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The Ally Money Market Account is a strong money market account with good rates, low fees, and an easy-to-use online interface. Ally provides you with both checks and a card when you set up a money market account, whereas the Ally high-yield savings account comes with neither. This could make a money market account a more convenient place for your savings. Find out if Ally’s money market account is right for you. Ally Money Market Account Overview The Ally Money Market Account is a money market account offered by the online-only bank Ally Bank . Like many of Ally’s products, there aren’t many fees associated with this account; it doesn’t have a minimum opening deposit or any monthly service fees. It also comes with a good interest rate, although it isn’t high enough to compete with the best money market accounts.
Ally Money Market Account
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Ally Bank, Member FDIC
Insider’s Rating
A five pointed star
A five pointed star
A five pointed star
A five pointed star
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4.5 /5
Fees
no monthly service fee
Annual Percentage Yield (APY)
3.80%
Minimum Opening Deposit
$0
Pros
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No opening deposit or minimum account balance
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A check mark. It indicates a confirmation of your intended interaction.
No monthly service fee
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A check mark. It indicates a confirmation of your intended interaction.
Access to a debit card
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Access to paper checks
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A check mark. It indicates a confirmation of your intended interaction.
Out-of-network ATM reimbursements of up to $10 per month
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24/7 customer service
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A check mark. It indicates a confirmation of your intended interaction.
Easy-to-use mobile app
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Link to other Ally bank accounts
Cons
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Not the highest money market account APY
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No physical branch locations
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Limits transactions to 10 per statement cycle across both Ally Savings and Ally Money Market Accounts
Product Details
Access to checks and a debit card
Interest compounded daily, paid monthly
FDIC insured
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Ally Money Market Rates You’ll always get a good interest rate for your Ally Money Market Account . It pays a flat 3.80% APY for all account balances. If you don’t want to worry about keeping a certain amount of money in your account, this might be a plus for you. Interest is compounded daily and paid monthly, which is ideal for a deposit account; you can see how big of a difference it would make for your savings with a compound interest calculator . While Ally offers a higher rate than you’ll find at many national, brick-and-mortar banks, the most competitive money market accounts from online banks have stronger interest rates. You may like the Ally Money Market Account if you already bank with Ally and have had a positive experience, but if the interest rate is a big priority for you, then you can find higher rates elsewhere. window.allScripts = window.allScripts || []; window.allScripts.push({ type: “load”, script: “%3Cscript%20type%3D%22application%2Fjavascript%22%20src%3D%22https%3A%2F%2Fwww.moneylion.com%2Fnetwork%2Fbusiness-insider%2Fcalculators%2Fweb-component%2Fsavings-calculator%2Findex.js%22%3E%3C%2Fscript%3E” }); Ally Money Market Pros and Cons Ally Money Market Pros No minimum opening deposit No monthly service fees Offers a debit card and paper checks Reimbursed up to $10 monthly for out-of-network ATM fees 24/7 customer service No excess transaction fees Ally Money Market Cons Online-only bank Not the highest money market interest rate Limits on how often you can withdraw money Features of Ally Money Market Account Ally Money Market Account Interest Rates Unlike many money market accounts, the Ally Money Market Account doesn’t give different interest rates depending on tiers. Usually, the tier you’re in depends on how much money you have in the account, and many money market accounts limit their best rates to people in higher tiers. Ally doesn’t do that; instead, it offers the same annual percentage rate no matter which tier you’re in, making it easy to work towards savings goals no matter how much money you have. That being said, you can earn higher interest rates in other money market accounts, especially if you’re willing to put enough money in them to qualify for a higher tier. No Ally Money Market Monthly Maintenance Fees An Ally Money Market Account has no monthly fees or minimum opening deposits, so it’s easy to avoid bank fees . It’s low on other fees, too; it doesn’t charge overdraft fees or ATM fees, it lets you make ACH transfers for free, and it doesn’t charge for withdrawing from your account too many times in a cycle. Access to Ally Money Market Account Funds When you set up an Ally money market account, you’ll receive a debit card and paper checks, making it simple to access your savings when necessary. You can use your debit card for free at over 43,000 Allpoint ® ATMs, and if an out-of-network ATM charges you a fee, Ally will reimburse you up to $10 per month. This makes it a great bank for avoiding ATM fees . Ally Money Market FDIC Insurance and Security Like most banks, Ally Bank is FDIC -insured. This means that the money in your Ally Money Market Account is insured up to $250,000 per person, per account ownership category. Ally also uses two-step authentication and encryption to protect your account against fraud. How to Open an Ally Money Market Account Step-by-Step Guide to Opening an Ally Money Market Account You can open an Ally Money Market Account either over the phone or online. Unfortunately, since Ally Bank is online-only, you won’t be able to go into a physical branch to open an account. Luckily, opening an account is pretty easy, and is similar to opening a savings account; You’ll either fill out a form online or over the phone, and you’re usually accepted within minutes. Documents Needed to Open an Ally Money Market Account What you need to open an Ally Money Market Account is similar to what you need to open a bank account in general. You’ll need to be a U.S. citizen or permanent resident with a U.S. address, you’ll need your Social Security number or taxpayer identification number, and you’ll need to provide your name and birthdate. Managing Your Ally Money Market Account Online and Mobile Banking Features for Your Ally Money Market Account Ally doesn’t have any physical branch locations, so you’ll do all your banking online, through its mobile banking app , and over the phone. Ally’s mobile banking app is rated well on the Apple App Store, with a score over 4.5. However, on the Google Play store, it has less than a 2.5 star rating, so be aware of that if you have an Android and plan on doing a lot of mobile banking. Tips for Maximizing Savings with Your Ally Money Market Account The Ally Money Market Account is easier to use than most money market accounts in that you don’t need to keep a certain amount of money in the account to avoid monthly service fees or to get the best interest rate. You can still maximize your savings, however, by having a plan for how to budget your account and by working towards savings goals. You can also set up automatic transfers into your account to make sure you’re always building up your savings. How the Ally Money Market Account Compares
Featured Nationally Available High-Yield Savings Account Open a new bank account or cash management account and earn best-in-class rates. Account Name APYs (Annual Percentage Yields) are accurate as of 01/22/2025 Minimum Account Opening Balance LendingClub LevelUp Savings Account up to 4.50%* $0 BrioDirect High-Yield Savings Account 4.55% $5,000 Barclays Tiered Savings 4.25% to 4.50%** $0 Western Alliance Bank High-Yield Savings Account, powered by Raisin 4.35% $1
Ally Money Market Account vs. Synchrony Money Market Account Ally and Synchrony Synchrony Money Market Account are both online banks, and neither requires an initial deposit to open a money market account. Both banks send you a debit card and paper checks when you set up your account. Both companies reimburse ATM fees charged by out-of-network ATM providers; Ally refunds up to $10 per month, and Synchrony refunds up to $5 per month. If you think you’ll use out-of-network ATMs frequently, you may prefer Ally. Synchrony Bank Review Ally Money Market Account vs. CIT Bank Money Market Account Like Ally, CIT Bank (Member FDIC) is an online banking institution. Neither bank requires an opening deposit for a money market account, and neither charges a monthly fee. CIT Bank Money Market Account pays a lower interest rate than Ally. If earning interest is important to you, Ally is one of your best options for a money market account. The CIT Bank Money Market Account doesn’t provide you with paper checks or a debit card. However, it still makes accessing your money somewhat easy by connecting your money market account with PayPal and Zelle. If you make a lot of payments digitally, you may like CIT Bank, but if you prefer checks or a debit card, you might like Ally. If you plan to keep your emergency fund in your money market account, it might be more practical to have access to checks and a debit card than Zelle or PayPal.  CIT Bank Review Why You Should Trust Us: How We Review the Ally Money Market Account At Business Insider, we use our bank account rating methodology to review all banking products, including money market accounts. For money market accounts, we rate an account’s minimum opening deposit, monthly service fees, interest rate, ATM fees, miscellaneous features, and monetary access from zero to five, along with the bank’s ethics, customer support, security, and mobile app ratings. We use a weighted average to get our star rating, which can be anywhere from one to five stars. Ally Money Market Account FAQs
What are the benefits of the Ally Money Market Account?
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The Ally Money Market Account comes with both checks and a debit card, making it easy to take money out of your account. It also has a decent interest rate and doesn’t charge many fees.
How do I open an Ally Money Market Account?
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You can open an Ally Money Market Account over the phone or on Ally’s website. You’ll need to be a U.S. citizen or permanent resident, and you’ll need to provide a physical U.S. address, along with your Social Security number or taxpayer identification number.
What is the current interest rate for the Ally Money Market Account?
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The Ally Money Market Account currently offers a flat interest rate of 3.80% APY.
Are there any fees associated with the Ally Money Market Account?
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The Ally Money Market Account doesn’t come with many of the standard fees, such as monthly service fees or minimum opening deposits. It also reimburses $10 worth of out-of-network ATM fees per month. There is a $20 outgoing domestic wire transfer fee , though.
How can I maximize my earnings with the Ally Money Market Account?
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To maximize your earnings with the Ally Money Market Account , you’ll want to have a strong grasp on how to budget and what savings goals you’re working toward. Consider setting up automatic transfers into the account and make sure to add money to the account regularly.
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Kit Pulliam
Banking reporter
Kit Pulliam (they/them) is a banking expert who specializes in certificates of deposit, savings accounts, and checking accounts. They’ve been reporting, editing, and fact-checking personal finance stories for more than four years. Experience In college, Kit worked as an undergraduate research assistant in a psychology lab. While there, they found that they were passionate about writing and helping others write about topics that matter. Before Business Insider, Kit was an editorial specialist for Tax Analysts, diving into the tax code to help readers get the best information about a confusing but necessary subject. They find banking similar to taxes in that way: There are some things everyone needs to know because just about everyone needs to work with a bank — and you don’t want to end up with an account that doesn’t serve your needs. As interest rates change, they enjoy the fast pace of reviewing rates for products like CDs and high-yield savings, which can change daily and have a direct impact on readers’ money. Their work has been featured in Business Insider and MSN. They were part of the My Financial Life  series with Business Insider. Expertise Their expertise includes: Certificates of deposit Savings accounts Checking accounts CD rates Bank reviews Education Kit is an alumnus of Vanderbilt University, where they studied English and psychology and received the Jum C. Nunnally Honors Research Award for their senior thesis. Outside personal finance, Kit enjoys reading, film, video games, and cross stitching. They are based in the DC area.
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Evelyn He
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Evelyn He is a compliance and operations associate for Business Insider’s Personal Finance team. Evelyn ensures content accuracy and editorial independence so readers get the most up-to-date and objective financial advice, enabling them to make informed financial decisions. Experience As part of the compliance team, Evelyn helps fact check Personal Finance stories and works to make sure that the language is clear, precise, and compliant with government regulations and partner guidelines. Previously, Evelyn worked as a compliance specialist for Apellis Pharmaceuticals and a legal assistant at the law firm Morrison Mahoney. Expertise Evelyn is an expert in the following areas: Compliance Quality assurance Affiliate marketing Search engine optimization (SEO) Content strategy Education Evelyn earned a bachelor’s degree in business administration from UMass Amherst and a master’s in marketing from Boston University. Evelyn has two dogs, Money and Tibber.
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Top Offers From Our Partners
Barclays Tiered Savings
Earn up to 4.50% APY and earn a $200 bonus when you open a new Tiered Savings account with qualifying activities (offer expires 3/8/25).
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To qualify for this bonus offer, you must be a new Barclays Tiered Savings customer (current and previous Barclays customers with a Savings or CD are not eligible), open an account 11/7/2024 through 3/8/2025, fund your new Tiered Savings account with at least $25,000 within the first 30 days of opening the account, and maintain the balance of at least $25,000 for 120 consecutive days. After you maintain the $25,000 balance for 120 consecutive days, the $200 bonus will be added to your account in approximately 60 days. Offer expires 3/8/2025.
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