Savings Accounts, Checking or Money Market Accounts?
You've got lots of choices when it comes to personal banking. There are interest-paying checking accounts, money market accounts and savings accounts, each with its own set of features and benefits, from free balance alerts to ATM access.
Savings and checking accounts
Two of the most common bank accounts are checking and savings accounts. A checking account is a great way to manage your funds for everyday purchases. Usually a checking account offers unlimited transactions, but is likely to offer a lower interest rate than a savings account, if any interest at all. Savings accounts generally offer higher interest rates than checking accounts, but savings accounts don’t come with check access and there are federal limits on withdrawals. At Ally Bank, you can open both an Interest Checking Account and an Online Savings Account. Accounts like these can be linked together electronically, and you can schedule automatic transfers to help you maintain a disciplined approach to saving.
Money market accounts
The combination of limited access and better interest rates makes a money market account an interesting option when comparing savings and checking accounts. Money market accounts generally offer interest rates that are as good or better than traditional savings accounts, especially when you choose an online bank. You generally have check and debit card access, but there are federal limits on transactions. Overall, a good money market account may give you the best of both worlds, depending on your banking needs.
Only you can decide which type of account is best for you, but no matter what you choose, Ally Bank has a solution for you. Take a look at the benefits and features of our Online Savings Account, Interest Checking Account and Money Market Account today. Visit Allybank.com or call live, 24/7 customer support at 877-247-ALLY (2559).
A FEW THINGS YOU SHOULD KNOW
Ally Financial Inc. (NYSE: ALLY) is a leading digital financial services company and a top 25 U.S. financial holding company offering financial products for consumers, businesses, automotive dealers and corporate clients. Ally Bank, the company's direct banking subsidiary, offers an array of banking products and services.
Deposit products ("Bank Accounts" on Ally.com) are offered by Ally Bank, Member FDIC. In addition, mortgage products are offered by Ally Bank, Equal Housing Lender , NMLS ID 181005. Credit and collateral are subject to approval and additional terms and conditions apply. Programs, rates and terms and conditions are subject to change at any time without notice.
The Ally CashBack Credit Card is issued by TD Bank, N.A.
Securities products and services are offered through Ally Invest Securities LLC, member FINRA and SIPC.
View all Securities disclosures
Options involve risk and are not suitable for all investors. Review the Characteristics and Risks of Standardized Optionsbrochure before you begin trading options. Options investors may lose the entire amount of their investment in a relatively short period of time.
Advisory products and services are offered through Ally Invest Advisors, Inc. an SEC registered investment advisor. Brokerage accounts are serviced by Ally Invest Securities LLC and advisory client account assets are kept in custody with Apex Clearing Corporation, members FINRA and SIPC. View all Advisory disclosures
Foreign exchange (Forex) products and services are offered to self-directed investors through Ally Invest Forex LLC. Ally Invest Forex LLC, NFA Member (ID #0408077), acts as an introducing broker to GAIN Capital Group, LLC ("GAIN Capital"), a registered FCM/RFED and NFA Member (ID #0339826). Your forex account is held and maintained at GAIN.
Ally Invest Forex LLC and Ally Financial Inc. are separate, but affiliated companies. View all Forex disclosures
Futures trading services are provided by Ally Invest Futures LLC member NFA. Trading privileges are subject to review and approval. Not all clients will qualify. View all Futures disclosures
Forex, futures, options and other leveraged products involve significant risk of loss and may not be suitable for all investors. Products that are traded on margin carry a risk that you may lose more than your initial deposit. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act.
Forex and futures accounts are NOT PROTECTED by the Securities Investor Protection Corporation (SIPC).
Products offered by Ally Invest, but not limited to, Ally Invest Advisors, Ally Invest Securities, Ally Invest Forex, and Ally Invest Futures are NOT FDIC INSURED, NOT BANK GUARANTEED, and MAY LOSE VALUE.
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