Having a checking account is essential in today's world, especially when you look at all the online buying options and electronic bill payments available. The security and protection a bank can offer you with their services is invaluable. Here are two ways you can personally and additionally benefit from services offered by your local bank or credit union.

Earn Rewards for Your Activity

Credit cards have been offering cash back and other types of rewards for your usage of their card for many decades, and now banks and credit unions have also joined in. So now when you open a checking account at your bank and use it to make purchases on your debit card, you earn points or rewards toward such items as cash back, travel points, and gift-buying options.

Some newly-opened accounts will additionally give you a bonus for using your account or card for a certain number of transactions with an initial period. Then, when you have earned the reward for your transactions, they will deposit the bonus into your account. You can also link a credit card onto your checking account to act as an overdraft protection in the event you spend more than the funds that are in your account. Your credit card linked to this account can also earn you rewards.

Check around with local banks in your area to find out which ones offer the best rewards with their checking accounts. If you are going to be opening and using a checking account anyway, why not get rewarded for doing so?

Boost Your Credit Score

Did you know you can build your credit score with the use of your bank, especially if you do not have credit? Most banks offer a secured loan that you can open and pay on each month, essentially building your credit score to help you qualify for more credit later on.

First, you would need to open a certificate of deposit (CD) with the bank, then apply for a loan for the same amount of the CD, using it as collateral. Because you are backing your loan with real funds you have deposited with the bank, the risk on the loan is eliminated. The funds from the loan you can use in place of the money you put into the CD.

Be sure to make regular minimum payments each month on the loan to build your credit. After you have paid off the loan, you can cash out your CD with its earned interest, or increase your CD amount and apply for a larger loan and repeat the process to continue building your credit.