Posted January 21, 2010

The Online Bank that promises no sneaky disclaimers has added a new interest checking account to its product offerings. The new Interest Checking account from Ally Bank (www.ally.com) pays 1.15% annual percentage yield (apy) on balances of $15,000 or more, and 0.50% apy on balances under $15,000.

Keeping with the bank's advertising campaign, the interest checking account has no minimum deposit requirement or monthly balance requirement, and has no monthly fees.

The interest checking account also features unlimited check writing, free checks, and a free debit card. ATM fees that might be charged for using another bank's ATM will be reimbursed.

To round out the offering, the Ally Bank Interest Checking Account also comes with free Online Banking and Bill Pay as well as free balance alerts  and overdraft service.

The overdraft service requires that you have an Ally Bank savings or money market account. If your checking expenses exceed your checking balance, Ally Bank will automatically transfer money from your funded savings account into your checking account to cover the shortfall.

The Interest Checking account from Ally Bank joins the ranks of high-yield internet checking accounts offered by ING DIRECT, Bank of Internet, and EverBank.

For a list of current online checking account rates, see eMoneyCentral.com's Checking Account Rates page.