As financial products continue to evolve, some banks now offer interest checking accounts with rates at levels comparable to traditional savings accounts. As you shop for an interest checking account, start by comparing annual percentage yields (APYs) at various banks. Then, be sure you understand the terms and features of each account you consider.
Some banks may charge fees for ATM withdrawals or monthly maintenance fees. Others may require a minimum balance to open and charge fees for future minimum balance requirements. Once you understand these requirements, compare the convenience features offered by each bank. For example:
- Does the bank make it easy to transfer money between accounts, so that you can easily use savings to cover transactions in interest checking accounts?
- Can you pay bills online—and is there a charge for using that service?
- Does the bank provide balance alerts that let you know when your money goes above or below your target balance?
- What kind of support can you plan on, such as 24/7 telephone-based help and online chat?
Finally, remember that one of the key benefits of an interest checking account is that it provides a relatively safe place to keep your money. With that in mind, you should consider the stability and reputation of the bank—and look for banks that are insured by the Federal Deposit Insurance Corporation (FDIC).
At Ally Bank, all deposits are FDIC-insured to the maximum amount allowed by law. You earn great rates on any Ally Interest Checking Account balance, and you'll get free online bill pay services with no monthly maintenance fees. Ally Bank also charges no ATM fees and reimburses ATM fees charged by other banks nationwide. Learn more by visiting Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.
Ally Bank, Member FDIC