During retirement, you want your money to go as far as it can. That means more than just spending wisely and storing money away. It also means getting as good a return as possible—all while avoiding unnecessary fees and limiting exposure to risk. A bank money market account is one way to accomplish these goals, helping maximize your money when every dollar makes a difference.
How money market accounts work
A money market account typically offers a higher interest rate than a traditional savings account. And while certificates of deposit (CDs) require you to leave your money untouched for a period of time or face an early withdrawal penalty, a money market account offers a measure of financial flexibility. For example, you can usually write checks and make withdrawals any time from money market accounts subject to federal limits.
Why money market accounts are safe
It is important to know the difference between a money market account and a money market fund. At FDIC-member banks, the money in money market accounts is insured by the FDIC (Federal Deposit Insurance Corporation) up to the maximum allowed by law. By contrast, money market funds are a type of investment and are not FDIC-insured. For peace of mind in retirement, a money market account can be a smart choice.
The right money market account for you
The Ally Bank Money Market Account offers a competitive, variable Annual Percentage Yield (APY), with no monthly maintenance fees and no minimum opening deposit requirement. You get a free debit card and free standard checks and your funds are insured by the FDIC up to the maximum allowed by law.
As an online bank, we avoid the overhead of traditional brick-and-mortar banks and can pass that savings onto our customers. And, as with most banks, deposits in an Ally Bank Money Market Account are FDIC-insured to the maximum allowed by law. Learn more at Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559).
Ally Bank, member FDIC