You already know saving money is important—putting together an emergency fund, saving for a down payment on a home, socking away money for home improvements and so on. So, how do you get started and stay motivated? It's not always intuitive to compare all your options, and even when you give it your best, money market accounts, savings accounts and other savings vehicles from different banks all provide different features and benefits. It can be easy to get caught in "analysis paralysis."
But when you want to have some cash on hand for short-term savings goals—such as money for paying taxes, home insurance premiums, car maintenance, and so on—but you still want to earn a great rate, money market accounts just might be the answer. Money market accounts are similar to savings accounts. You deposit money with a bank, and in turn, you earn interest on your balance. There are federal limits on the number of withdrawals you can make, just like there are on savings accounts.
Savings and money market account interest rates can vary from bank to bank. Money market accounts also tend to offer more flexibility of access to your funds than a savings account. For example, you usually will have a debit card and limited check-writing privileges with a money market account, while a savings account usually will only allow electronic transfers and in-person withdrawals.
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