Everyone wants to earn as much as possible in an interest-bearing bank account. But some experts caution that there's more to grading a high-yield money market account than interest rates. You want to look for competitive rates, of course. But Bill Holliday, a certified financial planner with Financial Freedom Associates, LLC, in Tucson, Arizona, told Ally Bank he also encourages his clients to look carefully at the other terms of any high-yield money-market account. Holliday said he wants them to avoid fees if possible, so he looks at not incurring any expenses for the way his clients plan to use the account.

Money market accounts come with federally set limits on the number of withdrawals you can make by check or electronic or phone transfers. But some financial institutions also impose charges if your balance falls below a certain minimum. Others charge for checks and impose additional fees. These charges can eat away at your deposits, making a high-yield money market account much less "high-yielding" than it first appears.

With an Ally Bank Money Market Account, there's no minimum balance to open, and no monthly maintenance fees. You can use any Allpoint no-fee ATM—plus receive up to $10 reimbursement for fees charged at other ATMs nationwide each statement cycle. You get free standard checks and a free debit card so you'll have flexible access to your money. Holliday also suggests caution when dealing with obscure financial institutions. "If we've got some small, out-of-the-way bank you've never heard of that's paying a little more, you might want to be careful," he said. "You may want to give up a little on rates for a more reputable company."Ally Bank started out as GMAC, the automotive lending company, giving us more than 90 years of experience in personal finance. As an online bank, Ally Bank has received recognition for its money market and other bank accounts.

Learn more at Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559).

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