Opening a checking account is an essential part of personal finance. Checking accounts can simplify making purchases, automatic deposits, paying bills and transferring funds, among other activities. Most banks now offer free checking accounts. It is even possible to open an account without immediately making a deposit. It's important to make sure that the bank does not impose a maintenance fee, and that you will not be required to maintain a minimum balance. While almost all banks offer free checking, these accounts typically have a lower interest rate than other accounts.