Free checking account
This is the best checking account for the majority of people in most cases. Free checking is another way of saying “no monthly service fees or per-item charges regardless of the account’s balance or its financial activity.”
This means you may write all the checks you want, keep your balance as low or high as you want, and you wont need to worry about paying any fees. You will still need to pay a fee if your check bounces or you fail at some other criteria (like making an overdraft, etc).
Interest bearing checking account
Generally requires a minimum balance to open. After, you may need to keep an even higher balance to avoid extra charges. The minimums balances can often be in other accounts where you pool balances.
Joint checking account
An account owned by two or more people. Each co-owner has equal access to the account. Most types of accounts, whether it’s basic checking, savings or money market, allow for joint use.
Lifeline checking account
A “basic” account meant for people who have a low income. These accounts usually have monthly fees ranging from zero to $6; require a low, if any, minimum deposit and balance; and allow the user to write a certain number of checks per month. According to Bankrate.com, banks are required by state law to offer Lifeline checking accounts in Illinois, Massachusetts, Minnesota, New Jersey, New York, Rhode Island and Vermont. In those states, minimum terms, fees and conditions are set by law, not by individual banks.
Money market checking account
Often found at brokerages like Fidelity, Schwab and Vanguard. These combine checking with a money market fund to get higher interest. It requires a high minimum deposit to open, higher balances to avoid fees and imposes tighter limits on checking transactions than other accounts. Some have a minimum check size of $250 so these are not meant for paying bills.
Senior/student checking account
Senior/student checking are any of the above with special provisions attractive for seniors and students.