It is important for your financial stability that you have some money set aside in an account that earns interest, but you have lots of choices when it comes to where you put your money. For instance, is it better to open a money market account or certificate of deposit? It's easy to see why people get confused. Ally Bank helps you by providing straightforward choices for saving. Considering the competitive interest rates you'll earn in either the Ally Bank Money Market Account or in an Ally Bank CD, you're sure to find a simple, secure and effective way to save for purchases instead of wasting money on excessive credit card interest.
For example, when you have been saving money for a while, and you find a great deal on a larger-ticket purchase, you may be able to use that savings instead of your credit card. Your savings may prove to be a truly valuable asset as you earn interest on your money instead of paying interest on loans.
Transferring some of your savings to a money market account can be a good way to make sure a portion of your money remains accessible. While most CDs have penalties for early withdrawal, money market accounts usually allow you to make a certain number of transfers or withdrawals each month.
Money from your Ally Bank Money Market Account can be withdrawn from any ATM nationwide with no ATM fees from Ally Bank and we reimburse ATM fees other banks in the U.S. charge, meaning you always have easy, hassle free access to your savings.
If you want to stick with the CD route but still have access to your funds, Ally Bank offers a No Penalty CD that will allow you to withdraw your funds along with any interest earned — with no early withdrawal penalty — any time after the first 6 days of funding your CD.
Certificates of deposit like the ones offered by Ally Bank are another means of earning more interest for your savings. The funds are usually not available for withdrawal without a penalty until the certificate matures, which is usually from a few days or months up to several years. The interest rate is normally higher for the longer terms and lower for shorter term CDs.
At Ally Bank, you can open and fund any CD with any amount. Simply make your deposit within 10 days of opening the account to take advantage of the Ally Ten Day Best Rate Guarantee. Plus, you'll get the peace of mind that comes with knowing your deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum allowed by law. To learn more call our live 24/7 customer support line at 877-247-ALLY (2559) or visit Allybank.com today.