It’s frustrating to earn no return on checking account deposits, so it can pay to shop around for banks that offer interest. Ally Bank has a new Interest Checking that works like a money market but offers the convenience of a checking account. Details of the offer include:
- 1.15% annual percentage yield (APY) on balances of $15,000 and up
- 0.5% APY on balances up to $15,000
- No monthly fee
- No minimum deposit required or minimum balance requirement
- No fees for using other banks’ ATMs
ATM fees for using other banks are refunded at the end of the monthly statement period. The checking account also offers free online banking and bill pay. You get free checks, a debit card, and unlimited check writing.
The account also offers a free overdraft service linked to an Ally Bank savings or money market account. You can set up balance alerts and be notified when you balance dips below those targets. You can authorize transactions by phone, online, or by ATM.
Although there is no monthly maintenance fee, other charges may apply. Those fees can include a non-sufficient funds fee of $9 per day, a stop payment fee of $15, and a returned deposit free of $7.50. The account also has a $20 fee for outgoing wire transfers.
- 6 Month CD %
- 1-year CD %
- 2-year CD %
- Money Market Account %
- Savings Account %
- 30-year Fixed Mortgage 3.62 %
Bank rates provided by MoneyRates.com based on average rates for deposits under $10K and conforming mortgage rates
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If you know of any bank deal that we haven't featured on our blog yet, we would love to hear from you.
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