Ally Money Market Account Review: No Monthly Fees and a Competitive APY

Ally Bank
4.4
SCORE
GOBankingRates Best Banks 2023 scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks.
Quick Take: The Ally money market account is a hybrid account that offers the perks associated with checking and savings accounts. You can also earn a competitive APY on your balance and watch your money grow. Thanks to stellar account features, ease of use and top-notch customer service, Ally is one of the best options for a money market account. 
  • Fees
    5.0
  • APY
    4.5
  • Ease of Use
    4.0
  • Security
    4.0
How did we calculate this?

Pros

  • Competitive APY
  • No monthly fees
  • No minimum balance requirement
  • Access to a debit card and ATM withdrawals

Cons

  • No physical branch locations
  • Out-of-network ATM fees after the first $10 in reimbursements per month
  • Better rates available elsewhere

Ally Money Market Account Overview 

As a hybrid account offering the perks of checking and savings accounts, Ally Bank’s money market account is a solid option for customers who want to earn interest on their account balance and still have access to the funds. Ally provides customers with a debit card and checks to make accessing the account money even more straightforward.

As an online-only bank, Ally is known for its 24/7 customer service support, lack of minimum deposit requirements and no monthly fees. If you prefer banking in person, you might be better off with a savings account at a traditional bank, but you’ll sacrifice higher earnings. But Ally’s money market account is an excellent option if you’re interested in earning a competitive APY and don’t mind exclusively banking via a website or mobile app.

Key Features

Ally’s money market account earns an impressive 4.4 out of 5 stars due to its competitive interest rate, lack of monthly fees and its easy-to-use interface. 

Fees

Ally’s money market account doesn’t have any monthly maintenance fees, overdraft fees or incoming wire transfer fees. You also get free cashier’s checks, which is a nice perk.

Ally imposes a limit of 10 transactions per month on certain types of transfers and withdrawals from money market and savings accounts. You won’t have to pay an excessive transaction fee if you go over this limit, but Ally notes that exceeding this limit more than occasionally could result in the closure of your account.

APY

With a current APY of Money Market Account – Primary Rate (text)”>, you’ll earn a competitive rate comparable to other online banks. Traditional banks tend to offer lower rates. You might be able to earn a slightly higher rate with other online banks, but if you’re interested in an online-only account, Ally’s current offer is one of the best.

Ease of Use

Ally’s digital interface is easy to use and intuitive. Customers also report that the mobile app is user-friendly and doesn’t have glitches. Opening an account takes a few minutes, and customer service representatives are available 24/7.

Security

Ally takes all the standard security steps to ensure your money and identity are safe. The accounts utilize two-step authentication, TLS encryption, credential confidentiality, automatic logout and antivirus protection. The bank also offers an online and mobile security guarantee, ensuring you are not responsible for any unauthorized activity. 

How the Ally Money Market Account Stands Out

The Ally money market account stands out for its ease of use, competitive APY and convenient features like debit cards and free checks. It’s a solid option to maximize your interest earnings with minimal effort. Other banks offer similar rates and features, but if you’re looking to open a new money market account, Ally is a solid choice.

Comparable Options

Here’s a look at other options to consider to help you decide whether the Ally money market account is right for you. 

EverBank Money Market Account

EverBank offers a money market account similar to what you can find at Ally. EverBank doesn’t charge monthly fees and offers ATM fee reimbursements. The primary difference between the two banks is that EverBank has limited physical locations in Florida, which some customers may appreciate. However, the current APY of is an introductory offer and is only valid for one year. EverBank’s money market account offers an ongoing APY of to , depending on the balance.

Ally Bank Savings Account

If you are trying to build your savings and want to take advantage of tools that can help you do so, you might want to opt for Ally’s high-yield savings account. The high-yield savings account offers the same perks as the money market account: no monthly fees, user-friendly setup and excellent customer support. Since it’s a savings account, you won’t have access to ATM withdrawals or a debit card. But depending on what you’re looking for, that might make it a better fit for you. 

However, It’s important to note that the Ally savings account offers an APY of , which is lower than the rate that comes with the money market account.

How To Apply

The online application process takes less than five minutes. You’ll need to answer a few questions and submit an application. Once it’s finished, you can fund your account and set up online access. To speed up the process, gather the following information before you begin: Social Security or tax identification number and U.S. residential street address. You’ll also need to provide your legal name and birthdate. 

Who the Ally Money Market Account Is Best For

The Ally money market account is best for people who want to maximize their earnings while maintaining access to their funds. It’s a great way to ensure your money earns interest without committing to a longer-term investment like a certificate of deposit. 

Final Take

The Ally money market account offers the best of both worlds — easy access to your money and a competitive rate. It’s a great time to take advantage of the rate and start earning money on your money. It’s a win-win. 

FAQ

  • What is the interest rate for the Ally money market account?
    • The current rate for the Ally money market account is 4.40%. It's one of the highest money market rates available, making it a solid option if you're interested in a money market account.
  • Is Ally's money market account safe?
    • Money market accounts are not investment accounts, and the money you deposit in Ally Bank accounts is FDIC-insured up to the coverage limit, making Ally's money market account a safe option.
    • From a security perspective, Ally uses two-step authentication, TLS encryption, credential confidentiality, automatic logout and antivirus protection. The bank also offers an online and mobile security guarantee.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Nov. 10, 2023.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

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