It's important to know the difference between a money market account (MMA), which is a deposit account offered by banks, and a money market fund (MMF), which is an investment product offered by non-bank financial entities like brokers, mutual fund companies, and so on.
A money market account like the one offered by Ally Bank is insured by the Federal Deposit Insurance Company (FDIC) up to the maximum amount allowed by law. A money market mutual fund, by contrast, is not FDIC insured, and because it is tied to an investment, it is subject to risk.
That's not to say that you shouldn't consider investment products like a money market fund. You should, however, know what you're getting and to whom you're entrusting your money. Always consult with a financial advisor familiar with your situation before you invest.
When it comes to reliability and competitive interest rates on a money market account, Ally Bank is hard to beat. With an Ally Bank Money Market Account, you have the peace of mind that comes with knowing your deposits are FDIC-insured up to the maximum amount allowed by law. An Ally Bank Money Market Account requires no minimum balance to open and no monthly maintenance fees. You get free standard checks and a debit card. You can use any Allpoint no-fee ATM—plus receive up to $10 reimbursement for fees charged at other ATMs nationwide each statement cycle. We compound interest daily to help your money grow faster and we pride ourselves on providing great customer service in addition to great bank products.
Compare the security, flexibility, convenience and competitive interest rate of the Ally Money Market Account with any money market fund, and you may just find that the Ally Bank MMA is a better choice for you. Learn more at Ally.com or call live, 24/7 customer support at 877-247-ALLY (2559) today.