You’ve got lots of choices when it comes to personal banking. There are interest-paying checking accounts, money market accounts and savings accounts, each with its own set of features and benefits, from free balance alerts to ATM access.
Savings and checking accounts
Two of the most common bank accounts are checking and savings accounts. A checking account is a great way to manage your funds for everyday purchases. Usually a checking account offers unlimited transactions, but is likely to offer a lower interest rate than a savings account, if any interest at all. Savings accounts generally offer higher interest rates than checking accounts, but savings accounts don’t come with check access and there are federal limits on withdrawals. At Ally Bank, you can open both an Interest Checking Account and an Online Savings Account. Accounts like these can be linked together electronically, and you can schedule automatic transfers to help you maintain a disciplined approach to saving.
Money market accounts
The combination of limited access and better interest rates makes a money market account an interesting option when comparing savings and checking accounts. Money market accounts generally offer interest rates that are as good or better than traditional savings accounts, especially when you choose an online bank. You generally have check and debit card access, but there are federal limits on transactions. Overall, a good money market account may give you the best of both worlds, depending on your banking needs.
Only you can decide which type of account is best for you, but no matter what you choose, Ally Bank has a solution for you. Take a look at the benefits and features of our Online Savings Account, Interest Checking Account and Money Market Account today. Visit Allybank.com or call live, 24/7 customer support at 877-247-ALLY (2559).