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Which Has the Highest Interest Yield?
Money Market Account vs. Savings Account
If you have extra funds each month after paying for bills and other necessities, you are probably looking for a way to earn some interest on that money. As you research your options, you probably are looking for an account with the highest annual percentage yield. But although interest is important, it’s not the only thing worth your consideration.
Money market account vs. savings account or interest checking
Between these three types of accounts, your choice about where to park your funds depends mostly on how often you plan to access the money.
- Checking accounts can pay interest on deposits, but not all checking accounts do. Checking accounts tend to work best when you will be drawing on funds relatively frequently.
- Savings accounts pay interest on deposits and you usually can make as many deposits as you want. You usually can’t write checks on a savings account, but you can withdraw and transfer funds within federal transaction limits.
- Money market accounts pay interest on deposits, too. You usually can write checks and access funds with a debit card, as well. You can withdraw and transfer funds in these accounts within federal transaction limits.
What about interest rates?
All three types of accounts usually offer variable interest rates, so it’s important to choose a bank that pays consistently competitive rates to help your savings grow faster. Online banks tend to pay higher rates because they don’t have the overhead costs of traditional brick-and-mortar banks. In fact, according to Bankrate.com, Ally Bank offers among the most consistently competitive rates in the country.
Ally Bank is committed to making saving as simple, secure and rewarding as it can be. You can open and fund an Ally Bank Money Market Account. Online Savings Account or Interest Checking Account with any amount and your funds are insured by the FDIC up to the maximum amount allowed by law. Learn more at Ally.com or call live, 24/7 customer care at 877-247-ALLY (2559).
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Learn About the Risks of Options Trading
Options involve risk and are not suitable for all investors. Options investors may lose the entire amount of their investment in a relatively short period of time.
Prior to buying or selling options, investors must read a copy of the Characteristics and Risks of Standardized Options brochure (PDF), also known as the options disclosure document. It explains the characteristics and risks of exchange traded options.
You can also request a printed version by calling us at 1-855-880-2559 .
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 Options brochure 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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