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Ally Money Market Account Review: A Leader Among the Pack

Refreshed Review Updated Feb. 3, 2023
Kevin Payne
By: Kevin Payne

Our Banking Expert

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

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 review walks through the account's features to help you determine if it's right for you.

Rates as of Feb. 3, 2023
Award Icon 2023 Award Winner

Ally Money Market Account

Member FDIC.
Rating image, 5.00 out of 5 stars.
Circle with letter I in it. 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
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5.00/5
Monthly Fee
$0
Min. Balance
$0
APY
3.40%
Min. To Earn APY
$1
  • FDIC insured
  • No monthly fee
  • N/A

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.

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. 

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 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. 

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. There's a $10 excessive transaction fee on each transaction over the limit, but Ally is currently reimbursing accountholders this fee as a result of the coronavirus pandemic. ATM withdrawals are unlimited.

Alternatives to consider

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. 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-plus 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.

Rates as of Feb. 3, 2023
Offer
 
 
Account
Rating
Rating image, 4.00 out of 5 stars.
Circle with letter I in it. 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
4.00/5
Rating image, 4.50 out of 5 stars.
Circle with letter I in it. 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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= Excellent
= Good
= Fair
= Poor
4.50/5
APY 3.45% 3.20% (balances under $100k), 3.25% (balances $100k+)
Min. to earn APY $0 $0
Next Steps

This 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.

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.

Our Banking Expert