Ally Bank ^[2] has come out with their Interest Checking Account ^[2] and IS interesting in that it has a higher rate than most traditional on-ground bank savings accounts. The convenience of a checking account ^[3] – the interest rate of a savings account ^[4] – now there’s a good idea.

A few of the details on Ally Bank’s Interest Checking account ^[2]:

• $0 monthly fee
• $0 to open and no minimum balance – you can open it today and begin using it when you want
• Free Online banking
• Free Bill Pay
• Free Debit MasterCard®
• Free checks
• Unlimited check writing
• No ATM fees at any ATM
• Variable rate account where balances $15,000 or more get an even higher rate
• Free balance alerts
• FDIC ^[5] insured to the maximum allowed by law.

Ally even has a nifty little setup that shows you how much interest you’ll earn based on your average daily balance. Currently (as of Feb 24, 2011), Ally’s Interest Checking ^[2] has a higher rate than ING Direct ^[6], Bank of America, E*TRADE ^[7], Wells Fargo, or Chase.

Plus Ally’s Interest Checking ^[2] account has a great safety feature called Overdraft Transfer Service. Simply link an Ally Online Savings ^[8] or Money Market account to your Interest Checking account. If you exceed your checking balance, they will automatically transfer available funds from your savings account ^[4] to cover the transaction(s) – all at no charge to you. Other banks may charge you for this Overdraft Transfer Service.

So, if you’re fed up with your traditional bank using the money in your checking account ^[3] and giving you nothing in return, give Ally Bank’s Interest Checking ^[2] a try. Remember, you can open an account with ZERO money! Try THAT at any traditional bank.

About the author

Ron has written 1082 articles on The Wisdom Journal.

The founder and editor of The Wisdom Journal ^[9] in 2007, Ron has worked in banking, distribution, retail, and upper management for companies ranging in size from small startups to multi-billion dollar corporations. He graduated Suma Cum Laude from a top MBA program and currently is a partner in a national building materials company.

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