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For example:
Want no minimum balance? Subtract .5% from the interest rate.
Want ATM refunds? Subtact another half percent.
Free bill pay? Free ACH transfers? Each would reduce your interest rate further.

You get the idea. Give the customer the ability to decide what is important to him or her.

I wonder if a bank could offer a "made to order" checking account of that sort?

The same net effect is to simply have one interest rate, and then charge customers a fee for everything. Fees for ATMs, fee for ACH transfers, fees for not having a minimum balance, etc. However, people don't like paying fees for everything, so they pick the bank that has the fees they are willing to pay "hidden" into their interest rate. That way, everybody "wins".
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