Checking Accounts: Your Everyday Headquarters

Your checking account is the workhorse of your financial life. It handles the inflow and outflow—paychecks come in, bills and purchases go out.

Smart strategies for your checking account:

• Stay in the know: Monitor your balance often and set up low-balance alerts to avoid overdraft. Watch Our How-To Videos to get started
• Get paid sooner: Get paid up to two days early when you set up direct deposit with a CommonWealth Checking Account
• Simplify Payments: Automate recurring bills to avoid late fees or missed payments
• Keep more of your money: Choose an account with no maintenance fees or minimum balance requirements.
• Take advantage of our mobile app to manage your money on the go

Tips for using credit cards responsibly:

• Always pay the full balance each month to avoid interest charges

• Keep your credit utilization under 30% of your total credit limit

• Set up automatic payments for at least the minimum due to avoid late fees

• Regularly check your statements for errors or unauthorized charges

• Use your card for regular, essential purchases that you’d make anyway to earn rewards or cashback

Savings Accounts: Your Financial Safety Net

Savings accounts aren’t just for stashing cash—they’re a tool for building financial resilience. Whether you’re saving for emergencies, a big purchase, or long-term goals, a good savings account keeps your money safe and growing.

Best practices for managing savings:

• Set up automatic transfers from checking to savings to build consistency

• Work toward building an emergency fund with 3–6 months’ worth of expenses

• Consider high-yield savings accounts to earn better interest

• Limit unnecessary withdrawals to stay within account limits and keep your savings intact

• Assign savings goals (like “Emergency Fund” or “New Car”) to stay motivated and organized