Please ensure Javascript is enabled for purposes of website accessibility

This device is too small

If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.

Skip to main content

Ally Money Market Account Review: A Leader Among the Pack

Review Updated
Kevin Payne
Matt Frankel, CFP®
By: Kevin Payne and Matt Frankel, CFP®

Our Banking Experts

Nathan Alderman
Check IconFact Checked Nathan Alderman
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. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

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.

Ratings Methodology
Rates as of Jun 12, 2024
Award Icon 2024 Award Winner

Ally Money Market Account

Member FDIC.
Rating image, 5.00 out of 5 stars.
5.00/5 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
Rating image, 5.00 out of 5 stars.
5.00/5 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
Monthly Fee
$0
Min. Balance
$0
APY
4.20%
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.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 4.60%
Rate info Circle with letter I in it. 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
New customers can earn up to a $300 bonus with qualifying direct deposits!
5.36%
Rate info Circle with letter I in it. 5.36% annual percentage yield (APY) is accurate as of 5/10/2024 and subject to change at the Bank’s discretion. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
Min. to earn: $500 to open, $0.01 for max APY
N/A
4.75%
Rate info Circle with letter I in it. Our Disclosure: Annual Percentage Yields (APY) is subject to change at any time without notice. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchronybank.com for current rates, terms and account requirements. Member FDIC
Min. to earn: $0
N/A

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:

Our money market account methodology

At The Motley Fool Ascent, we evaluate money market accounts based on four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum balance requirements, and perks.

Our scores are weighted as:

  • APY: 40%
  • Brand and Reputation: 20%
  • Fees and Minimums: 10%
  • Perks: 30%

Learn more about how The Motley Fool Ascent rates bank accounts.

FAQs

  • 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.

  • 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