Money market accounts are a popular option for people looking to save money. These accounts often are available from online banks like Ally Bank, which offers customers the convenience of online banking and the advantage of competitive interest rates. Five benefits of money market accounts include:
1. FDIC Insurance. The Federal Deposit Insurance Corporation (FDIC) insures deposits and the interest accrued up to the maximum amount allowed by law. FDIC insurance protects the money in your money market account the same way it does in regular savings accounts.
2. Availability of Funds. Another benefit of money market accounts is access to funds. You can make up to six withdrawals per statement cycle in the form of transfer, check or debit card transactions. ATM withdrawals are not included in the limit. This means your money isn't tied up the way it is in other types of accounts, such as CDs. (For specific information about the Ally Bank Money Market Account click here.)
3. Interest Rates. The interest rate you get for a money market account may be determined by several factors, including the bank you use and the amount of money you deposit. Ally Bank interest rates (as published by Bankrate.com) are generally among the most competitive in the country and the interest rates are not determined by the deposit amount.
4. Check Writing and Debit Card Access. Unlike regular savings accounts, some money market accounts—including the Ally Money Market Account—provide you with the ability to write checks and access funds using a debit card. This provides added flexibility should you ever need money from that account.
5. Account Benefits. At Ally Bank, your money market account can be opened and funded with any amount. And there are no monthly maintenance fees or minimum balance requirements. Plus, Ally doesn't charge fees to use ATMs nationwide. And, if you are charged ATM fees by other banks in the U.S., we'll automatically reimburse you at the end of your monthly statement period. You'll also enjoy 24/7 live customer support, via web chat at Allybank.com and by phone at 877-247-ALLY (2559). Take a look at all the great features that come with an Ally Bank Money Market Account and see how easy online banking can be.