Sorting through the money market accounts available to find the one that's right for you involves identifying your own financial goals and then comparing the features of several accounts.
First, you'll want to compare annual percentage yields (APYs). That's the number you'll often see featured prominently in ads for accounts. But your research should include more than just rate shopping. Greg Womack, president of Womack Investment Advisors in Edmond, Oklahoma, points out the importance of looking at the overall picture when shopping for a money market account: "You're also going to want to shop the overall account requirements as well. Take a good look at what minimum balances accounts require and any other restrictions the banks have."
Websites like bankrate.com or ratecatcher.com allow you to compare rates and features of money market accounts from different financial institutions around the country. For further details, you should follow up at the institutions' individual websites. Be sure the money market account's requirements make sense for your financial situation. An account, for example, that pays a slightly higher interest rate but requires a $5,000 minimum balance makes little sense if you're going to have trouble maintaining that balance.
Another thing to consider is whether the bank makes tracking and transferring money in and out of your account easy and convenient. "If you need to move money . . . from your money market account to a checking account or CDs," said Womack, "it's going to be easier if you choose a bank that offers one-stop-shopping convenience for the products you need, and makes it simple to move money over the internet or by phone."
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.
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