Money-market accounts are offered by all kinds of banks and come with various interest rates and requirements. By and large, the most competitive interest rates often can be found at online banks according to Bankrate.com. By "online banks" we don't mean traditional banks that offer online services. Online banks primarily exclusively do business online, like Ally Bank. Because they don’t have the overhead of traditional brick-and-mortar banks, they can pass that savings on to their customers in the form of great rates.

But all online money market accounts are not the same. Not all pay the best rates and some come with restrictions or requirements that can make them less convenient. The experts we've talked to suggest shopping carefully. "This is the magic of the internet. You can go to a site like Bankrate.com and search among many money market accounts," notes Michael Finke, associate professor of personal financial planning at Texas Tech University in Lubbock, Texas.

Finke suggests not focusing exclusively on rates, but also considering the other features offered by an account, such as the ability to transfer money between accounts. "Personally, I use an online bank with an easy-to-use site, and I have my checking and my money market account in the same bank, and that allows me to easily transfer funds from one to another," he says. "The ability to easily transfer money is an important sort of convenience." You also should look into whether the bank has minimum deposit requirements or maintenance fees.

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 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. Learn more at Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.

Ally Bank, member FDIC

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