Ally Money Market account review
Up to 0.5% APY and a free debit card to help you save more and access your money when you need it.
With most savings accounts, interest rates are low, however the Ally Money Market account encourages you to save with a competitive annual percentage yield (APY), no monthly maintenance fees, daily-compounded interest and more.
Minimum deposit to open
Peter Carleton is a writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading.
The Ally Money Market account is best for those looking to earn interest on or more. You’ll have access to 43,000 ATMs and have no monthly fees or minimum balance requirements.
But if you have less than , you’ll earn less than the advertised 0.5% APY.
How do I open a Ally Money Market account?
You can open an Ally Money Market account online or by phone:
- Go to the provider’s site and follow the steps to apply.
- From Ally ‘s website, click Bank, then Money Market under Checking & Savings.
- Click Open account on the bottom right.
- Select whether you are a new customer, current customer, or have already started an application.
- Select Money Market Savings under product type and enter your opening deposit amount.
- Enter your information and proceed to create your account.
- Make an opening deposit and enroll in online banking, and then your application is complete.
You can also call 877-247-2559 at any time to speak with customer service and open an account.
In order to open this account, you’ll need to meet a few eligibility requirements:
- Have a valid US Social Security number.
- Have a valid US mailing address.
- Be at least 18 years old.
You’ll be asked for the following information:
- Name, date of birth and address.
- Government-issued ID.
- Social Security number.
- Contact information.
What are the benefits of the Ally Money Market account?
This secure account offers around the clock customer support, along with these these benefits:
- Low fees. You won’t pay ACH transfer fees, debit card fees, incoming wire transfer fees or monthly maintenance fees.
- Earn interest. Earn up to 0.5% interest on your balance while your money sits in your account.
- Access when you need it. Make unlimited deposits and ATM withdrawals or deposit a check remotely with Ally eCheck Deposit.
- No minimum balance fees. You can open an account with as little as $0 and there are no fees for balance requirements.
- Debit card. Unlike many other money market accounts, this one comes with a debit card. You can use over 43,000 Allpoint ATMs for free and are reimbursed up to $10 per statement for fees charged at other ATMs.
What should I look out for?
No account is perfect, so be mindful of these potential drawbacks:
- Limited transactions. You’re typically limited to six transactions a month. But Regulation D is currently suspended, so check with Ally to see if it’s waiving this policy.
- No branches. Ally operates entirely online, so you won’t be able to visit a branch.
- No cash deposits. While Ally allows unlimited deposits, you won’t be able to deposit cash with this bank.
- Below average interest rate. This account has a lower interest rate than some high-interest savings and money market accounts.
If you prefer a high-yield account with a lower minimum balance, you’ll want to keep looking. As always, compare your options when choosing a money market account.
Compare with other money market accounts
How do I deposit or withdraw money?
Ally makes it easy to grow your account with a handful of ways to make a deposit:
- Online transfer from another bank account
- Wire transfer
- Ally eCheck Deposit
- Mail a check
- Direct deposit
Although savings accounts are generally limited to six transactions per month, there’s no shortage of ways you can access your money:
- At an ATM
- Online transfer
- Bill pay
- Outgoing wire transfer
- Telephone transfer
- Check request
- Cashback from participating retailers
How can I get in touch with customer service?
- By phone: 877-247-2559
- By email: Log in to your account to send a secure message
- On Twitter: @Ally
Ally Bank Customer Care
PO Box 951
Horsham, PA 19044