The differences between money market accounts and regular savings accounts may depend on where you choose to do your banking. In general, however, money market accounts may provide you more options than regular savings accounts when it comes to accessing your funds. But if you're not familiar with money market accounts, you might have a more basic question to start: "How does a money market account work?"
A money market account works much the same as other bank accounts. You open one by providing the necessary information and making an initial deposit. Many banks, including Ally Bank, give you the convenience of being able to do both from the comfort of your own home. Then, your money will earn interest at a variable rate, which means it can go up or down over a period of time. You can access your funds with checks or a debit card within federal transaction limits. Keep in mind that it’s important to consider things like maintenance fees and minimum balance requirements, as well as interest rates, when you’re shopping for a money market account that will work for you.
With an Ally Bank Money Market Account, your money earns a variable rate that's consistently among the most competitive in the country according to Bankrate.com, and you can open and fund your account with any amount. You get free standard checks and a debit card for convenient access to your money. You can also use any Allpoint no-fee ATM—plus receive up to $10 reimbursement for fees charged at other ATMs nationwide each statement cycle.
Learn more at Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559).
Ally Bank, member FDIC