What are Interest-Bearing Checking Accounts?

Discover a Truly Different Interest Checking Account from a Truly Different Bank

September 2012

With an interest-bearing checking account, the bank pays you interest on the money in your account, much like it pays interest on a savings account. However, you can also write checks or use debit cards with the account, making it very easy to access your money as needed for bills, purchases, house payments and so forth.

Aren't they All the Same? The rates paid on interest-bearing checking accounts vary widely, and not every bank offers a checking account that earns interest. Moreover, as a practically essential part of most everyone's life, the humble checking account very often gets taken for granted, both by some banks and by account holders.

"If it isn't broken," you might think, "why fix it? Isn't every checking account basically the same anyway?" On the other side of the equation, some banks actually see checking accounts the same way. Their approach seems to be that since nearly everyone needs one, some of those customers will eventually end up at their banks.

A Different Bank. At Ally Bank, we see things a little differently. For starters, there's our straightforward approach to banking, and the Ally Bank Interest Checking Account is a perfect example. The account earns a variable interest rate that is among the most competitive in the country, according to Bankrate.com. Plus, there's no minimum balance to open and no monthly maintenance fees.

And while nearly every bank offers some sort of online access, not every bank makes it as truly easy as we do - both to get money into your account and take it out. Some banks charge for Bill Pay. We don't charge for that.

Some banks need to charge you a fee when you use an ATM that isn't theirs. With your free Debit MasterCard® from Ally Bank, you can access your account at no fee from Ally Bank at any ATM. And if another nationwide bank charges you a fee for doing so, we'll reimburse you that fee.

To earn interest on your checking account at some banks, you have to maintain a certain balance - or pay yet another fee. As you've guessed by now, Ally is different. We don't charge you monthly maintenance fees, regardless of how much you keep in your account.

Ready for a different kind of checking? Visit AllyBank.com or talk to a real, live person any time you're ready at 877-247-ALLY (2559) today (we're here 24/7).

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