Question 1

Do checking accounts earn interest?

Accepted Answer

Some checking accounts earn interest, called interest-bearing checking accounts. However, rates are typically lower than savings accounts. Many standard checking accounts don't pay interest at all.

Question 2

What is the difference between statement balance and current balance?

Accepted Answer

The statement balance is what you owed at the end of your last billing cycle, while the current balance is what you owe right now, including any new charges or payments since the statement date. Pay the statement balance by the due date to avoid interest; the current balance reflects real-time activity.

Question 3

What is a custodial account?

Accepted Answer

A custodial account (UGMA/UTMA) is held by an adult for a minor's benefit. The adult manages it until the child reaches legal age (18-21), when full control transfers. Often used for education savings or gifts.

Question 4

Should I pay statement balance or current balance?

Accepted Answer

To avoid interest charges, pay at least the statement balance by the due date. Paying the current balance (which includes newer charges) can help keep your credit utilization lower and may give you a head start on the next billing cycle, but it's not required to maintain the grace period.

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Frequently Asked Questions

Do checking accounts earn interest?

What is the difference between statement balance and current balance?

What is a custodial account?

Should I pay statement balance or current balance?

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