Ally Bank Money Market Account Review
Ally Bank Money Market Account is offered by Ally Financial Inc.,
founded in 2001 and based in Philadelphia, PA.
Ally Bank Money Market Account is available in
50 states (and Washington, DC).
- Very high APY. This account offers an annual percentage yield of up to 0.50%, which is much higher than the national average for a money market account.However, you must keep a minimum balance of $1.
- $0 monthly fee. This account does not charge a monthly Service Charge.
Pros & Cons of Ally Bank Money Market Account
- Available in all 50 states.
- High-interest yield.
- No charge on incoming domestic or international wire transfers.
- Deposit checks remotely.
- No signup bonus.
- Does not provide a debit card.
Ally Bank Money Market Account FAQ
Are money market accounts from Ally Financial Inc. federally insured?
Yes, your Ally Financial Inc. money market accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #57803). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.
What are the interest rates for Ally money market rates?
Ally Bank Money Market Account Rates and Terms
Ally money market offers an APY of up to 0.50% (APY stands for annual percentage yield, rates may change).However, to earn interest you must keep a balance of $1.
What are the fees for Ally Bank Money Market Account?
Ally Bank Money Market Account does not charge a monthly maintenance fee.
Ally Financial Inc. will charge you a $10 fee if you exceed your maximum number of monthly transactions.
Ally Bank Money Market Account Fees
|Paper Statement Fee
|Excess Transaction Fee
What is the minimum balance for Ally money market?
No minimum initial deposit. Ally Financial Inc. does not require a minimum initial deposit to open an account.
Interest rate minimum balance of $1. You must keep the account balance above $1 to earn interest.
What features and perks does Ally money market offer?
This account includes the following features:
- Fraud monitoring - Ally Financial Inc. monitors transactions for potentially fraudulent activity.
- Mobile Banking Services - Ally money market allows you to manage your money through online banking and a dedicated mobile app. This includes depositing checks in your account with your smartphone.
How to open an account with Ally Financial Inc.
- Visit the Ally Financial Inc. website.
- Fill in the application form. You will typically need to provide general financial information, such as your name, Social Security Number and address.
- Check the information is accurate and submit your application.
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