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  Ally Bank Money Market Account

Ally Bank Money Market Account

in Money Market Accounts from Ally Financial Inc. · fdic

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Ally Bank Money Market Account

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in Money Market Accounts from Ally Financial Inc. · Member FDIC

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Highlights
APY (Annual Percentage Yield) 0.50%
APY Minimum Balance $1
Minimum Opening Deposit N/A

Ally Bank Money Market Account Review

Ally Bank Money Market Account is offered by Ally Financial Inc., a bank founded in 2001 and based in Philadelphia, PA. Ally Bank Money Market Account is available in 50 states (and Washington, DC).

Key Takeaways
  • 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
Pros Cons
  • 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
Rates Amount
APY 0.50%

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
Fees Amount
Monthly Fee $0
Paper Statement Fee N/A
Excess Transaction Fee $10

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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Contact

  • Headquarters
  •   P.O. Box 13625
    Philadelphia, PA 19101
  •   Visit Site

Hours of Operation

  • Sunday 12:00pm - 12:00pm
  • Monday 12:00pm - 12:00pm
  • Tuesday 12:00pm - 12:00pm
  • Wednesday 12:00pm - 12:00pm
  • Thursday 12:00pm - 12:00pm
  • Friday 12:00pm - 12:00pm
  • Saturday 12:00pm - 12:00pm

Other Services by Ally Financial Inc.

Availability

  Available in 50 states and Washington, D.C.
  • Alaska
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Maryland
  • Maine
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • North Carolina
  • North Dakota
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • Nevada
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Vermont
  • Washington
  • Wisconsin
  • West Virginia
  • Wyoming

Feature Breakdown

APY Minimum Balance $1
Minimum Balance to Avoid Monthly Fee $0
Monthly Fee $0
Account Features
  • No ATM Fees
  • Mobile Check Deposit
  • No Monthly Maintenance Fee
  • Interest Bearing Account
  • Mobile Banking
  • Fraud Monitoring
  • Fraud Protection
  • Member FDIC
APY (Annual Percentage Yield) 0.50%
Dividend Compounding Frequency Daily

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