Ally Bank Adds Interest Checking

Ally Bank recently added an interest-bearing checking account to their set of offerings.

The account has no minimum balance requirement and no monthly fees, and interest rates depend on your balance.  Under $15,000, you'll earn 0.5% APY.  Balances above $15,000 get 1.15%.

• See How APY Works

Customers get free online bill pay and free checks (including reorders).  While there are other fees for overdrafts and certain transactions, the fees are relatively low.

Ally Bank (after it's predecessor GMAC Bank) is popular because you can link as many external accounts as you like to your Ally Bank account.  This makes it easy to zap money around, and transfers seem to be a little faster than the competition.

Further reading:

• Ally Bank Review