When it comes to your savings, interest rates are vital to making sure your money is working as hard as it can. But sometimes all that earned interest can be compromised by bank account fees and deposit requirements. If you want to make sure you're getting all you can out of your savings interest rates, pay attention to any account fees that your bank may be charging you.

Monthly maintenance fees. This fee is charged by many banks when the account has less than the minimum required balance. Other banks will charge you a monthly service fee simply for having a savings account at their institution. Before you open a savings account at a new bank, be sure to ask about fees. If you've had your account for a while, it may be worth checking your account activity or checking with your bank to see if they've recently instituted a maintenance fee.

Inactivity fees. Other banks charge inactivity fees to their savings account holders. This happens when a customer fails to make a certain number of transactions in a set amount of time. Again, check with your bank to see if you'll be charged for simply letting your money acquire interest without making many transactions.

Excess number of transactions. On the flipside, sometimes account holders are charged for making too many transactions. Be aware, however that for all banks, federal law limits certain types of telephone and electronic withdrawals and transfers from savings accounts to six per statement cycle. If you go over this limit, you may be charged an excessive transaction fee. If you exceed this limit on more than an occasional basis, the bank may close your account. Some transactions are unlimited. For example, you usually can make as many deposits as you wish.

At Ally Bank, we believe in a straightforward approach to banking. That's why our Online Savings Account and Money Market Account come free of any monthly maintenance fees. At Ally Bank, we offer some of the most competitive interest rates in the country and you can open and fund an account with any amount. Learn more at Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.

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