You've decided to open a money market account. Now you have to choose from among what seems to be a virtually endless range of choices. What should you be looking for?
Financial planners say you should weigh a range of factors when you compare money market accounts. "The first thing is going to be rate of return," James Holtzman, a certified financial planner with Legend Financial Advisor, Inc., in Pittsburgh, told Ally Bank in an interview. "It's not the only thing, but it's clearly going to be the big driver."
At the same time, Holtzman cautioned that you need to read any offer carefully. "The attractive rate may be offered for a three-month period," he said, "and then go back to a rate that isn't as good as you might get elsewhere." The experts also suggest skepticism if an offer simply appears too good to be true. Holtzman suggested staying with reputable financial institutions where you are federally insured.
Other factors you should consider when making a money market comparison include minimum deposit and balance requirements and maintenance fees. Some banks require a large opening deposit or charge fees for letting your balance fall below the required minimum.
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. We don’t offer “teaser rates” or charge monthly maintenance fees. 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