3/21/2011 Update: the rates are now .50% APY for less than $15,000 and 0.90% for balances over $15,000
Traditionally a savings account earns more interest than a checking account, but why not have an account that offers check writing, debit card convenience, and high interest in one package? Thank you Ally.
Ally Bank has introduced its one of a kind high interest checking account equipped with a Debit MasterCard®, check writing privileges, .50% – 1.05% APY, account alerts, 24/7 online/phone account management and around-the-clock customer service.
Opening an Ally interest checking account is easy. You can call 1-877-247-2559 or sign up online. To sign up online, just visit, Ally Bank's website
It takes less than 10 minutes to open a new account. Your name, address, contact details and social security number will be required to open an account. There is no minimum deposit and you can fund the account with electronic transfer from your other banking accounts.
Features of Ally Interest Checking include no monthly fees, no minimum balance, free checks, no ATM fees, and a convenient MasterCard debit card which you can use to withdraw money from any ATM and make purchases.
Online banking and bill pay is free and easy to set up. You can issue unlimited checks and when you run out, you can order standard Ally checks for free. The checking account is everything you’re used to and more so you can use your debit card to withdraw money anywhere a retailer gives the cash back option. There is no fee for this withdrawal.
You can use the card at any ATM for free with no fees. Ally has affiliated with three ATM networks: Visa, Plus, and Star. If you use your debit card at an ATM which isn't part of these networks, and are charged a fee, Ally Bank will refund the fee amount for the first four transactions or up to $6 at the end of your monthly statement period.
There is a daily limit of $500 on the amount you can withdraw from ATMs. Other fees include $9 non-sufficient fund fee, $15 stop payment fee, and $7.50 returned deposit fee.
You can contact Ally Bank’s toll free customer service number at anytime 24/7 at 1-877-247-2559.
At the time of this writing, the APY is 0.50% for balances up to $15,000 which is four times more than the present national interest checking average of 0.12% For balances in excess of $15,000 you earn more than double the interest at 1.05% APY.
Free balance alerts are available through online account management.
Here is a quick summary of Ally's Interest Checking:
- no minimum balance
- no monthly fees
- free debit card (MasterCard®)
- unlimited check writing
- free Ally standard checks
- ATM fees refunded up to $6 per month
Fees to Watch Out For:
- $9 non-sufficient funds fee
- $15 stop payment fee
- $7.50 returned deposit fee
Overall, Ally Bank's Interest Checking is quite competitive with other interest checking deals – especially with the no monthly fees, low miscellaneous fees and free checks.
If you're looking for a bank that offers more interest on checking (but doesn't actually offer real check writing) – checkout FNBO..
Ally Bank is a Utah headquartered FDIC insured bank. Ally is a unit of GMAC Financial Services (GMAC), which became a bank holding company in December 2008. GMAC's banking unit officially changed its name to Ally Bank on May 15, 2009. The bank is a member of FDIC which means the money in your account is guaranteed safe.
Ally Bank also boasts some high CD rates and Money Market Account Rates. They are among the top in the nation.
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