Ally Bank is advertising two high-yield savings accounts. Ally’s Online Savings and Money Market both offer no monthly fees, no minimum balance requirements, and outstanding high annual percentage yields (APY). Choosing between the two accounts will mainly depend on your need to access funds; we’ll take a look at features and benefits of both Ally accounts.

Online Savings currently boasts an APY of 1.49% with interest compounded daily. A variable rate account, Online Savings can be opened with no balance, but your actual rate goes into effect once you make your first deposit. According to Ally’s website, you are permitted six withdrawals a month without penalty, per federal regulations that govern savings accounts.

Ally’s Money Market also has a 1.49% APY. The key difference from Online Savings is access to funds; the Money Market account grants you a Visa check card as well as 50 free checks (you are still limited to six withdrawals per month, because of the Fed). Another crucial feature of the Money Market account is that Ally has no ATM fees, an excellent bonus that makes tapping your account that much easier.

I would suggest Online Savings for customers who want to leave their money sit, earning the most total interest possible. Ally’s Money Market could work well for depositors who may have expenses coming up at any given time, or who normally require withdrawals on a regular basis. Both Ally Bank savings choices combine strong features with earning power–a must in today’s savings rate climate.