What's the difference between one money market account and the next? Essentially, money market accounts sometimes offer a higher rate of return than traditional savings accounts, are low-risk and offer flexible access. To make sure you're choosing the best money market rates and the best account for you, here are five things you should look for:
1. Great Rates
Since a money market account is an interest-bearing deposit account, it makes sense to look for the best money market rates you can find, among other factors. The Ally Bank Money Market Account offers a variable rate that's consistently among the most competitive available in the country.
2. Daily Compounding
As you compare money market rates, be sure you are comparing annual percentage yields (APYs) because APY takes into account how frequently the interest is compounded. Some banks compound interest monthly, quarterly or even annually. Ally Bank compounds interest daily to help your balance grow faster.
3. Flexible Access
Money market accounts usually allow you to write checks and make withdrawals. This can help you handle occasional expenses with your cash while still earning interest on your money.
As with most banks, your deposits in the Ally Bank Money Market Account are FDIC-insured to the maximum allowed by law. That kind of peace of mind is important, no matter what's going on in the economy.
5. No Hidden Fees
Some banks charge you a monthly fee if you don't maintain a minimum balance or for the day-to-day management of your account. Other banks may charge you a fee for an ATM card or for checks.
With an Ally Bank Money Market Account, you won’t pay monthly maintenance fees. 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