Short-Term Money Market Perspective
When you put together a financial plan, you usually will have both long- and short-term goals you try to meet. Money market accounts may be able to help you accomplish both.
Financial planners often suggest money market accounts for things like vacation or holiday accounts, or for one-time goals like saving for the down payment on a home. In the short-term, money market accounts usually pay an equal or slightly better interest rate than traditional savings accounts, while making it easier to withdraw money when you need it. The short-term money market account benefits may include the convenience of being able to link your money market account to your checking account, providing automatic overdraft transfer service that means your interest-earning savings are really doing double duty.
But the financial planners we’ve talked to also say an essential part of any long-term financial plan is building up a cash reserve equal to roughly three to six months of your income earnings. It might help to think of it as money you hope you never need to use, but if you do, you want to be able to get to it quickly and easily. You want this money to be secure, and you probably want it to earn a decent return that helps shield you from the cost of inflation. Your funds in an Ally Bank Money Market Account are insured by the Federal Deposit Insurance Corporation (FDIC), up to the maximum amount allowed by law, and you always earn a competitive rate.
A whole financial perspective
Whether you’re focusing on short- or long-term financial goals, be sure to take a look at what Ally Bank has to offer. 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