The Basics of Money Markets
If you’re trying to decide where to put your personal savings, it’s almost certain you’ll end up considering a money market account. Search websites that compare different bank accounts, and you’ll find what can feel like a bewildering array of features and interest rates.
But before you start comparing, you probably have a more basic question:
Why would I choose a money market over other savings options, such as CDs or a traditional savings account? Money market accounts and savings accounts may offer comparable interest rates, but with a money market account you typically have more flexible access to your funds.
In general, the financial planners we’ve talked to say money market accounts may be a nice fit for savings you might need to unexpectedly draw on, such as an emergency fund. They can also be a smart way to earn interest on money you use for regular expenses, as long as your monthly withdrawals stay within federal limits. Money market accounts can be a good way to get the most out of money you don’t want to tie up in less flexible choices, such as CDs or long-term investments.
With an Ally Bank Money Market Account, you get a variable rate that’s consistently among the most competitive in the country according to rates published by Bankrate.com, with no monthly maintenance fees. You get free standard checks and a debit card for convenient access to your money. You can use any Allpoint no-fee ATM—plus receive up to $10 reimbursement for fees charged at other ATMs nationwide each statement cycle.
Visit Ally.com or call live, 24/7 customer support at 877-247-ALLY (2559) today.
Ally Bank, member FDIC