Regardless of the condition of the economy, it's hard to overestimate the value of security when it comes to choosing where to put your hard-earned savings.Money market accounts like the one available at Ally Bank are insured by the Federal Deposit Insurance Corporation (FDIC) and are among the safest ways to save available. This can make money market products a wise choice when it comes to developing your savings strategy, but it's important not to confuse money market accounts with money market funds, which are not FDIC-insured.
Financial advisors generally agree on the importance of having an emergency fund. Everyone should try to build enough savings to provide a cushion against life's unexpected events, such as a large home repair bills, medical expenses or even a job layoff. Many experts suggest money market products as a great choice for these savings. Manisha Thakor, a certified financial analyst and former money manager who founded the Women's Financial Literacy Initiative, says "the key upside” of a money market account, “is the safety of your principal.”
Money market products like the Ally Money Market Account may also have other advantages, including easier access to your funds than other savings options. These strengths make them a good choice when it comes to putting money aside for special items like a new car or a long-deserved vacation. Thakor notes that some people are tempted to put their money in riskier money market products with the hope of getting a "quick win" when saving for these goals. But with that approach you also risk seeing part of your principal disappear if things don't pan out. When working toward a short-term goal, she says, "money market accounts are a sounder option."
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