
Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
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.
0.50%
APY
$0
Fee
$0
Minimum deposit to open
Review by
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.
You can open an Ally Money Market account online or by phone:
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:
You’ll be asked for the following information:
This secure account offers around the clock customer support, along with these these benefits:
No account is perfect, so be mindful of these potential drawbacks:
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.
Ally makes it easy to grow your account with a handful of ways to make a deposit:
Although savings accounts are generally limited to six transactions per month, there’s no shortage of ways you can access your money: