Is the "free" checking dependent upon a minimum balance in a savings or a combo of checking and savings? So long as you aren't making multiple withdrawals from savings each month I would highly recommend moving it. Then get into the habit of xferring at least some minimal amount into savings each month. This can all be done on line and you may even be able to set an automated xfer. If you get paid every other week, set up a smaller xfer a few days after each pay day so as to maximize the interest returns. It all takes a bit more effort to set up and manage, but once you start to see those interest deposits each month it will all seem worth it.