(Last Updated May 17, 2013)
Ally Interest Checking Account
The Ally Interest Checking Account is a feature-rich online checking account that offers one of the best interest rates on the market, unlimited ATM-fee reimbursements within the United States, mobile deposit, free checks, and no monthly fees. I use my Ally checking account in conjunction with an Ally savings account, which allows me store my money in the higher-yielding savings account and instantly transfer funds back to my checking account when needed. Continue Reading . . .
BankDirect Mileage Checking with Interest Account
The BankDirect Mileage Checking With Interest Account yields an impressive rate of interest in the form of miles: 100 American AAdvantage miles per month for every $1,000 of average daily balance on deposit, up to $50,000. For every $1,000 in excess of $50,000, the account yields only 25 miles per month. Continue Reading . . .
Charles Schwab High Yield Investor Checking Account
The Charles Schwab High Yield Investor Checking Account is a great checking product that offers most of the same consumer-friendly features that Ally does, and it reimburses for all ATM fees, whereas Ally only reimburses for ATM fees incurred within the United States. The problem is that Schwab’s “high-yield” interest rate is, ironically, a measly 0.10%. I prefer Ally on the whole in light of its much better interest rates, but Schwab’s superior ATM reimbursement policy may change the calculus for people who spend lots of time abroad.