For some, the advantages that come with bank money market rates are hard to beat:
- The annual percentage yield (APY) on most money market accounts usually is comparable to what you'll find with traditional savings accounts.
- Money market accounts generally have more flexible access than savings accounts. Your money is covered by FDIC insurance (when you choose an FDIC-member bank) up to the maximum allowed by law.
But even with those advantages, there are other things you should consider. Money market rates from some banks might grab your attention initially, until you look at the fine print and find that the rate is an introductory offer that changes soon after you open the account. While it's a common tactic at some banks, it doesn't always make for the most customer-friendly experience. After all, who wants to constantly monitor bank money market rates and go through the hassle of chasing the highest bidder all over the market?
Ally Bank has a different approach to banking. 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