Review
Updated
Fact Checked
Nathan Alderman
Ally Bank is home to several bank accounts that earn competitive APYs, including the Ally Money Market Account. This hybrid bank account features the best of savings and checking accounts including a debit card and check-writing privileges. Our in-depth Ally Money Market Account review walks through the account's features to help you determine if it's right for you.
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Ratings Methodology
Rates as
of Apr 25, 2024
2024 Award Winner
Ally Money Market Account
Member FDIC.
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We 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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Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We 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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= Best
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= Excellent
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Monthly Fee
$0
Min. Balance
$0
APY
4.40%
Min. To Earn APY
$1
- FDIC insured
- No monthly fee
- ATM access
- Checking privileges
- No cash deposits
- No branches
Ally's banking approach carries over to its money market account with a high APY and a focus on cutting routine account fees to $0, including monthly maintenance. What's more, there are no minimum balance requirements.
High-yield savings account comparison
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
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| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We 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.
= Best
= Excellent
= Good
= Fair = Poor |
up to 4.60%
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
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New customers can earn up to a $300 bonus with qualifying direct deposits!
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Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We 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.
= Best
= Excellent
= Good
= Fair = Poor |
5.05% APY for balances of $5,000 or more
Rate info
5.05% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
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N/A
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Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We 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.
= Best
= Excellent
= Good
= Fair = Poor |
4.35%
Min. to earn: $0
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New customers can earn a $200 bonus with a minimum $25,000 qualifying deposit. Terms apply.
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Full Ally Money Market Account review
Top perks
Competitively high 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-plus fee-free Allpoint ATMs nationwide. Customers can also deposit checks directly from their smartphone or other device, and can write checks on their account.
Customer support: Ally customers have access to support 24/7. Options include phone, chat, and email support.
What could be improved
No cash deposits: Ally's money market account features a debit card, but it doesn'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.
How to access your money
Ally Bank gives you the following options for accessing your funds in your money market account.
Deposit options
You can deposit money into your Ally Money Market Account in several ways:
- Mobile check deposit
- Electronic bank transfer
- Direct deposit
- Wire transfer
- Mail a check
Ally Bank doesn't charge a fee for incoming wire transfers. Other financial institutions may charge you a fee to send a wire transfer.
Withdrawal options
You have a few options for withdrawing money from your Ally Money Market Account:
- ATM withdrawal
- Electronic bank transfer
- Telephone transfer
- Wire transfer
- Check
The Ally Money Market Account is limited to six total withdrawals and transfers each statement period, which is standard among savings and money market accounts and is due to regulatory reasons, not Ally's own policies. There's a $10 excessive transaction fee on each transaction over the limit, but Ally is currently reimbursing account holders this fee as a result of the COVID-19 pandemic. ATM withdrawals are unlimited.
Ally Money Market Account is right for you if:
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 and who don't regularly need to deposit cash.
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.
Keep reading about Ally Bank:
FAQs
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Ally's money market account can be a great fit for many people. It offers an APY that rivals some of the best high-yield savings accounts, has free access to over 43,000 ATMs, and doesn't have any fees or minimum balance requirements.
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The Ally Money Market Account is an overall excellent product, but has a few downsides to be aware of. Ally Bank doesn't have branches, so it might not be a great fit for people who regularly need in-person help or need to deposit cash often. It also has withdrawal limits, and customers who may need to make more than six withdrawals per month might be better off with a standard checking account.
Our Banking Experts
Kevin Payne is a freelance writer and family travel and budget enthusiast behind FamilyMoneyAdventure.com. His work has been featured in Forbes Advisor, Credible, CreditCards.com, Bankrate, SlickDeals, Finance Buzz, Student Loan Planner, and more. Kevin lives in Cleveland, Ohio with his wife and four teenagers.
Matt is a Certified Financial Planner™ and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for The Ascent and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column ("Ask a Fool") that is syndicated in USA Today, and his work has been regularly featured on CNBC, Fox Business, MSN Money, and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
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