Money market accounts have a number of features and benefits that make them ideal as a short-term savings option. Of course, you want to get the best interest rate you can find, but before you jump at what seems like a great rate, make sure you read the fine print.
Different banks' money market accounts are set up with varying features, rates and fees. Comparing current money market rates is a good place to start, as long as you do further research to make sure the account is right for you.
For example, some banks offer “teaser rates,” that are high at the time of the initial deposit, but then go to a less desirable rate after a given time period. Other banks have minimum deposit requirements or maintenance fees that end up eating into your balance.
The way we see it, "teaser rates" and other such tactics are just not very customer-friendly. That's why Ally Bank takes a more straightforward approach to banking. We know you want to compare current money market rates before you open an account, so we make it a little easier by posting our rates alongside those of our major competitors. And you can open and fund an Ally Bank Money Market Account with any amount and still earn variable interest rates that are consistently among the most competitive in the country as published by Bankrate.com. You'll get a free debit card and free standard checks and we don't charge monthly maintenance fees.
Take a look at the benefits of saving with Ally Bank today. Visit Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559).
Ally Bank, member FDIC