Ally Interest Checking Account Opened

When I talked about Ally Bank Interest Checking Account in January when the product was introduced, I mentioned that I may get one for myself. What I like about the new checking account isn’t that it bears interest. With 0.50% APY for balance under $15K, there isn’t much I can earn. Rather, what attracts me is its No Fee ATM policy. Basically, there’s no ATM fee when using Ally Bank debit card to withdraw cash from ATMs, any ATM. Since Ally Bank is an online bank (that’s why it can pay interest rates that’s higher than other B&M banks), you won’t find an Ally ATM, so the ATM fee is charged by other banks for using their ATM. Under this policy, Ally will reimburse all the fees charged by other banks at the end of the statement cycle. Since I am a credit card person, I don’t usually carry or use a lot of cash (when I do need cash, I get it from my Bank of America ATMs which seem to be  everywhere). However, I still feel that it would be nice to have an ATM card that allows me to get cash without paying any fee, just in case I ever need it.

I finally got around to open the Interest Checking Account last night, which didn’t take much long. Because I already have an Ally Bank Savings Account, the whole process took about 5 minutes to complete. However, like what happened when I tried to open the savings account, it’s kind of  tricky to open a new account when you are already a customer. You would think that it is natural to open the new account when you are already in your account so you can skip all those steps required only for new customers. That’s what I think how it should work for existing customers. Not so, apparently.

When I tried to open the new checking account from inside my account, only the left part of the application screen appeared (see screenshot below), making me feel that I have to start all over again by providing SSN and all other personal information. Then I remember what happened last time. So I logged out, started again. There I saw the option to start the application as a current customer. Why can’t they just make it a little simpler?

Ally Bank Interest Checking Account

Afterwards, there were a few more steps to go through, such as verifying identity, choosing how to fund the account (either by check, or by transfer through existing Ally Bank account or external account that is previously linked to an Ally account), etc. But nothing time-consuming. Finally, there’s an option to select to receive 50 free checks or not. Though I don’t expect to write any check with this account, I still opted to receive the free checks.

Now I am just waiting for the debit card to arrive so I can check whether it’s really No Fee ATM, or not.

Open an account

BTW, in addition to interest checking and savings account, Ally Bank also offers other products such as conventional CDs (terms from 3 months to 5 years) and no penalty CD. Check out my Ally Bank review post for details of Ally banking products. The following are the up-to-date rates for Ally Bank products.

Ally Bank Rates Effective -
Duration Rate
3 Month High Yield CD
6 Month High Yield CD
9 Month High Yield CD
12 Month High Yield CD
18 Month High Yield CD
2 Year High Yield CD
3 Year High Yield CD
4 Year High Yield CD
5 Year High Yield CD
9 Month No Penalty CD
Online Savings Account
Money Market Account

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3 Responses to “Ally Interest Checking Account Opened”

  1. The Rat |  Mar 05, 2010 at 5:54 pm

    Ally also has some solid GIC rates in Canada and often beat what most of the banks can offer on a 5-year term.

    Nice post.

    • Sun |  Mar 05, 2010 at 7:13 pm

      What’s GIC? I didn’t Ally is also available in Canada :)

  2. The Rat |  Mar 05, 2010 at 10:54 pm

    Yep, they are :)

    A GIC stands for a Guaranteed Investment Certificate and offers the investor a guaranteed interest rate on their investment. Examples of terms could be a 1-year term all the way to a 5-year term and beyond. The longer the term the investor is prepared to take, the higher their interest rate.

    I did a thread discussing Ally a while back; here it is: