Ally Money Market account review May 2019 | finder.com

Ally Money Market account review

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Ally Money Market
  • No monthly maintenance fees
  • Unlimited deposits and ATM withdrawals
  • 1.00% APY with a $25,000 minimum daily balance

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Up to 1% 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.

APY1.00% on balances of $25,000+
0.90% on balances of $0 to $24,999
Fee$0
Minimum deposit to open$0
Minimum balance to earn interest$0
Interest compoundingDaily
Monthly transaction limit6
Fee per transaction over the limit$10

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 1% 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. Just like standard savings accounts, this account is limited to six monthly point-of-sale transactions or bank transfers, and you won’t be able to write checks.
  • Interest rate requirement. To get the advertised 1% interest rate, you’ll need to maintain a daily balance of at least $25,000.
  • 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.

Compare with other money market accounts

Name Product Fee Minimum deposit to open Minimum balance to earn interest Interest rate (APY)
$15 per month
(can be waived)
$25
$0
2.40%
Earn one of the highest annual percentage yields (APYs) if you live in one of 42 eligible states, and access your money by ATM, check or bill pay.
$0
$100
$25,000
or set up a direct deposit of $100+ each month
2.45%
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank.
$0
$0
$0
2.00%
A high-interest, fee-free online bank account that helps you save.
$0
$100
$0
1.85%
Reach your savings goals with a CIT Bank Money Market account. $100 minimum opening deposit.
$0
$5
$0.01
1.77%
With no fees and a high interest rate, this account gives you plenty of incentive to save.
$10 per month
(can be waived)
$2,500
$2,500
2.00%
Earn high yields with flexible access to your cash.

Compare up to 4 providers

How do I apply?

You can open an Ally Money Market account online or by phone:

Online

  1. Visit the Ally website and click Bank, then Money Market under Checking & Savings.
  2. Click Open account on the bottom right.
  3. Select whether you are a new customer, current customer, or have already started an application.
  4. Select Money Market Savings under product type and enter your opening deposit amount.
  5. Enter your information and proceed to create your account.
  6. Make an opening deposit and enroll in online banking, and then your application is complete.

By phone

You can also call 877-247-2559 at any time to speak with customer service and open an account.

Eligibility

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.

Required information

You’ll be asked for the following information:

  • Name, date of birth and address.
  • Government-issued ID.
  • Social Security number.
  • Contact information.

How do I deposit or withdraw money?

Deposits:

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

Withdrawals

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
  • By mail:
    Ally Bank Customer Care
    PO Box 951
    Horsham, PA 19044

Bottom line

The Ally Money Market account pays interest on your balance, offers convenient access to your money and comes with free access to over 43,000 ATMs. It has no monthly service fees or minimum balance requirements, but you won’t get the advertised 1% interest unless you maintain a daily balance of at least $25,000.

Before choosing a money market account, compare your options to determine which is best for your situation.

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