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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.
Rates as
of Oct. 12, 2021
| Offer | Our Score | APY | Fees |
|---|---|---|---|
Ally Money Market Account Member, FDIC |
Rating image, 4.5 out of 5 stars.
4.5 stars
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.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. |
APY: 0.50% |
Monthly Fee: $0 Min. Balance: $0 |
Full Ally Money Market Account review
Top perks
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.
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 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.
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. 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.
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.
About the Author
Kevin Payne is a personal finance writer specializing in credit cards, banking and student loans. He is a regular contributor to Forbes, Student Loan Planner, and FinanceBuzz. Kevin is the budget and family travel expert behind FamilyMoneyAdventure.com. He lives in Cleveland, Ohio with his wife and four kids.
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