With consistency and discipline, your money market deposits can really add up over time to help you build a strong financial foundation. But before you can see how your money market deposits can make a difference, it helps to understand the benefits and features of money market accounts.
A money market account is a type of savings account, and as with other bank accounts, banks may use part of the money that's deposited in money market accounts to generate income from a variety of strategies. When banks make money, they typically pass along a portion of it to depositors in the form of interest. The interest, compounding over time, helps your money grow. A money market account typically gives you more flexible access to your money than a regular savings account.
Making consistent money market deposits is a smart way to build up your savings over time. Many financial institutions will allow you to automate your deposits, making it easier to save money and build a balance. All you have to do is set up a recurring transfer with your bank, and you're set. Don't worry too much if you're not able to put away the big bucks; even if you put away a small amount each month, it's better than not saving at all. While your balance may look small in the beginning, those deposits will add up.
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.
With this and other smart savings products from Ally Bank, you can be well on your way to reaching your savings goals. Learn more at Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559).
Ally Bank, member FDIC