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Money market accounts combine features of savings and checking accounts you love. The Ally Money Market Account is no exception. It comes with a high-yield APY and access to checks and a debit card. It also has no monthly fees. The Ally Money Market Account keeps your money where it belongs -- earning money for you. In this in-depth Ally Money Market review, we'll cover its features and transaction options, to help you decide if it's right for you.
Ally Money Market AccountMember, FDIC
Rating image, 4.5 out of 5 stars.
4.5 starsWe want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Monthly Fee: $0
Min. Balance: $0
Competitive rate: The Ally Money Market Account has a competitive APY on all balances that's on par with other top money market accounts.
No monthly fee: You'll never have to worry about pesky monthly fees with Ally Bank. None of its deposit accounts carry monthly maintenance fees. There are also no minimum deposit requirements to hit.
Checking features: An Ally Money Market Account comes with a debit card and access to 43,000+ fee-free Allpoint ATMs nationwide.
Customer support: Ally customers have access to support 24/7. Options include phone, chat, and email support.
No cash deposits: Ally's money market account features a debit card, but they don't accept cash deposits. You'll have to use other methods to fund your account.
No branches: Ally is an online bank, so there's no option for in-person banking support at a local bank branch.
Out-of-network ATM fees: Ally allows up to $10 in out-of-network ATM fee reimbursements per statement. Some online banks offer unlimited fee reimbursements to customers.
Ally Bank gives you the following options for accessing your funds in your money market account.
You can deposit money into your Ally Money Market Account in several ways:
Ally Bank doesn't charge a fee for incoming wire transfers. Other financial institutions may charge you a fee to send a wire transfer.
You have a few options for withdrawing money from your Ally Money Market Account:
The Ally Money Market Account is limited to six total withdrawals and transfers each statement period. There's a $10 excessive transaction fee on each transaction over the limit, but Ally is reimbursing accountholders this fee so long as the removal of this restriction is place, as a result of the coronavirus pandemic. ATM withdrawals are unlimited.
The TIAA Bank Yield Pledge Money Market Account is another option to consider. This money market account has no minimum balance requirement and no monthly fees. TIAA Bank guarantees its rates are among the top 5% of all competitive money market accounts. You also get a special introductory APY during your first year. TIAA's money market account comes with a debit card.
Another money market account with access to checks and a debit card is the Discover Money Market Account. Discover Bank offers an impressive 60,000+ fee-free ATM network. There are no minimum balance requirements or monthly fees associated with this account. The Discover Money Market Account offers competitive APYs on all balance tiers.
The Ally Money Market Account is an excellent fit for those who want to earn high-yield interest and aren't worried about the account's transaction limits. It's also a great option for individuals who prefer digital banking to in-person services.
Unlike some bank accounts, you can open an Ally Money Market Account without a huge financial commitment. You'll earn more interest by keeping a larger balance, but you can build savings no matter how much money you have to deposit.
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