Once you've decided to open a money market deposit account, experts suggest keeping these five factors in mind:
"Look for savings or money market deposit accounts with the highest interest rate you can find," Michael Hardy, a Certified Financial Planner® and a partner at Mollot & Hardy in New York, says. He added, "but don't stop there. You need to make sure there's nothing in the fine print like monthly maintenance fees that will chip away at your return." Don't assume the bank that had the highest rate last month will have the same rate today, and understand that some of the rates you see are “introductory rates" that will go down after you've had your account for a while. With Ally Bank you get a variable interest rate that’s among the most competitive in the country. Compare rates at sites like Bankrate.com, or compare Ally Bank interest rates alongside some of our competitors’ right on our site.
Money market deposit accounts have federal transaction limits no matter which bank you choose, but beyond that, each bank you're considering may have other restrictions on its money market deposit accounts. Make sure that any such restrictions are spelled out so you know what you're getting.
Just as each bank has different restrictions, not every money market deposit account gives you the same level of access to your funds. If you like the convenience of Internet banking, search for an account that makes it easy to do that. Some banks allow you to transfer money into your account online, but may not offer that capability when it comes time to use the money. Having ATM access may also be an important feature to you—especially if you see the money market deposit account as a good place for your emergency fund.
It may be convenient for you to open your money market account at a bank where you can use other products, like savings accounts and certificates of deposit (CDs), for your various savings goals. That way, you can keep track of all your accounts on one website.
The Ally Bank Money Market Account
With an Ally Bank Money Market Account, you can open and fund your account with any amount. You pay no monthly maintenance fees and 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.
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