Interest-bearing checking accounts, like money market and simple savings accounts, can be a way to earn interest on your money, but there are some key differences.In general, money market accounts like the one offered by Ally Bank pay a somewhat higher rate of interest than interest-bearing checking accounts. But there are federal limits to the number of transactions you can make with a money market account.
Savings accounts also usually pay a somewhat higher interest rate than interest-bearing checking accounts do. Ally Bank offers an Online Savings Account at a competitive rate that can be opened and funded with any amount. But here again, federal withdrawal limits apply. It's important to note that banks must prevent customers from continually exceeding the federal six-transaction limit. They may do so by applying a fee, converting the account to a checking account or closing the account altogether.
On the other hand, an Ally Bank Interest Checking account comes with lots of perks and basically none of the restrictions tied to other types of accounts. An Ally Bank Interest Checking Account has no monthly maintenance fees and you can open, fund and earn interest with any amount. You get online and mobile banking services, a debit MasterCard®, standard checks, online Bill Pay and postage-paid deposit envelopes, all at no charge to you. You can use any Allpoint no-fee ATM—plus receive up to $10 reimbursement for fees charged at other ATMs nationwide each statement cycle. At Ally Bank, we are committed to making banking as simple, secure and rewarding as it can be. Learn more at Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.