When it comes time to open a savings or money market savings account, it makes sense that one of the first questions people ask is about interest rates, and how much their money can earn as they save. After all, interest earned in a money market or savings account builds slowly and steadily, compounding over time— and that earned interest helps you reach your financial goals faster.
To get a sense of what rates are, check out websites Bankrate.com, that do the legwork for you and make comparing rates at banks around the country easy. But earning the highest possible interest rate may not be your only consideration when opening a money market savings account. Also think about:
- Transaction limits: there are federal limits on the number of certain types of transactions you can make each month. Some banks charge a significant fee after you reach that limit.
- Accessibility: For people who already bank online, electronic access is often a must-have. If that's the case for you, make sure the bank you choose allows for easy electronic deposits and transfers.
- Safety: Funds in money market and savings accounts at FDIC-member banks are insured by the FDIC to the maximum allowed by law.
- Fees: Some banks charge you a monthly maintenance fee or charge when you go below a minimum balance.
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