The Ins and Outs of Money Market Accounts
Using a money market account is simple: you deposit your money with a bank while it earns interest. What's more, you'll typically earn a higher annual percentage yield (APY) than you would with a traditional savings account, yet have more flexible access to your funds. While certificates of deposit usually require you to leave your money deposited for an agreed-upon period of time or face an early withdrawal penalty, you can usually write checks and make withdrawals from money market accounts within federal limits.
The Best Money Market Rates
You can easily search online at sites like Bankrate.com to find current interest rates. But keep in mind that the best money market rates alone shouldn't be your deciding factor. You want to look for a bank with a solid reputation and great customer service, as well as one that doesn’t charge monthly maintenance fees. Many banks charge monthly maintenance fees or require a minimum balance.
Consider Your Options
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