A lot of financial institutions advertise their money market rates as "high yield." But when it comes to the real earnings, some "high-yield" money market accounts turn out to be less high-yielding than others. A genuine high-yield money market account starts with a highly competitive interest rate, with frequent compounding so you're collecting interest on your interest as quickly as possible.

Many financial experts and publications note that online banks generally offer higher yields on money market accounts because they don't have the costs of maintaining branch buildings and excess staff. But there's another factor to keep in mind: fees can make a difference in your real rate of return. A "high-yield" money market account that offers a higher interest rate but charges monthly maintenance fees is paying you less in the long run than it appears.

The same can be true of money market accounts that offer a high "teaser rate" for the first few months, but then drop off after that. Unless you plan to keep your savings in a money market account for only a short time, you need to consider the long-term earnings you'll actually be making. In addition, some money market accounts also require maintaining a significant monthly balance. In these cases, say financial analysts, you have better places to tie up that much money. "If a money market has a $10,000 minimum, you're typically better off putting it into a CD with interest rates where they are today," said Greg Womack, a certified financial planner at Womack Investment Advisers in Edmond, Oklahoma, in an interview with Ally.

With an Ally Bank Money Market Account, you get a variable rate that's consistently among the most competitive in the country, and there's no minimum deposit to open. 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 also get free standard checks and a debit card for convenient access to your money.

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

Ally Bank, member FDIC

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