Some people like to keep a large amount of money in a checking account to keep it easily accessible for emergencies and transfers in addition to day-to-day necessities. If you plan on maintaining a substantial checking account balance, opening a checking account that pays you interest may make sense. Many banks offer checking accounts that pay interest, but you should consider the account’s terms and conditions to be sure which account is right for you.
Advantages of Maintaining a Large Checking Account Balance
One of the biggest advantages of keeping a high checking account balance is that you can earn more interest. For example, the interest checking account from Ally Bank offers a tiered rate structure that rewards you for maintaining a higher balance. There may be other advantages to keeping a large balance in your checking account.
- Easy access: Money in your checking account is easily accessed via check, debit card, ATM or electronic transfer.
- Potentially reduced need for credit: With a sizeable sum easily available as a safety net, you can potentially avoid using a credit card for unexpected expenses.
At Ally Bank, we make it easy to transfer money into and out of your account with just a few clicks. Plus, the Ally Bank Interest Checking Account comes with a number of features and conveniences, like free standard checks, a free debit card and free bill pay. We won't charge you to use any ATM, plus we reimburse other banks' ATM fees nationwide. And Ally Bank consistently offers among the most competitive rates 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