When you compare money market accounts, start with some basic research on the Internet. Financial experts agree that independent third-party sites like bankrate.com or money-rates.com can be a great place to start for snapshots of the best money market rates being offered by different financial institutions.
Once you’ve narrowed down your choices, however, navigating directly to banks’ websites will give you more detailed information about the accounts you’re considering. Be sure you understand all terms before making that initial deposit, including the fine print. Some banks offer high "teaser" money market rates that expire after a few months. Others charge a monthly maintenance fee or require you to maintain a large minimum balance.
Convenience and reputation also are factors the experts say should be weighed as carefully as the rates money market accounts are paying. "If you're spending all this time managing your account for an extra five dollars a year," asks Dylan Ross, a certified financial planner with Swan Financial Planning, LLC, "is it really worth it?" Ross told us he likes to recommend the Ally Bank Money Market Account to clients because he's found the money market rates are among the most competitive and "there's no monthly maintenance fee. Plus, Ally Bank's site is very easy to work with."
Ally Bank doesn’t offer “teaser” rates, just rates that are consistently among the most competitive in the country. You can open and fund an account with any amount and there’s no monthly maintenance fee. Check out the benefits and features of the Ally Bank Money Market Account and more at Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559).
Ally Bank, member FDIC