It makes sense to compare money market rates as part of shopping for a money market account. But there’s more to consider. You wouldn’t buy a car based on gas mileage alone; you’d look at a variety of other factors. The same is true when you’re shopping for bank products.
Various features combined with a competitive interest rate make a solid money market account worthy of your consideration. Some things to keep in mind:
- Introductory rates: Some money market rates you find are introductory, as disclosed by the bank, albeit in fine print. So after a month or two, your money won't earn that great rate any more—and the rate usually drops to something substantially less attractive.
- Requirements: Check the fine print for minimum opening deposit requirements as well as minimum balance requirements.
- Fees: Monthly maintenance fees, ATM fees, teller fees, special check fees, fees for going below the minimum balance . . . the list goes on. Be sure you understand all of the potential charges to avoid taking hits on your balance.
- Restrictions: Be mindful of how you can access your funds and be sure those restrictions are worth it. For example, if you want ATM access to your funds, but the bank doesn't offer it, perhaps it's worth earning a bit less interest in exchange for more flexible access.
With the Ally Bank Money Market Account, you get a consistently competitive interest rate, no monthly maintenance fees, free standard checks and a debit card, and you can open and fund with any amount. 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