I never learned how it works
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If you have a checking account and have direct deposit from your employer and can maintain a a minimum balance, it’s effectively a wash and just a safe place to hold cash
If you want to open up a savings account or a certificate of deposit, you will earn a small amount of interest but you lose the ability to make withdrawals whenever you want
If you’re living paycheck to paycheck and have a hard time maintaining a minimum balance or don’t have direct deposit, you’ll probably have to pay an account maintenance fee each month (the cruel irony of course that the less financially secure that someone is, the more fees a bank is likely to take)
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