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If Cincinnati isn’t on top of your list of places to visit, reconsider! This is a vibrant, bustling city along the banks of the Ohio River with an abundance of attractions to enjoy. There are festivals, parks, museums, and historical sites to explore. Plus, you will definitely eat and drink well (Cincy is also well known for its eighty-plus breweries).

Whether you have just a weekend or a longer stay in mind, the city will have plenty to keep you busy. Here, you’ll learn the details on 10 cool things to do in Cincinnati, as well as tips to make planning and paying for your trip that much easier.

Ready to explore the best things to do in Cincinnati? Read on.

Best Times to Go to Cincinnati

Cincinnati has warm summers that typically don’t get scorchingly hot, as well as reasonably temperate spring and fall seasons. Those can be the prime seasons to visit.

Located in the southwest corner of Ohio, winters can be warmer than Ohio towns and cities further north, but they can get quite cold, snowy, and icy. In general, April through October is the best time, weather-wise, to plan a trip.

If you enjoy attending festivals, Cincinnati has plenty in the summer and early fall. So, choose ones of interest and plan accordingly. Some of the more popular festivals include:

•   Oktoberfest oktoberfestzinzinnati.com/

•   Cincinnati Music Festival www.cincymusicfestival.com/

•   Bunbury Music Festival bunburyfestival.com/

•   BLINK, a light and art festival in October blinkcincinnati.com/

If sports games are more your thing, check the schedules of the Cincinnati Reds MLB team and the Bengals NFL teams — or one of the many played by students at the University of Cincinnati.

If these fun things to do in Cincinnati have captured your attention, you may want to decide where to keep a travel fund and start saving.

Bad Times to Go to Cincinnati

You’ve already read that winters can be, well, wintery and perhaps not the best time to visit. If you’d like to walk around and enjoy the sights, you may be put off by the low temperatures and how roads can be snow clogged and slippery during that season.

Also, Cincinnati can experience traffic congestion, especially downtown. Hectic times can include opening days for the sports teams or when a big game is about to be played — or during an in-demand festival. So if you’re not planning to attend any of these events, consider avoiding those dates when downtown is likely to be especially crowded.

Also investigate the status of the bridge over the Ohio River that connects Cincinnati, Ohio to Kentucky. When there is bridge construction or people are traveling to Kentucky in higher numbers, traffic can get backed up into downtown Cincinnati.

Average Cost on a Cincinnati Vacation

On average, a trip to Cincinnati costs a solo traveler $146 a day or $1,025 weekly. Plenty of factors impact the price, however. If driving, gas prices play a role. If flying, knowing how to get cheap flights can reduce your costs.

Hotels range from budget inns to luxurious lodging with in-demand amenities and luxury add-ons, and restaurants can be quick bites at a fast food establishment or an indulgent meal at a steakhouse.

What you choose will of course affect the prices. To help with financial planning, consider your credit card rewards and how you can leverage them to splurge.

If some of things to do in Cincinnati, Ohio for couples catch your eye, know that an average Cincy hotel price for two is $163. Knowing how to save money on hotels can help to cut back the average weekly cost of $2,050 for two.

10 Fun and Affordable Must-Dos in Cincinnati

Cincinnati is an intriguing city with highly enthusiastic sports fans alongside those who have a passion for art and culture (and those who love both!). Not surprisingly, then, the things to do in Cincinnati, Ohio are quite diverse: art, nature, and history venues as well as dining, shopping — and even world-class amusement park experiences.

Here, you’ll find a list of 10 fun things to do in Cincinnati, gathered from top-ranking online reviews as well as city-smart travelers.

1. Visit the Cincinnati Zoo & Botanical Garden

Founded in 1873, this highly rated zoo is the second-oldest one in the United States. Although the initial collection of animals was quite small (including a talking crow), today’s zoo will introduce you to gibbons, gorillas, lemurs, manatees, hippos, and more. An international leader in wildlife conservation, this zoo is now one of the country’s largest and can be a terrific place to spend some time while in Cincinnati. cincinnatizoo.org/

2. Tour a Massive Museum

The Cincinnati Art Museum is one of the oldest in the country — and quite large with more than 67,000 pieces of art that span 6,000 years of creativity. The collection ranges from African and East Asian art to contemporary American works, European sculptures, musical instruments, and so much more. cincinnatiartmuseum.org/

3. Take a Walk in the Park

After touring the art museum, step outside! You’ll find yourself in Eden Park with the Hinkle Magnolia Garden, Mirror Lake, walking paths, eye-catching sculptures, playgrounds, and more. The grounds are also home to the Cincinnati Playhouse in the Park, the Krohn Conservatory, outdoor concerts — and an incredible view of the Ohio River with Kentucky located just on the other side. This can be a great place to spend a couple of hours if you’re traveling with a pet, plus it’s a free thing to do in Cincinnati. cincinnati-oh.gov/cincyparks/visit-a-park/find-a-parkfacility/eden-park/

4. Appreciate More Art

The Taft Art Museum is a terrific journey back in time. Housed in an 1820 National Historic Landmark that’s a treat to visit, the art collection includes French Renaissance enamels, Chinese porcelain, European and American paintings, and more. You’ll view works by Rembrandt, Goya, Whistler, and other prominent artists. taftmuseum.org/

5. Go for a Ride

When looking for fun things to do in Cincinnati, put Kings Island on the list! There are big-time roller-coaster adventures plus three dozen water slides. If you’re traveling with children, there are thrills for the smaller set, such as the Planet Snoopy kiddie rides. Plus, you’ll find plenty of mouthwatering in-park dining options along with quality live entertainment to applaud.

Look for coupons online or check with your hotel’s concierge; discounts can be a way for families to afford to travel. visitkingsisland.com/

6. Immerse Yourself in History

Located near the banks of the Ohio River — a geographic feature that once divided states where slavery was legal from those where it wasn’t — the National Underground Railroad Freedom Center contains permanent and traveling exhibits. Visitors will learn about this challenging time in history and the heroes of the Underground Railroad. freedomcenter.org

Across the street, there’s a sign spelling “Cincinnati” in script with plenty of people taking selfies there before they go.

7. Watch a Baseball Game

Also located by the Ohio River, this is the stadium for America’s first professional baseball franchise, the Cincinnati Reds. So, if in town on a game day, buy tickets! You’ll walk by a statue of the Hall of Fame baseball catcher, Johnny Bench, and can visit the Reds Hall of Fame and Museum to celebrate the glory days of the Big Red Machine and more. Plenty of exhibits exist, including interactive ones, and players sometimes schedule personal appearances. mlb.com/reds/ballpark

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8. Stroll Around an Arboretum

Although cemeteries aren’t typically on a vacation list, Spring Grove Cemetery and Arboretum is one of only two historic cemeteries to achieve Level III arboretum standards. Its stunning gardens focus on Midwest natives along with non-indigenous species with a focus on demonstrating the “vital relationship that exists between plants and people.” springgrove.org/arboretum/

9. Get Acquainted with an Aquarium

From white alligators to stingrays to penguins, the award-winning Newport Aquarium offers unique views of thousands of types of exotic aquatic life, along with amazing interactive adventures. Cross the world’s first rope bridge above a tank full of sharks, explore a sunken ship at “Shipwreck: Realm of the Eels,” and much more. newportaquarium.com/

10. Eat Well (Really Well)

If you are looking for delicious things to do in Cincinnati, Ohio, for couples or a family, stop by the Findlay Market. This is the state’s oldest surviving municipal market house. A huge range of good eats are available; if one of you is vegan and the other isn’t, no problem! There is something for everyone here: pho, arepas, BBQ, and more. Maybe take one of the market’s walking tours so you don’t miss anything. findlaymarket.org/

A Note About Getting Around

Although it’s not totally true that all of Cincinnati attractions are located downtown, many of them are. So, keep that in mind while engineering your itinerary for each day and when seeking convenient lodging.

•   If you want to avoid highly trafficked places to stay, spread out from the downtown area when looking for options, perhaps into Kentucky.

•   Although most attractions are open year round, check to ensure the ones you want stay open through the winter.

•   Consider the streetcar with its eighteen downtown stops if you’d like to see key places without having to drive.

•   If the attractions you want to see are quite far apart, you might look into renting a car to make sure you hit all the highlights.

Recommended: Credit Card Miles vs. Cash Back

The Takeaway

Fun things to do in Cincinnati take place throughout the year, depending upon your interests. Plenty of options exist for people who love art, nature, sports, music, food, and much more. Most festivals take place in summer and early fall, while football fun extends the fun of visiting further into the year. Whether you are traveling solo, with friends, or with family, you are likely to have more top things to do in Cincinnati than you can pack into a single trip.

Whether you want to travel more or get a better ROI for your travel dollar, SoFi can help. SoFi Travel is a new service exclusively for SoFi members that lets you budget, plan, and book your next trip in a convenient one-stop shop. SoFi takes the guessing game out of how much you can afford for that honeymoon, family vacation, or quick getaway — and we help you save too.

SoFi Travel can take you farther.

FAQ

What foods is Cincinnati famous for?

Chili! A Greek family brought its special recipes to the United States in 1949, and its been loved by Cincinnati residents and visitors ever since. This is also the city for beer lovers with its eighty-plus breweries and nightlife spots. Need a third one? Ice cream!

Is Cincinnati in two states?

Although you may hear portions of Kentucky and Indiana referred to as part of the greater Cincinnati metro area, the actual city lies within the geographical boundaries of just one state: Ohio.

Can you walk in downtown Cincinnati?

Yes! Cincy is a walkable city, and it isn’t unusual to see significant numbers of people strolling by on the sidewalks as well as in parks and other venues.

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Photo credit: iStock/pawel.gaul

¹See Rewards Details at SoFi.com/card/rewards.

**Terms, and conditions apply: The SoFi Travel Portal is operated by Expedia. To learn more about Expedia, click https://www.expediagroup.com/home/default.aspx.
When you use your SoFi Credit Card to make a purchase on the SoFi Travel Portal, you will earn a number of SoFi Member Rewards points equal to 3% of the total amount you spend on the SoFi Travel Portal. Members can save up to 10% or more on eligible bookings.
Eligibility: You must be a SoFi registered user.
You must agree to SoFi’s privacy consent agreement.
You must book the travel on SoFi’s Travel Portal reached directly through a link on the SoFi website or mobile application. Travel booked directly on Expedia's website or app, or any other site operated or powered by Expedia is not eligible.
You must pay using your SoFi Credit Card.
SoFi Member Rewards: All terms applicable to the use of SoFi Member Rewards apply. To learn more please see: https://www.sofi.com/rewards/ and Terms applicable to Member Rewards.
Additional Terms: Changes to your bookings will affect the Rewards balance for the purchase. Any canceled bookings or fraud will cause Rewards to be rescinded. Rewards can be delayed by up to 7 business days after a transaction posts on Members’ SoFi Credit Card ledger. SoFi reserves the right to withhold Rewards points for suspected fraud, misuse, or suspicious activities.
©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender. NMLS #696891 (Member FDIC), (www.nmlsconsumeraccess.org).

SoFi cardholders earn 2% unlimited cash back rewards when redeemed to save, invest, a statement credit, or pay down eligible SoFi debt.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

The SoFi Credit Card is issued by SoFi Bank, N.A. pursuant to license by Mastercard® International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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While cities like New York and San Francisco may soak up a lot of the travel attention, a trip to Columbus, Ohio, can offer a great getaway in the middle of the country. Columbus is a vibrant city with one of the country’s top Millennial concentrations — which means that dining, festivals, concerts, and other entertainment options are often (but certainly not always) targeted towards a youthful, energetic demographic. This large, bustling city is filled with diverse neighborhoods and communities, each with its own unique vibe.

So, check out these fun things to do in Columbus, Ohio. You’ll learn about the 10 best things to do in town, plus find tips on when to travel and how to make your visit as affordable and enjoyable as possible.

Best Times to Go to Columbus, Ohio

Consider the weather. Columbus tends to experience a nice spring (although spring and summer can both have rainy spells), and summers are warm without typically being too hot. Autumn can be gorgeous with mild temperatures.

Columbus is a city of festivals throughout the year, particularly as temperatures warm up, covering a wide range of interests and audiences. Explore ones of interest, and schedule your trip for a time that dovetails with the activities you want to attend. Bonus: Many festivals are free, ideal for the frugal traveler.

The jewel in the crown is the Ohio State Fair (ohiostatefair.com/), chock full of entertainment (including but not limited to live concerts), food, playgrounds, competitions, and so much more.

Other festivals of interest include the:

•   Columbus Arts Festival columbusartsfestival.org/

•   Pride Parade columbuspride.org/

•   Jazz and Rib Fest hotribscooljazz.org/

•   Dublin Irish Festival dublinirishfestival.org/

If you’re a college football fan, you’ll likely love visiting Columbus in the early fall and being surrounded by serious pigskin energy among some of the most passionate fans in the land. You’ll encounter tailgate parties, pep rallies, and random people on the street, shaping and shouting the letters “O” and then “H” before listening to people holler back and shape with their arms the letters “I” and then “O.”

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Bad Times to Go to Columbus, Ohio

Two factors may cause you to reschedule: weather and traffic. From November through February, temperature can be darned cold with ice and snow often in the forecast. If you are flying into Columbus at that time of year, you may want to see if your credit card travel insurance will cover you, should your flight get significantly delayed or canceled.

March can be pretty chilly, too. Plus, if you aren’t going to Columbus for Ohio State-related activities, you might want to avoid steer clear; roads can be congested with restaurants, bars, and other venues likely to have long waiting times.

The same can be true when students are coming and going at the beginning and ending of semesters and when fair goers are flocking to the Ohio State Fair.

Average Cost of a Columbus, Ohio Vacation

Costs will vary based on how you’ll get there: driving, for example, or flying. If the former, current gas prices will play a role; if the latter, it’s wise to look into how to get cheap flights.

Here are more specifics:

•   If you’re traveling solo, expect to pay about just about $900 for a week’s trip. What you’ll spend, of course, depends on where you’ll stay and whether it’s a budget inn or a more luxurious hotel; where you’ll eat; and admission prices to anywhere you choose to visit.

•   No matter how frugal or freewheeling you plan to be, it’s helpful to know how to save money for a trip. You can then enjoy yourself without worrying that you don’t have enough cash for what you’d hoped to do.

•   The average price for a hotel room for a couple is $115 and, altogether, the average price of a trip for two is about $1,800 although the same caveats exist as described above. Here’s how to save money on hotels so you’ll have more in your pocket for dining, sightseeing, and so forth.

•   Using your credit card and taking advantage of credit card rewards can help with expenses, leaving you more for discretionary spending.

•   Columbus has walkable sections and an excellent public transportation system (more on that below). However, if you are looking to zip around from one end of the city to another, you may want to look into renting a car and add the amount needed to the goal you are saving in your travel fund.

Recommended: Where to Find “Book Now, Pay Later” Travel

10 Things You Must Do in Columbus, Ohio

Columbus truly is an exciting, diverse city — and so, when you visit for the first time, it just makes sense to enjoy that variety: art, music, science, nature, history, sports, architecture, shopping, and good eats. Then, when you return, you can explore the kinds of places you appreciated in more depth.

Here are 10 of the best things to do in Columbus, culled from top-rated online reviews and in-the-know travelers.

1. Tour Franklin Park Conservatory and Botanical Gardens

Stroll through 13 acres of lush gardens, exotic plant life, and seasonal beauty while also viewing art exhibits and cultural presentations. Attend a class — whether arts and crafts, culinary, gardening and so forth — and visit the iconic 1895 John F. Wolfe Palm House. fpconservatory.org

2. Revel in Some Art

To soak in more beauty, visit the Columbus Museum of Art, which focuses on outstanding American and European works of art from the late 19th and early 20th centuries: paintings, photography, folk art, glassworks, and more. Frequently changed special exhibits ensure that each visit can be fresh and interesting. columbusmuseum.org/

3. Explore German Village

This is a unique neighborhood where German settlers arrived in the mid-1800s, and it’s now one of the country’s largest privately funded historic districts. Homes from the 1840s to 1890s are preserved — not recreated — and visitors today can stroll through the neighborhood, appreciating the architecture and shopping and dining. germanvillage.com

4. Visit Capitol Square

Another fun thing to do in Columbus is to see its seat of power. Located just eight blocks from the German Village, Capitol Square includes the Ohio Statehouse, Senate Building, and Atrium where public tours are offered. The stunning Statehouse is designed in the Greek Revival style, a popular choice in the early and mid-1800s because democracy was born in Ancient Greece. ohiostatehouse.org

5. Cheer on the Team at Ohio Stadium

Ohioans love their Ohio State Buckeyes football team with its 39 Big Ten Championships and eight National Championships. Getting tickets to a game wouldn’t be easy, but the stadium itself is a sight to see, the fourth largest on-campus football facility in the nation with a seating capacity of 102,780. Since opening day in 1922, more than 36 million people have watched games here: ohiostatebuckeyes.com/sports/m-footbl/facilities/ohio-stadium/

6. Shop Til You Drop

Imagine more than 1.7 million square feet of shopping, dining, and entertainment venues with plenty of open air squares, parks, and fountain — and that’s Easton Town Center. This is one of the leading urban retail centers in the country with more than 30 million annual visitors and 200 retailers (including Gucci and Tiffany).eastontowncenter.com/

7. Be Surprised by Science

When thinking about things to do in Columbus, Ohio with kids, COSI Center of Science and Industry) jumps in front of mind. From skeletons of giant dinosaurs like T. Rex and pterosaurs to a planetarium that helps children and their families to explore space, COSI is full of engaging science exhibits and interactive experiences. The Big Science Park is perfect for play and the Little Kidspace is ideal for fun exploration.cosi.org/

8. Time-Travel at Ohio Village

Need another top 10 thing to do in Columbus, Ohio? Step back in time to see what village life in Ohio was like in the 19th century, watching artisans demonstrate old-fashioned skills. You can also tour period homes and other building, try circa-1800s activities yourself (which are also fun things to do in Columbus with kids), and perhaps watch a game of “base ball” using rules of the era, ohiohistory.org/visit/ohio-village/

9. Indulge in the Arts

This state-of-the-art center offers culturally diverse performances and provides art education in a 1928 building that was created and managed solely by African Americans. Jazz fans: This is a landmark location for this stellar form of music while also serving as a modern center for multiethnic and multigeneration arts. lincolntheatrecolumbus.com

Enjoy the Riverfront

When looking for free things to do in Columbus, Ohio, no trip is complete without a stop at the Scioto Mile. More than 175 acres of gorgeous parkland stretches along the riverfront in the heart of downtown Columbus. Besides being an ideal place to walk and bike, you can enjoy urban festivals, listen to outdoor music, and much more. If you’re traveling with a pet, this can be a terrific place to spend an afternoon. sciotomile.com/

Advice on Getting Around

Many of these fun things to do in Columbus, Ohio are located in or near downtown, but this is a large, sprawling city of more than 225 miles in size — the biggest city in Ohio. So, when planning your trip, map out where you’re going to ensure that you’ll spend less time traveling from one spot to another and more time enjoying the sights. Although most attractions are open year round, check to ensure the ones you want stay open through the winter.

Although individual areas and neighborhoods—such as German Village, Ohio Village, Franklin Park Conservatory and Botanical Gardens, and the Scioto Mile are all quite walkable, getting from one section of the city to the next requires transportation. Fortunately, the Central Ohio Transit Authority (COTA) provides bus service; in 2018 and 2020, COTA received the American Public Transportation Association’s Outstanding Public Transportation System Achievement Award. cota.com/

The Takeaway

The best things to do in Columbus, Ohio will depend on your taste, interests, available time, and budget — but one thing is for sure: This vibrant city is filled with places to visit and activities to enjoy. Our list of the 10 best things to do in Columbus, Ohio is a great starting point, and then you can branch out from there. From museums to parks to historical sites and excellent shopping, this city has something (or more) for everyone.

SoFi Travel is a new service exclusively for SoFi members. Through a partnership with Expedia, we make it easy to find the lowest rates and book your reservations — for flights, hotel rooms, car rentals, and more — all in one place. Earn 2x rewards when booking with your SoFi Mastercard or debit card. And when you redeem your SoFi rewards for travel, you get a 25% bonus: $100 of reward points are worth $125.

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FAQ

Is Columbus a walkable city?

Plenty of neighborhoods and venues are quite walkable and, whenever that isn’t practical, the city has an award-winning public transportation system. Some of the best free things to do in Columbus, Ohio, include parks and gardens, each of which is walkable for most people.

What food is Columbus, Ohio, famous for?

Foods include the Columbus-style pizza with thin crusts with toppings right up to the edge, then cut into squares. Buckeye candy — peanut butter and chocolate in a buckeye shape — are in demand. So is the peanut butter and chocolate doughnut from Buckeye Donuts.

Is Columbus, Ohio a fun city?

With its hipster-urban vibe and a plethora of fun things to do, the answer is “yes”!

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Photo credit: iStock/Sean Pavone

¹See Rewards Details at SoFi.com/card/rewards.

**Terms, and conditions apply: The SoFi Travel Portal is operated by Expedia. To learn more about Expedia, click https://www.expediagroup.com/home/default.aspx.
When you use your SoFi Credit Card to make a purchase on the SoFi Travel Portal, you will earn a number of SoFi Member Rewards points equal to 3% of the total amount you spend on the SoFi Travel Portal. Members can save up to 10% or more on eligible bookings.
Eligibility: You must be a SoFi registered user.
You must agree to SoFi’s privacy consent agreement.
You must book the travel on SoFi’s Travel Portal reached directly through a link on the SoFi website or mobile application. Travel booked directly on Expedia's website or app, or any other site operated or powered by Expedia is not eligible.
You must pay using your SoFi Credit Card.
SoFi Member Rewards: All terms applicable to the use of SoFi Member Rewards apply. To learn more please see: https://www.sofi.com/rewards/ and Terms applicable to Member Rewards.
Additional Terms: Changes to your bookings will affect the Rewards balance for the purchase. Any canceled bookings or fraud will cause Rewards to be rescinded. Rewards can be delayed by up to 7 business days after a transaction posts on Members’ SoFi Credit Card ledger. SoFi reserves the right to withhold Rewards points for suspected fraud, misuse, or suspicious activities.
©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender. NMLS #696891 (Member FDIC), (www.nmlsconsumeraccess.org).

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SoFi cardholders earn 2% unlimited cash back rewards when redeemed to save, invest, a statement credit, or pay down eligible SoFi debt.

The SoFi Credit Card is issued by SoFi Bank, N.A. pursuant to license by Mastercard® International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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The role of the Federal Deposit Insurance Corporation (FDIC) in protecting depositors’ bank accounts is important for everyone to understand.

Most banks are insured by the FDIC, but not all. Moreover, there are usually limits on how much can be covered in an individual person’s accounts and what kind of financial products are eligible for this insurance at all.

Read on to learn the policies and practices of the FDIC and how you can find out the status of your bank.

What FDIC Insurance Means

In 1933, in the wake of the Great Depression, the Federal Deposit Insurance Corporation , an independent agency, was created to protect consumers if the worst happens and a financial institution fails. The agency has shown lasting power. Reports from 4,706 commercial banks and savings institutions insured by the FDIC reflected aggregate net income of $68.4 billion in fourth quarter 2022.

So what exactly does FDIC insurance cover? Typically, all deposit accounts at insured banks up to the limit, currently $250,000 per depositor, per bank, per ownership category, including principal and any accrued interest through the date of an insured bank’s closing. (With the closures of Silicon Valley Bank and Signature Bank, the FDIC has removed the limit for deposits at the shuttered banks.)

Generally, this insurance covers your deposit up to that limit of $250,000 if a bank fails, but it does not cover losses due to fraud and theft.

What FDIC Insurance Does and Does Not Cover

These deposit accounts are covered by the insurance up to the $250,000 limit:

•   Checking accounts

•   Savings accounts

•   Money market accounts

•   Certificates of deposit (CDs)

Important to note: The FDIC does not insure the money you invest in the following products, even if they were purchased from an FDIC-insured bank:

•   Stocks

•   Bonds

•   Mutual fund shares

•   Life insurance policies

•   Annuities

•   Municipal securities

•   Safe deposit boxes or their contents

•   U.S. Treasury bills, bonds, or notes (these are backed by U.S. government)

💡 Tip: Typically, checking accounts don’t earn interest. However, some accounts do, and online banks are more likely than brick-and-mortar banks to offer you the best rates.

How to Learn if Your Bank Is FDIC-Insured

To find out if your bank is insured by the FDIC, go to the BankFind Suite on the FDIC website. The “Name & Location Search” allows you to find FDIC-insured banks and branches from today, to last year, and all the way back to 1934.

The FDIC offers another level of scrutiny for all who are interested. Through its Institutional Financial
Reports , you can find these details on all FDIC-insured banks: locations, comprehensive financial reports, demographic reports, current data, and historical data going back to 1992.

Recovering the Money if Your Bank Is FDIC-Insured

Federal law requires the FDIC to pay deposit insurance “as soon as possible.” For insured deposits — those within the deposit insurance limits — the FDIC almost always pays insured depositors within a “few business days of a closing, usually the next business day.”

The FDIC says, “Payment is made either by providing each depositor a new account at another insured institution or by issuing a check to each depositor.” Note: the FDIC does not guarantee that if the funds move to a new bank they will earn the same interest rate.

The limited exceptions that may take longer to process “primarily are deposits that both exceed $250,000 and are linked to trust documents, and accounts established by a third-party broker on behalf of other individuals,” says the FDIC.

False rumors were spread in the past that people could be forced to wait up to 99 years to get their money back. The agency says, “The FDIC occasionally receives calls from depositors about this myth; it often comes from consumers who attended a financial seminar and heard that the FDIC can and will take up to 99 years to pay the depositor’s insured deposits after a bank is closed. This claim is false and entirely without merit.”

Recommended: How to Keep Your Bank Account Safe Online

Understanding How the FDIC Works

You may wonder where the FDIC gets the money to cover lost accounts after a bank fails.

The FDIC says it receives no Congressional appropriations. It is “funded by premiums that banks and savings associations pay for deposit insurance coverage. The FDIC insures trillions of dollars of deposits in U.S. banks and thrifts — deposits in virtually every bank and savings association in the country.”

The FDIC directly supervises and examines about 5,000 banks and savings associations for “safety and soundness.” Banks can be chartered by the states or by the Office of the Comptroller of the Currency. Banks chartered by states also have the choice of whether to join the Federal Reserve System. The FDIC is the primary federal regulator of banks that are chartered by the states that do not join the Federal Reserve System.

The FDIC also examines banks for compliance with consumer protection laws, including the Fair Credit Billing Act, the Fair Credit Reporting Act, the Truth in Lending Act, and the Fair Debt Collection Practices Act.

Recommended: How Are Financial Institutions Governed?

The Takeaway

The Federal Deposit Insurance Corporation (FDIC) was created by Congress in 1933 to maintain confidence in the American banking system and protect consumers if a financial institution fails. Most U.S. banks are covered by FDIC insurance, but the coverage typically only applies to accounts of $250,000 or less. Checking accounts, savings accounts, money market accounts, and certificates of deposit are covered. Should an insured bank fail, the FDIC will restore those funds up to the limit within a short time.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.60% APY on SoFi Checking and Savings.

FAQ

What is the FDIC?

The Federal Deposit Insurance Corporation is an independent agency, created 90 years ago, with a mission to maintain confidence in the nation’s financial system. To keep that system stable, the FDIC insures deposits; examines and supervises financial institutions for safety, soundness, and consumer protection; and manages receiverships.

Is there a limit on how much the FDIC will insure?

Typically, the FDIC insures up to $250,000 per depositor, per institution and per ownership category.

Am I supposed to take out FDIC insurance on my bank account?

No, depositors do not need to apply for FDIC insurance. Coverage is automatic whenever a deposit account is opened at an FDIC-insured bank or financial institution. “If you are interested in FDIC deposit insurance coverage, simply make sure you are placing your funds in a deposit product at the bank,” the FDIC says.

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Photo credit: iStock/ilbusca

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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Many first-time visitors to Salt Lake City, Utah, find it to be an unexpected gem. The better-known sites of this state capital include Temple Square downtown — home to the headquarters of the Church of Jesus Christ of Latter-day Saints — the lake that gives the city its name, and the Uinta and Wasatch mountains in the distance.

What you may not know is that, in addition to all there is to do in town, there’s also an array of things to see and experience just outside the city. The other-worldly expanse of the Bonneville Salt Flats, sunsets with the bison on Antelope Island, world-class skiing, mountain botanical gardens, and unique historical experiences are just some of the fun things to do in Salt Lake City.

Here, you’ll learn more about why a trip to this city can make for a memorable getaway.

Best Times to Go to Salt Lake City

Salt Lake City’s weather is typically pleasant three out of four seasons. Summer travel in July and August will bring you a high average temperature of 90 degrees. Late spring, early summer, and early fall are typically around 70 degrees, which many people find just right for exploring outdoors.

If you’re looking for a skiing vacation, you’ll want to go between December and March. Ski resorts usually open in November and close in April, but it all depends on snow accumulation. Some years are drier than others.

Pro tip: There’s usually still snow in the nearby mountains in March — and sometimes April. That’s when you’ll find fewer crowds, more hotel availability, and lower prices. Timing your travel to take advantage of this window can be how families afford to travel.

Bad Times to Go to Salt Lake City

If you’re not a skier, winter will probably be the least desirable time to visit Salt Lake City. In January, for instance, the temperature will often be below freezing.

It’s also worth noting, especially for those with respiratory issues, that Salt Lake City is surrounded by mountains, which can cause what’s known as an inversion during the winter. Cold air traps warmer, more polluted air in the valley. If you do ski, however, the mountains above the inversion offer plenty of fresh air and powder.

Average Cost of a Salt Lake City Vacation

The average cost for a vacation to Salt Lake City is $197 per day, or $1,377 per week for each person, according to data compiled by Budget Your Trip, a website that tracks travel pricing. For a couple, that number jumps to $2,794. Some other costs include:

•   Average cost for meals: $40 per day

•   Average cost for a hotel: $190 per night

•   Average cost for transportation: $36 per day

•   Average cost for entertainment: $22 per day.

If you don’t know where to keep a travel fund to budget for these costs, consider a savings account, a CD, or a high-yield savings account (HYSA). Typically, online banks offer higher annual percentage yields (APYs) than traditional banks.

Pro tip: Plan to drive to or rent a car when you visit. The top things to do in Salt Lake City may not actually be in the city. Attractions tend to be spread out, so renting a car can make for a less stressful trip versus taking public transportation.

One other reason to rent a car: It can earn you credit card rewards, which might mean cash back to use on your next meal out or gas-station stop.

10 Fun Must-Dos in Salt Lake City

When visiting, consider this list of fun things to do in Salt Lake City based on recommendations from locals, and visitors who reviewed attractions on Google Travel.

Keep in mind the Salt Lake City metro area is quite spread out. Some of the best things to do may take you upwards of an hour (and sometimes more) away from the city center.

Recommended: Guide to Choosing Between Credit Card Miles vs Cash Back

1. Temple Square

Temple Square is at the heart of downtown. The complex includes a temple, tabernacle, assembly hall, visitor center, and administration buildings. It is the symbolic center of the Church of Jesus Christ of Latter-Day Saints (aka Mormons), the religion of the pioneers who settled the area. It’s a major architectural landmark surrounded by lush gardens, fountains, reflection pools, and art installations. Tours are free, and you can scan for your own genealogy in the Family Search Center. ChurchofJesusChrist.org/feature/templesquare?lang=eng

2. Bonneville Salt Flats

The Bonneville Salt Flats are almost two hours to the west of Salt Lake City, but most visitors find it’s worth the drive. The white, hardened salt creates a glistening expanse that stretches for miles. You may find yourself feeling as if you’re on another planet. At sunset, the whole sky may turn cotton-candy colors. If you happen to visit after there’s been some rain, you’ll see reflections that seem to stretch to the horizon. You’ll definitely want to spend some time taking photos, regardless of the time or the weather.

There’s no charge to visit the Salt Flats, and you can find a calendar of events (it’s a renowned racing venue) on the Bureau of Land Management’s website. BLM.gov/visit/bonneville-salt-flats

3. Lagoon Park

If you’re looking for things to do in Salt Lake City with kids, consider a visit to Lagoon Park. Lagoon is an amusement park located just 20 minutes north of downtown. Considered the area equivalent to Disneyland, it’s open from March to October.

It’s a pricey attraction, with adult day passes costing almost $100. If you have the right travel credit card, you may be able to offset some of these costs by redeeming credit card points or miles. LagoonPark.com/

4. Utah Olympic Park

One of the quirkier things to do in Salt Lake City is a bobsled run at the Utah Olympic Park. A professional driver takes you through the experience, which is available in winter and summer. Also in the summer, the Olympic Park turns into an adventure park with extreme tubing, alpine slides, airbag jumps, a drop tower, ziplines, and rope courses. UtahOlympicLegacy.org/location/utah-olympic-park/

With all this adventure, you may want to know how credit card travel insurance works. The same holds true if you are planning to do some vigorous hiking or climbing while visiting Utah. It’s good to know that you’re prepared for any unexpected issues while traveling.

5. Take a Hike

Hiking along one of the many trails in and around Salt Lake City can be one of the best things to do when visiting. Trails are well-groomed and easily accessible. The views can be stunning, and your time spent in nature can be a great mood booster. A few trails around Salt Lake City you might want to try:

•   Ensign Peak is a trail above the Utah State Capitol building that offers a bird’s eye view of the city. It’s a fairly short, easy hike and won’t take you away from the city.

•   Donut Falls Summer Trail is a 1.6 mile, easy, family-friendly hike up Big Cottonwood Canyon with a waterfall at the end. Plan for this hike to take an afternoon.

•   Cecret Lake Trail is another fairly easy hike that takes you to a beautiful alpine lake. Note: It’s popular and parking is limited, so you’ll want to plan accordingly. VisitUtah.com/places-to-go/cities-and-towns/salt-lake-city/trails

If you’re traveling with pets, be sure to research any hike ahead of time to make sure your pet is allowed on the trail.

6. Hit the Slopes

Salt Lake City ski resorts are world-class. The climate frequently produces the perfect conditions for snow skiing. The resorts are easy to access, and there’s a variety of accommodations for every budget. If you need to save money on hotels, you’ll likely find something that suits you if you book ahead. Family-friendly activities are everywhere. Ski resorts within an hour of Salt Lake City include:

•   Park City VisitParkCity.com/outdoors/skiing-snowboarding/

•   Deer Valley DeerValley.com/

•   Snowbird Snowbird.com/

•   Alta alta.com/

•   Brighton BrightonResort.com/

•   Solitude SolitudeMountain.com/

•   Sundance SundanceResort.com/

7. Natural History Museum

The Natural History Museum is one of the most highly-rated attractions in Utah, with an average 4.8 out of 5 stars on Google reviews. The exhibits offer a fascinating opportunity to learn about Utah’s eight federally recognized indigenous tribes, gems and minerals, and much more. There are plenty of interactive activities, perfect for families. The architecture of the building itself is fascinating: It’s a copper-clad eco-friendly structure tucked into the foothills above Salt Lake City. NHMU.utah.edu/

8. Sundance Festival

Want to rub shoulders with celebrities and watch pre-release films? The Sundance Film Festival might be your jam. The event takes place over 10 days in late January every year and is open to all who purchase a pass or ticket. Films are shown in theaters in Salt Lake City, Park City, and Sundance. You could be one of the first to see critically acclaimed films that go on to worldwide success. Sundance.org/festivals/sundance-film-festival/about/

9. Antelope Island

A drive over to Antelope Island is one of the best ways to experience the Great Salt Lake. The island is a state park with bison, mule deer, antelope, coyotes, and birds as its only residents. It’s an unspoiled jewel where you can take in views of the lake and wildlife. There are some basic facilities and trails for use. Sunsets here can be particularly spectacular. StateParks.utah.gov/parks/antelope-island/

10. Red Butte Garden

The Red Butte Garden is a botanical garden that sits high in the foothills directly to the east of downtown Salt Lake City. With nothing but the mountain in the background and an elevation that affords views of the Salt Lake Valley, the setting is a great break from the bustle of city life. Miles of trails along the manicured gardens are the perfect place for a walk. An amphitheater on the sloped hillside hosts a popular outdoor concert series. RedButteGarden.org

One Watch-out When Visiting Salt Lake City

Be mindful that you cannot consume alcoholic beverages in public places; so there’s no cracking open a cold beer after spending an afternoon on a trail. You may drink at bars and restaurants, however, following the establishment’s guidelines. Typically, restaurants require you to order food when consuming alcohol vs. serving just drinks.

The Takeaway

Travelers and locals agree that once you’ve been to Salt Lake City, you realize how much more there is to do than you imagined, from great museums to a lively downtown, from skiing in winter to exploring trails and outdoor experiences during the rest of the year. This state capital offers an incredible combination of convenient access to outdoor adventure along with urban entertainment.

SoFi Travel is a new service offered exclusively to SoFi members. Earn 2x rewards when booking with your SoFi Mastercard or debit card. Then apply those rewards to your next trip when you book through our travel portal. SoFi makes planning a getaway fast, easy, and convenient — perfect for people on the move.

SoFi, your one-stop shop for travel.

FAQ

What is popular in Salt Lake City?

The most-visited attraction in Salt Lake City is its historic Temple Square, a large complex including the Temple, Tabernacle, gardens, and more.

What do people do on the Salt Lake?

It’s the biggest lake in the state of Utah, and you can go sailing, kayaking, and wildlife spotting. However, beware the brine flies. One of the best places to experience the Great Salt Lake is from Antelope Island, where you can get up close and personal with bison, birds, and other wildlife but fewer bugs. Sunset pictures from this location are stunning.

Is Salt Lake City good for tourists?

Yes. Salt Lake City has some interesting attractions and unique restaurants, and there are plenty of opportunities to enjoy the outdoors. Just up the canyons from Salt Lake, you’ll find excellent hiking, biking, and skiing.

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¹See Rewards Details at SoFi.com/card/rewards.

**Terms, and conditions apply: The SoFi Travel Portal is operated by Expedia. To learn more about Expedia, click https://www.expediagroup.com/home/default.aspx.
When you use your SoFi Credit Card to make a purchase on the SoFi Travel Portal, you will earn a number of SoFi Member Rewards points equal to 3% of the total amount you spend on the SoFi Travel Portal. Members can save up to 10% or more on eligible bookings.
Eligibility: You must be a SoFi registered user.
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You must pay using your SoFi Credit Card.
SoFi Member Rewards: All terms applicable to the use of SoFi Member Rewards apply. To learn more please see: https://www.sofi.com/rewards/ and Terms applicable to Member Rewards.
Additional Terms: Changes to your bookings will affect the Rewards balance for the purchase. Any canceled bookings or fraud will cause Rewards to be rescinded. Rewards can be delayed by up to 7 business days after a transaction posts on Members’ SoFi Credit Card ledger. SoFi reserves the right to withhold Rewards points for suspected fraud, misuse, or suspicious activities.
©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender. NMLS #696891 (Member FDIC), (www.nmlsconsumeraccess.org).

SoFi cardholders earn 2% unlimited cash back rewards when redeemed to save, invest, a statement credit, or pay down eligible SoFi debt.

The SoFi Credit Card is issued by SoFi Bank, N.A. pursuant to license by Mastercard® International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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Checking accounts are the foundation of personal finance and the way the majority of Americans conduct their daily finances. In fact, according to a recent survey, more than 91% of people in the U.S. have a checking account, the highest percentage among all types of accounts.

Opening a checking account can make good money sense. Without a checking account, it can be harder to pay bills, deposit your paycheck, and keep tabs on where your money is at all times. Having your money in a safe, secure account gives you peace of mind and more protection than keeping cash in your wallet.

Read on for 11 reasons why opening a checking account can be a game-changer.

Reasons for Opening a Checking Account

1. Depositing Checks with Ease

When you have a checking account, you can manage your finances in a more streamlined way. If you receive a check, you’ve not only got an instant home for it, but it’s often the fastest way to get access to the funds.

Your money should be available within a day or two if you deposit it before the bank’s cutoff time. A bank generally must make the first $225 of a deposit available at the start of the next day after the deposit was made. ​​The remaining money typically will be available the second business day.

Many banks and credit unions offer the convenience to deposit a check through their mobile app, saving you a trip to the bank or the ATM. Once you have the bank’s app, you can simply endorse the check, take a photo of both of its sides with your mobile device, and submit.

2. Streamlining (and Saving on) Payments

Another good reason to open a checking account is that it facilitates payments. You can arrange for timely bill payments and eliminate the need to sit, write out, and mail paper checks to utility and credit card payments, for example. You can sign up for automatic bill payment withdrawals, or send an electronic check (also known as an e-check) directly from your account. Whichever method you choose to pay your bills online, you need a checking account from which the money can be deducted.

By using your checking account to manage payments in this way, you may be able to save money. These actions can help you avoid pricey overdraft and NSF (non-sufficient funds) fees if you wind up in negative balance territory.

3. Accessing Your Money

These days most checking accounts come with a debit card linked to your account. Debit cards can be used to withdraw money from an ATM or swiped or tapped as a payment method virtually anywhere. The convenience and accessibility are major perks. You can get cash anytime and also deposit checks or cash at an ATM.

And, it’s becoming increasingly more common to be able to make a cardless withdrawal at an ATM if you don’t have your debit card. With a cardless transaction, you can use your phone or smartwatch to get your debit card information from the bank’s mobile app, or store your debit card information in a digital (electronic) wallet, option like Apple Pay, Google Pay, or Samsung Pay.

You’ll need to confirm the ATM you’re using can accommodate a cardless transaction. It’s likely you’ll pay a fee if you are using a machine operated by another bank or company, no matter what kind of transaction you are conducting. Another point to consider when using an ATM is whether or not your bank has an ATM withdrawal limit.

4. Your Money Is Safe and Insured

Here’s another reason to have a checking account: Stashing a lot of cash at home, even if it’s in a safe place, puts you at risk of theft and loss. Why tempt fate?

When you keep money at a bank insured by the Federal Deposit Insurance Corporation (FDIC), your cash is protected. The FDIC, an independent agency of the U.S. government, protects $250,000 per depositor, per ownership category, per insured institution in the rare event that a bank fails.

Using an insured credit union also offers the same type of protection. The National Credit Union Association (NCUA), also independent of the federal government, protects deposits at all federal credit unions and the vast majority of state-chartered credit unions. Like the FDIC, NCUA insurance covers $250,000 per depositor, per ownership category, per insured institution.

You can search for a FDIC-insured bank by using the FDIC BankFind Suite tool and find a NCUA credit union at mapping.ncua.gov .

Quick Money Tip: Typically, checking accounts don’t earn interest. However, some accounts will pay you a bit and help your money grow. An online checking account is more likely than brick-and-mortar to offer you the best rates.

5. Getting Paid Is Easier

Most employers use direct deposit as a way to pay their employees. This eliminates processing a paper check which can get lost or take more than a day to clear. Direct depositing your paycheck means it’s typically available to you on the morning of payday, and you don’t have to be bothered with depositing it yourself.

Automatic direct deposit isn’t only for employers. You can sign up to have your tax refund or other government payments such as Social Security or unemployment benefits automatically put into your checking account. Have a friend who owes you money for that theater ticket, or are you selling something and don’t want to deal with cash? You can receive payment directly deposited into your checking account through a mobile payment service such as Venmo, Cash App, or Zelle.

6. Creating a Record of Payments

A checking account gives you an automatic record of what money’s going in and what’s coming out. Your monthly bank statement spells it all out in black and white, so you can clearly track deposits, payments, or any other transactions like transferring your money from your checking account to a savings account. Basically, with a checking account, you’ve got proof of all these financial transactions in one place.

Having a record of transactions can be especially helpful if, for instance, a vendor claims you didn’t pay a bill on time or they never received it. You’ll also be able to see if someone has made a fraudulent purchase or if the bank made an error right there by scrolling through the list.

Many financial experts recommend people monitor their checking account often, say, once or twice a week. Not only can it help prevent any errors from slipping through the cracks, but it can also help you stay on top of expenses and avoid breaking your budget. You can get your paper statements mailed to you by the bank, or simply monitor your account online through the bank’s website or mobile app.

7. Building a Relationship with a Bank

Here’s another reason why you should have a checking account: It can help you establish a business relationship with a financial institution that can benefit you down the line. You can have access to a banking team that can answer questions and offer personalized service. For example, if you’re in need of a personal loan or want to apply for a mortgage with that bank, a bank officer can navigate you through the process and you might even get a better rate. Need to establish credit? Your bank may be able to issue you a credit card with their institution, offering a lower interest rate.

8. Earning Benefits and Rewards From Your Bank

Many banks offer some great incentives if you open a checking account with them. These bonuses can include zero or low fees, free overdraft protection, the ability to earn interest, and even receiving a sign-up bonus of a few hundred dollars or more.

One caveat: Many of the offers of cash bonuses come with qualifying requirements, such as needing to make a minimum opening deposit or have a direct deposit of $500 or more within a certain number of days.

9. Few or No Limits on Transactions

Checking accounts typically don’t limit the number of transactions you can make because these accounts are meant for day-to-day financial transactions. With a savings account, there may be more limits on how many transactions you can conduct, depending on the bank.

It can, however, be worthwhile to check the fine print when opening a checking account to see if there are transaction limits, including how much cash you can withdraw per day from an ATM or a daily dollar-amount ceiling on debit card use.

10. Saving You Money

Without a checking account to draw upon, your options for making payments and cashing checks can cost you. If you’ve got to pay a bill, you can get a money order or cashier’s check and mail in your payment or visit the bill payee’s payment location in person with cash. Both of these options mean shelling out extra money along with spending additional time making these stops. A money order can cost from $1 to $5 and a cashier’s check generally clocks in between $10 to $15.

If you have a checking account, you can write a check or set up autopay for those bills, saving you time and money.

A checking account can save you money when receiving funds, too. If you don’t have a checking account, you might either have to visit the bank where the check was issued and see if they will cash it or go to a check-cashing outlet. The latter usually charge a percentage-based fee, around two to 10% of the value of the check , or a flat fee which can be at least $3.

Recommended: Where to Cash a Check Without Paying a Fee

11. More Payment Options

Checking accounts can broaden your payment options. With this type of bank account, you can write checks, use a debit card for purchases and ATM cash withdrawals, make online payments, and electronically transfer money into another account, such as a savings account.

A note about saving: Once you’ve got a checking account, you can see how much money is sitting there and identify whether you can allocate some towards savings. It can be difficult to save money, but once you have a checking account, you can open a linked savings account (often even if it isn’t at the same bank) and start putting money away for the future.

Opening a Checking Account

Opening a checking account may take online minutes, especially in today’s world of online banking.

•   First step is to identify your needs. For instance, do you want to use a large bank with a vast network of branches and ATMs, or are you more interested in the higher interest rates and lower fees you might get at an online vs. traditional bank? Are you living paycheck to paycheck? You may want an account that doesn’t require you to have a minimum balance and doesn’t charge any monthly maintenance fees or for insufficient funds.

•   Shop around to find a financial institution that is a good match.

•   Complete an application, either online or in person at a bricks-and-mortar bank. You’ll usually need to have proof of your address (a lease or utility bill will work), plus valid photo identification such as driver’s license, passport, state or military ID.

Once you’re approved, you’ll receive documents with your new account number along with any other account details. You should then be able to make your first deposit .

Can You Have Two Checking Accounts at the Same Bank?

Yes, you can have two (or more) checking accounts at the same bank. Financial institutions typically allow you to open more than one checking account, which can be very convenient and help you keep finances organized.

There are multiple reasons why someone may want to have two checking accounts with the same bank. Perhaps you want your own individual checking account but also want a joint checking account with your partner. Parents may want to open a second checking account with their child to help teach them about money. Having a business or side hustle to keep earnings separate is another reason for possibly having a second checking account.

The Takeaway

A checking account allows you to keep your money in a safe, insured place and monitor your finances. It also provides convenience in terms of making payments, receiving funds, and having a debit card for purchases and accessing cash. What’s more, checking accounts can help you save money and, in some cases, even earn some. In a nutshell, it can serve as the hub of your financial life.

If you’re thinking of opening an online bank account, a SoFi Checking and Savings Account can be an excellent option. You’ll spend and save in one convenient place, and SoFi doesn’t charge any monthly fees, offers a competitive annual percentage yield (APY), and gives you access to more than 55,000 fee-free ATMs within the Allpoint® Network.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.60% APY on SoFi Checking and Savings.

FAQ

What is the purpose of having a checking account?

A checking account gives you a secure, insured place to store and manage your money. It enables you to handle life’s everyday financial transactions, such as accessing cash, depositing money, paying bills, and receiving funds, without needing to buy money orders, get a cashier’s check, or visit a check-cashing outlet.

How much money should be kept in a checking account?

There’s no hard and fast rule, but the general rule of thumb is to aim to have at least one to two months of living expenses in at all times. At the very least, be sure to meet any minimum balance requirements; otherwise you could incur fees.

What do you need to open a checking account?

To open a checking account, you’ll need to fill out an application online or in person at the bank. You’ll likely need a valid photo ID (such as a driver’s license or passport), your Social Security number, proof of address, along with your contact information, date of birth, and any money required by the bank for an opening deposit.

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Photo credit: iStock/Yaroslav Olieinikov

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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