Over the years, many banks have offered "free checking accounts" to their customers, but the truth is, "free checking" simply means you don't have to pay monthly maintenance fees for owning the account. So, even with so-called "free checking accounts," you may end up paying ATM fees, official check fees, wire fees, transaction fees, etc.
In addition, while these same banks may also give customers the option of interest checking, you may end up having to pay monthly maintenance fees if your account balance falls below a set minimum. In essence, it means some interest checking customers are actually paying a bank to hold onto money that belongs to the customer.
To many, this approach just doesn't necessarily make good financial sense.
We think choosing a checking account should be an easy and straightforward process, so Ally Bank offers Interest Checking. With no monthly maintenance fees and a range of valuable features like free Bill Pay service - not to mention the ability to earn interest on your balance - the Ally Bank Interest Checking account may be right for you.
On top of earning interest at a great annual percentage yield, our Interest Checking account can be opened and funded with any amount, and it earns interest on a balance of any size. In addition, we don't charge ATM fees in the U.S, and we will even reimburse you for other banks' ATM fees nationwide. It all adds up to checking that may beat many so-called "free checking accounts," hands-down.