A savings plan is a personal thing. How you build it depends on your own financial goals and situation. While many people like the rates that come with a high yield certificate of deposit (CD) account, they also see the appeal of the easy access that comes with a product like a money market account. Thankfully, there's no need to choose one or the other. In fact, a high yield CD account and a money market account can be used in tandem to create a savings plan that has both flexibility and the competitive interest rates.

A CD is a safe place to save money and earn a great rate. However, if you access the funds before the CD reaches maturity, you usually will incur an early withdrawal penalty that can eat away at your return. So while a high yield CD account might make sense for a long-term savings goal, like a child's education or a distant home renovation project, it might not make sense for something you need to access on short notice, like an emergency fund. That's where a money market account comes in.

Putting some of your savings into an account like a money market account can give you the peace of mind that comes with knowing your funds are easily accessible. Although money market accounts may have lower rates than longer-term high yield CDs, your savings in a money market account still earns interest, and that's a good thing. In addition, just like in a CD, your funds in most money market accounts are FDIC-insured, meaning your savings are secure up to the maximum amount allowed by law.

If you decide to get both a high yield CD and a money market account, it may make sense to have them at the same bank. That way, it's easy to move your matured CD into a money market account or open a new CD with funds from your money market. At Ally Bank, it's easy to link accounts and move your money from place to place.

No matter what your savings plan, Ally Bank makes saving as easy, secure and rewarding as it can be. Take a look at the Ally Bank High Yield CD and our Ally Bank Money Market Account. Both offer rates that are among the most competitive in the country and both can be opened and funded with any amount. Learn more at Ally.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.

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