Last Updated: 04/18/2025
Ally Bank Money Market Account
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Last Updated: 04/18/2025
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Highlights
APY (Annual Percentage Yield)
3.40%(Verified 06/21/2024)
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Minimum Balance to Earn APY
$1
Minimum Opening Deposit
$0
Ally Bank Money Market Account Review
Ally Bank Money Market Account is offered by Ally Financial, Inc., a bank founded in 1919 and based in Detroit, MI. Ally money market 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.
- No monthly maintenance fees. 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
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Ally Bank Money Market Account FAQ
Are money market accounts from Ally Bank federally insured?
Yes, your deposits are insured by the Federal Deposit Insurance Corporation (FDIC). 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?
| Rates | Amount |
| APY | 3.40% |
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.
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| Monthly Service Fee | $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 account 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.
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Hours of Operation
Sunday
12:00AM - 12:00AM
Monday
12:00AM - 12:00AM
Tuesday
12:00AM - 12:00AM
Wednesday
12:00AM - 12:00AM
Thursday
12:00AM - 12:00AM
Friday
12:00AM - 12:00AM
Saturday
12:00AM - 12:00AM