Deciding between the benefits of a savings account vs. money market account features — or vice versa — is easier if you know what your savings needs are first. With that in mind, it's a simple matter of knowing the small differences between what's offered with a savings account vs. money market account and choosing the one that fits you best.
Regular savings accounts may be the vanilla of the personal finance world, but these accounts are easy to open, especially if you choose an online bank like Ally Bank, where the interest rates tend to be among the most competitive nationwide, according to rates published on Bankrate.com. Additionally, as a member of the FDIC, Ally Bank gives our customers the peace of mind that comes with knowing that their money is insured to the maximum allowed by the law.
At some banks, the savings account vs. money market account debate comes down to a better interest rate on the money market account. However, the primary difference between the Ally Bank Online Savings Account and the Ally Bank Money Market Account is that the Money Market Account gives you the added convenience of debit card access and check-writing privileges.
You'll earn a great competitive rate no matter which account you open, so the savings account vs. money market account decision doesn't have to come down to sacrificing interest. Visit Allybank.com or call live, 24/7 customer support at 877-247-ALLY(2559) to learn more today.