Although they still vary widely, bank account interest rates—money market account rates, more specifically—tend to be more competitive when you choose an online bank. And while all kinds of savings accounts may good for your fiscal health, money market accounts offer you three significant advantages to help you start saving money today:
- FDIC insurance. At member banks, your funds are insured by the Federal Deposit Insurance Corporation (FDIC) to the maximum allowed by law. That means you have no risk of losing money in a market downturn.
- No withdrawal penalty. With certificates of deposit (CDs), you usually pay a penalty if you withdraw your money before the CD matures. A money market account allows you more flexible access (within federal transaction limits). If that emergency comes, you can draw on your rainy day fund right away.
- Interest. You earn money on the funds in your account according to the rate of interest offered by the bank. Compounding calculators like this one from bankrate.com, show how quickly that interest can make a difference.
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