Once you've decided that you want a money market account to be part of your saving strategy, it makes sense that you'll want to find the one that best suits your needs. The process can seem a little like a needle in a haystack of financial information.
Finding the best money market account often starts with the simple question of rate. Rates on money market accounts from about 4,800 banks in all 50 states are surveyed by bankrate.com. You may find that online banks like Ally Bank offer some of the most competitive rates in the country.
"For many people, it makes sense to keep the bulk of their 'emergency' savings—usually defined as anywhere from 3 to 6 months of living expenses—in a single account paying the highest rate," said Justin Krane, a certified financial planner and head of Krane Financial Solutions in Los Angeles, in an interview with Ally Bank. But rate isn't the only consideration for finding the best money market account, Krane says: "It's also important to know you can link the account electronically to your own checking account, if you do online banking. Knowing you can get your savings quickly transferred into your checking account, should the need arise, is important," Krane explained. "Even if it only saves you a day or so in transferring funds, you'll feel like you have an edge."
Likewise, an important consideration if you intend to use your money market account to build savings is to make sure the account you open allows you to set up a system for making automatic deposits. Other questions you should ask about any account you’re considering:
- Is there a minimum amount required to open the account?
- Is there a minimum monthly balance requirement after it's opened?
- How quickly can you get your hands on your money when you need it?
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