Choose the Savings Option That's Right for You
Money Market Accounts or Certificates of Deposit?
You already know it’s important to have some money set aside in an account that earns interest, and 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 a certificate of deposit (CD)?
Considering the competitive interest rates you'll earn in both the Ally Bank Money Market Account and an Ally Bank CD, with a little research and forethought, you're sure to find a simple, secure and effective way to save.
Depositing some of your savings in a money market account can be a good way to make sure a portion of your money remains accessible. You can make up to six withdrawals per statement cycle in the form of transfer, check or debit card transactions. ATM withdrawals are not included in the limit. Some money market accounts—including the Ally Money Market Account—allow you to write checks and access funds using a debit card.
CDs are another great way to earn interest on your savings. Funds deposited in CDs potentially can earn higher interest rates than money market accounts, but usually are not available for withdrawal without a penalty until the certificate matures. The interest rate is normally higher for CDs with longer terms than for those with shorter terms. If you find that CDs work best for your goals, but you still want access to your funds, take a look at Ally Bank’s No Penalty CD. You can withdraw all your money, including interest earned, without penalty, any time after the first six days following the date you fund your CD.
At Ally Bank, you can open and fund a CD or money market account with any amount. 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, visit AllyBank.com or call live, 24/7 customer care at 877-247-ALLY (2559).
Ally Bank, Member FDIC