Ally Bank Money Market Account

Claimed

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

Not enough votes for recommendation

Highlights
APY (Annual Percentage Yield)	3.40% (Verified 12/09/2023)
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 Bank, 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.
$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

Pros	Cons
Available in all 50 states. High-interest yield. Deposit checks remotely.	No signup bonus. Does not provide a debit card.

Ally Bank Money Market Account FAQ

Are money market accounts from Ally Bank 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 Bank Money Market Account Rates and Terms
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.

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.

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.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.