial life easier, through perks like early access to direct deposits, fee-free ATM access, or relationship-based rewards.

Logix is committed to providing members with personalized support and resources to make your financial journey successful…and a lot more rewarding!

Ready to open your account?  Apply online, schedule an appointment, or visit your nearest branch to open your account in person.