When it comes to finding a place for your personal savings, you have a wide range of choices and just as much variety in bank interest rates: savings accounts, money market accounts and certificates of deposit (CDs) to name a few. And of course, there's always a tin box underneath the bed.

That last option, however, is highly discouraged by financial planners. Savings that isn’t earning interest actually shrinks as inflation decreases its value over time. Your goal, the experts say, should be to find an account that provides the best possible rate of return while also fitting into your lifestyle.

The challenge, of course, is that traditional bank interest rates—savings accounts, CDs and the like—may be lower than you would like to see in a recovering economy. On average, according to the FDIC's report on bank interest rates, savings accounts tend to pay less interest than money market accounts when it comes to annual percentage yield (APY). That's not always the case, of course. The difference in bank interest rates—savings accounts vs. money market accounts, specifically—varies from bank to bank, and at some banks, both accounts might even pay the same APY.

The answer is to do your research. Look for competitive interest rates with few or no fees at a bank you can trust. Online banks tend to offer better interest rates than traditional brick-and-mortar banks because they don’t have the overhead of maintaining physical branches. But interest rates are just the beginning. Consider flexibility of access, minimum balance requirements, and maintenance fees, too.

Most savings accounts have less flexible access than money market accounts. Money market accounts may include check writing privileges and debit card access. Both types of accounts are subject to federal withdrawal limits. Which account works for you depends on your own situation and financial goals.

Whatever your savings goals, Ally Bank has products to help you reach them. Both our Online Savings Account and Money Market Account have variable APYs with long-term averages several times higher than the national average. At Ally Bank there’s no minimum deposit to open and we don’t charge monthly maintenance fees. Explore your options at Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.

View Savings Account Rates