Once you've decided to open a money market savings account to help you achieve your financial goals, money market account interest rates often become your immediate focus. And, because interest rates vary from bank to bank, it pays to shop around.
You may want to start with a website like Bankrate.com, a personal-finance online publication that tracks money market account rates offered by banks around the country. You can check local and national rates, but nowadays, being near your bank isn’t necessary because it’s easy to bank online or via mail. Often, online banks offer higher interest rates than traditional brick-and-mortar banks because they don’t have the overhead of maintaining physical branches.
Be sure to compare annual percentage yields (APYs) because the APY is calculated based on compounding interest. That way you know you’re comparing apples to apples when you compare rates bank to bank. Also be aware of whether the rate you’re considering is an introductory rate. If so, how long does it last? That highest rate may not be so attractive if you get a lower rate over the long term.
With an Ally Bank Money Market Account, you earn 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 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