Ally Money Market account review
This userfriendly app lets you earn up to 1.25% APY while gaining debit card and ATM access.
finder.com’s rating: 4.7 / 5.0
The Ally Money Market account encourages you to save with a a high annual percentage yield (APY), no monthly maintenance fees, along with a large ATM network and free debit card. Aside from the high APY, these features are typical for a money market account.
Minimum deposit to open
|Annual percentage yield (APY)||1.25%|
|Minimum deposit to open||$0|
|Minimum balance to earn interest||$0|
|Monthly transaction limit||6|
|Fee per transaction over the limit||$10|
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 high interest at a 1.25% APY. You’ll have access to 43,000 ATMs and no monthly fees or minimum balance requirements.
For comparison, see what you could earn with this account alongside a fierce competitor, Quontic Bank.
Ally Money Market: Deposit $5,000 x 1.25% APY over the course of 12 months will earn $62.89 in interest.
Quontic Bank Money Market: Deposit $5,000 X 2.00% APY over 12 months will earn $101.
You might also choose this account if you use Ally’s other products. For example, the Ally Online Savings account offers automated savings features but without ATM access or a debit card. Opening both accounts gives you the best of both worlds – budgeting features and ATM access.
However, this account offers a variable interest rate, so you could earn less than the advertised 1.25% APY if you keep a low balance, such as less than $10,000.
How to open a Ally Money Market account
You can open an Ally Money Market account online or by calling 877-247-2559 at any time to speak with customer service.
- 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.
In order to open this account, you’ll need to meet a few eligibility requirements:
- Be a US citizen or legal permanent resident
- Be at least 18 years old.
You’ll be asked for the following information:
- Name, date of birth and mailing address.
- Government-issued ID.
- Social Security number.
- Contact information.
4 benefits of the Ally Money Market account
This secure account offers around-the-clock customer support, along with these benefits:
- Low fees. You won’t pay ACH transfer fees, debit card fees, incoming wire transfer fees or monthly maintenance fees.
- Earn high interest. Earn up to 1.25% interest while your money sits in your account, which is about ten times the national average for money market accounts.
- Access when you need it. Make unlimited deposits and ATM withdrawals or deposit a check remotely with Ally eCheck Deposit. Plus, use one of over 43,000 Allpoint ATMs for free and get reimbursed up to $10 per statement for fees charged at out-of-network ATMs.
- No minimum balance fees. You can open an account with as little as $0 and there are no fees for balance requirements.
How much interest you can earn
Check out how much money you can earn by parking your savings in this account for at least one year.
|APY||Amount in savings||Interest earned in 12 months|
3 drawbacks to 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. But you can reach them by calling 877-247-2559 or live chat 24/7.
- No cash deposits. While Ally allows unlimited deposits, you won’t be able to deposit cash with this bank.
If you’re going after a money market account with the highest yield, try Quontic Bank’s Money Market account with 2.00% APY or the Ponce Bank High Yield Savings with 2.50% APY. Both accounts are from online banks and come with no monthly fees.
Ally Money Market account reviews and complaints
Ally Bank is not accredited by the Better Business Bureau (BBB), though it’s been in business for 18 years. The bank receives a C- BBB rating due to a high volume of complaints with a few of those going unresolved.
About 60 customers also leave the bank 1 out of 5 stars on the BBB site. Customers complain about unauthorized locked accounts, stopped payments and slow transactions even through Zelle, which is supposed to provide an instant transfer service.
On Trustpilot, Ally receives a 1.6 score of 5 out of over 90 reviews. Reviewers complain about unhelpful customer service and features that don’t work as they should as well as slow money transfers. However, happy customers enjoy the perks like free checks and money orders, high APY and its 24/7 customer service.
Compare Ally Money Market with other money market accounts
Compare how other money market accounts fare in their APYs, monthly fees and minimum opening deposits.
How to deposit or withdraw my money
Ally doesn’t limit you much in how you can move money around. For reference, Ally Bank’s routing number is 124003116.
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 — Provide the payer with your Ally bank account number and routing number to set up your direct deposits.
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 to get in touch with customer service
- By phone. Call 877-247-2559 at any time of the day or night
- By chat. Log in to your online account to chat with a rep 24/7
- By email. Log in to your account to send a secure message
- On Twitter. Reach out to @Ally on this social platform
- By mail. Send mailed document to:
Ally Bank Customer Care
PO Box 951
Horsham, PA 19044
Savings account ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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