Bonds and money market funds
Bonds and money market funds are investment products. Generally speaking, bond prices move in the opposite direction of interest rates. Money market funds, on the other hand, generally track interest rates. Fixed-rate investment products like these may have a place in your overall financial plan, but most financial advisors suggest that you also have a safe and convenient place for your cash reserves, like a money market account. Be sure to consult with a personal finance professional familiar with your situation before making any big decisions with your money.
Money market accounts
A money market account is a type of bank account. Deposits in money market accounts at FDIC-member banks such as Ally Bank are federally insured up to the maximum allowed by law. By contrast, bonds and money market funds don't have FDIC insurance. You generally can access the funds in a money market account at any time, subject to federal limits on transactions.
The Ally Bank Money Market Account
With an Ally Bank Money Market Account, you earn a variable rate that's consistently among the most competitive in the country according to Bankrate.com, and you can open and fund your account with any amount. You get free standard checks and a debit card for convenient access to your money. 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 makes saving money as easy, convenient and rewarding as it can be. Take a look at our High Yield CDs, No Penalty CDs and Raise Your Rate CDs as well as our Online Savings and Money Market Accounts. Learn more at Allybank.com or call live, 24/7 customer support at 877-247-ALLY (2559) today.