Money market accounts are a popular option for people looking to save money. These accounts are often available from online banks like Ally Bank, which offers customers the convenience of online banking and the advantage of highly competitive interest rates. Five benefits of money market accounts include:
1. FDIC Insurance
Deposits and compounded interest payments are insured by the Federal Deposit Insurance Corporation. FDIC insurance protects the money in your bank account in the same way it does regular savings accounts.
2. Availability of Funds
Another of the benefits of money market accounts is the availability of funds. It's important to note, however, money market accounts are subject to limits on certain check and other debit transactions. You can make up to six withdrawal/transfer/check transactions per statement period from a money market account, not including ATM. As such, your money isn't committed to the bank the way money in a CD account is committed.
3. Interest Rates
The interest rate you get for a money market account is determined by several factors, including the bank you use and the amount of money you deposit. Published by Bankrate.com, Ally Bank interest rates are generally among the most competitive available in the country.
4. Check Writing and debit card access
Unlike regular savings accounts, some online money market accounts — including the Ally Bank Money Market Account — provide you with the ability to write checks and access funds using a debit card. This provides added security should you ever need cash in an emergency or for another use.
5. Account Benefits
Like most banks, at Ally Bank, your funds in your Money Market Account are insured by the FDIC up to the maximum amount allowed by law. Your account can be opened and funded with any amount and there are no monthly maintenance fees. Plus you can use any ATM nationwide with no fee from us, and we'll even reimburse the fees other banks' charge nationwide.
You'll also enjoy 24/7 live customer support, via Web chat at Allybank.com and/or phone at 877-247-ALLY (2559) should you need it. Take a look at all the great features that come with an Ally Bank Money Market Account and see how easy online banking can be.