If you are looking to save money each month, but want to branch out from your regular savings account, a money market account may be just what you need. A money market account is a type of savings account that typically gives you more convenient access to your money than you get with a traditional savings account. (Money market accounts are different from money market funds. Money market funds are investments, not bank accounts.)
Before opening a money market account, it is important to find the right bank for you. First, be sure to verify that the bank and its deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum amount allowed by law. Next, compare interest rates and find a bank that offers a competitive rate. Online banks, like Ally Bank, typically offer higher interest rates on money market accounts compared to our brick-and-mortar counterparts.
Next, make sure you compare features like flexibility, accessibility, and customer service. One advantage money market accounts have over most standard savings accounts is the fact that you can withdraw money with a check, a debit card, or bank-to-bank online transfers.
Keep in mind that money market accounts have similar restrictions to those you have with regular savings accounts. Federal law limits checks and certain types of telephone and electronic withdrawals and transfers from money market accounts to 6 per statement cycle. Some transactions are unlimited. You can make as many deposits as you wish. If you need access to the money in your money market account, you can make unlimited ATM withdrawals or call us any time and request a check made payable to you.
You can open and fund an Ally Bank Money Market Account with any amount. There are no monthly maintenance fees and your money earns interest at a competitive rate. You can use any Allpoint no-fee ATM—plus receive up to $10 reimbursement for fees charged at other ATMs nationwide each statement cycle.
Ally Bank, member FDIC