Ally Bank Money Market Account

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 are available in 50 states (and Washington, DC).

Key Takeaways

• Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 3.40%, 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 any monthly account fees.
• No minimum initial deposit. There is no minimum balance required to open an account.

Pros & Cons of Ally Bank Money Market Account

Ally Bank Money Market Account FAQ

Are money market accounts from Ally Financial Inc. federally insured?

Yes, your deposits 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 money market offers an APY of up to 3.40% (APY stands for annual percentage yield, rates may change).However, to earn interest you must keep a balance of $1. This is higher than the typical APY for online-only checking accounts, which is around 1% APY.

What are the fees for Ally Bank Money Market Account?

Ally Bank Money Market Account does not charge a monthly maintenance 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.

What is the customer service phone number?

The customer service number for this business card is (877) 247-2559.

What is the support contact email?

The support contact email for this business credit card is support@invest.ally.com.

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.