Saving when you need to spend or spending when you need to save—sometimes it is hard to know your top priority at the moment. An Ally Bank Money Market Accounts can take the confusion out of managing your money because it earns high interest rates—often better than standard savings accounts—but with the flexibility of a paper checks or a debit card in one simple account. It is simply one of the best money market accounts available.

How Ally Money Market Works

Ally Bank has made money market accounts almost foolproof. There is no minimum balance to open an account but the moment you open it, it begins earning interest better than most savings accounts. The current annual percentage yield (APY) is 1.00 percent. And since the interest is compounded daily no matter how much your account fluctuates during the month you will be earning the highest APY on your money whenever you are not using it. But whether you need some money to pay a bill or score some major concert tickets your money is literally at your finger tips with a free debit card or traditional paper checks (the first 50 checks are free).

What is APY anyway?

Annual Percentage Yield or APY is the typical rate of return of an money market account. Since money market accounts earn interest based on the performance of the stock market, the actual daily interest rate is variable according to market conditions. But regardless of market conditions your money is safe and earning interest. Since Ally Bank has nearly 100 years experience in the banking industry, their fund managers know how to keep your money earning the highest money market rates. And of course all Ally Bank deposits are backed by the FDIC to the maximum allowable extent.

How is an Ally Bank Money Market Account Different?

We are all familiar with that moment when you access your bank account through an ATM and it asks you if you agree to pay the transaction fee. Do you ever wish you could push no and still get your money? With an Ally Bank high yield money market account now you can push “yes” but really mean “no” because you know whatever that fee is will be automatically refunded to your account. When Ally Bank says “no fees” it actually means no fees—not even from another bank. Superb interest rates, 24/7 access to your money and no fees! Ally bank also offers some of the best bank accounts online. Ally Banks Certificates of deposit rates are some of the highest yielding among cds. Ally Bank Savings Rates are the same rate as their money market but with different features. To get an overview of Ally Bank, watch our video review of Ally Bank.

Ready, Set, Open Ally Money Market

Opening your own high yield money market account is as simple as entering data into an online form. In six easy steps you will have your own incredibly flexible, best-of-both-worlds money market account from Ally Bank. But should you need assistance the customer support team is just a phone call away. And on the Ally Bank website, www.ally.com it even tells you how many customers are in the queue before you call so you can eliminate excessive hold times. You finally have an ally in the banking industry and now it is time for you to open your own Ally Bank money market account. Ally Bank is one of the nations best online banks. For more information about other Ally Bank products and services read the Ally Bank review on Banktruth.org.