If you’re looking for an account that’s more accessible than a certificate of deposit (CD) and has higher interest rates than a checking account, a Money Market Account might be the sweet spot: quick access to your cash with a higher pay back than traditional accounts.
Opening a money market account is easy and can be completed in just a few simple steps.
Read more: How Ally Bank’s buckets and boosters can help push your savings further
How to open a Money Market Account
1. Choose the right bank
Consider things like customer service ratings, how long the bank has been in business and account accessibility. You’ll also want to make sure the Money Market accounts you consider are at banks that are Federal Deposit Insurance Corporation (FDIC) members. This way, your deposits are insured by the FDIC up to the maximum amount allowed by law.
2. Gather necessary information
Once you have a bank that’s a good fit, gather the following basic personal information:
Full name
Social Security number
Date of birth (you must be 18 years of age)
Residential street address
Transfer information for your initial deposit
Additional documentation may vary by bank or credit union, especially if they have specific membership requirements.
If you’ve chosen an online bank like Ally, you can open your Money Market Account anytime, wherever you have secure internet access.
3. Open account and make your first deposit
The next step is simple: Visit the bank or the bank’s website and open your new account. If you’ve chosen an online bank like Ally, you can open your Money Market Account anytime, wherever you have secure internet access. You should also expect a user-friendly process along with available real-time assistance via chat or phone.
Most banks allow you to make your first deposit in a variety of ways. For example, you can usually transfer funds from other accounts, wire money, use remote deposit capture or mail a check.
Accessing your Money Market Account
Once your account is funded, there are a variety of ways you can access your money.
Using ATMs and debit cards
One perk of opening a Money Market Account is being able to use a debit card. With an Ally Bank Money Market Account, you can use any Allpoint® and MoneyPass® ATM in the U.S. for free. Plus, we reimburse up to $10 per statement cycle for fees charged at other ATMs nationwide.
Check-writing capabilities
Unlike a traditional savings account, you can use a Money Market Account to write checks. With an Ally Bank Money Market Account, you can also deposit checks remotely from your computer or smartphone.
Make your money work harder
With the flexibility of a checking account and the potential to earn a slightly higher interest rate than a regular savings account, a Money Market account can help your money work harder, while still giving you access to your funds when you need them. Consider your goals to determine if a Money Market account is right for you.
