An interest-bearing checking account can be a good way to make your money work for you, but there are a lot of interest checking accounts out there—with different rates, benefits and conditions. How can you find the one that makes the most sense for you? A little smart online shopping.
It’s a good idea to start with comparison websites like Bankrate.com. Nowadays you’re not limited to using the bank in your town. You can search and compare accounts from banks across the country. And while it's natural to look for an account that offers the best checking interest rates, be sure to check the terms and conditions of each account you consider. For example, do you need to maintain a high minimum balance? Is ATM usage free? Will you be required to make a certain number of electronic deposits each month?
Once you've narrowed your search to a few choices, you may want to follow up by visiting the banks' websites and contacting them with any questions you may have. Some banks, such as Ally Bank, make this easy by offering live, 24/7-customer care.Because many online banks—including Ally Bank—save on the cost of maintaining brick-and-mortar facilities, they're often able to pass the savings on to customers in the form of great rates.
Ally Bank, Member FDIC