Both Charles Schwab Bank High Yield Investor Checking and Ally Bank Interest Checking are strong contenders for a checking account. Charles Schwab stands out with its unlimited ATM fee rebates worldwide and access to brokerage services, making it ideal for those who also invest. Ally Bank provides tiered interest rates and a solid ATM network, suitable for those prioritizing interest earnings and convenient ATM access.
| Attribute | Charles Schwab Bank High Yield Investor Checking | Ally Bank Interest Checking |
|---|---|---|
| Interest Rate (APY) | 0.20% (Some sources mention 0.45% or up to 3.30% APY, but these may be outdated or related to specific promotions) | 0.10% APY for daily balances less than $15,000; 0.25% APY for daily balances of $15,000 or more (variable rates) |
| Minimum Balance to Open | $0.01 | $0 (account may be closed if not funded within 30 days) |
| Monthly Maintenance Fee | $0 | $0 |
| ATM Fee Policy | Unlimited worldwide ATM fee rebates. Schwab reimburses all ATM fees. | Free access to Allpoint ATMs in the U.S.; No fees at Allpoint or MoneyPass ATMs in the U.S.; Up to $10 reimbursement per statement cycle for fees charged by other ATMs nationwide; International transaction fees of up to 1% may apply at ATMs outside the U.S. |
| Overdraft Fee | $0 | $0 |
| Mobile Deposit Availability | Yes | Yes, via Ally eCheck Deposit through the Ally Mobile App |
| Bill Pay Feature | Yes, free bill pay is available online and via the mobile app | Yes, schedule and make payments, set up recurring payments, and view bill details online |
| FDIC Insurance | Up to $250,000 per depositor | Yes, up to $250,000 per depositor for each qualifying account ownership category |
| Debit Card Availability | Yes, a Schwab Bank Visa Platinum Debit Card is provided | Yes, a Debit MasterCard is available |
| Online Banking Access | Yes, available at Schwab.com | Yes |
| Mobile App Rating (iOS) | Not available | Not available |
| Mobile App Rating (Android) | Not available | Not available |