Everyone strives to make the most of their money in hopes of building wealth for the long-term. Those who are successful often point to a series of smart money decisions they made along the way rather than a single big break. One of those smart decisions can be opening the right interest-bearing checking account.
The wrong interest-bearing checking account could end up costing you money. Some interest checking accounts pay a higher rate of return but require maintaining a large minimum or average balance, in some cases as high as $25,000 or more. If you go below the minimum balance you could get charged a fee that would eat into any interest you have earned. Still other checking accounts have monthly maintenance fees, ATM fees and more.
Most people use checking accounts for everyday expenses and other money to be used in the short-term, so convenient access is critical. But make sure you know the terms of your account so you’re not caught off guard by unexpected requirements and fees that eat into your return. And look for an account that compounds your interest as often as possible, which keeps your balance growing.
The Ally Bank Interest Checking Account compounds interest daily and you earn rates that are consistently among the most competitive in the country. Learn more by visiting Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.
Ally Bank, Member FDIC