I finally decided on an Ally money market account after another writer friend recommended it. The company itself has been around for quite awhile - 1919 - although they just recently changed their name. They also have decent reviews and rates, and no minimum deposit or balance.
Here's a quick rundown on the key features of an Ally money market account:
- No minimum opening deposit
- No monthly fees
- Free debit card and checks (which I won't use, but they might come in handy)
- No ATM fees
- Daily compounded interest
- 0.84% interest/APY as of March 2012
- $10 fee for more than 6 electronic withdrawals (Federal law)
- Unlimited ATM withdrawals
Anyway, opening an Ally money market account wasn't exactly a breeze for me at first, since they don't support my main browser, Opera. This isn't really all that unusual, however, and I just switched over to Internet Explorer, my backup browser. Once I did this, the sign up was a breeze.
I entered all the normal personal information, and funded my account with my brick-and-mortar bank account. I just sent $25 at first, but at the beginning of next month, I'll begin adding more.
A short time later, the test deposits were sent to my account. I was able to login to my Ally money market account and verify my bank account. At this time, I also added beneficiaries to my account as well. Which is nice, 'cause if I get hit by a bus tomorrow, each of my kids will receive $12.50. Lucky them...
So, there's the rundown on opening an Ally money market account. And here's my updated goal tracker thermometer thing:
| I know - it doesn't look like the red stuff moved at all, but it did! I swear... |
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