The Ally money market account offers checks and a debit card for convenient savings access.

The Ally money market account offers checks and a debit card for convenient savings access.

Ally Money Market Account: A Convenient and High-Interest Option for Savers

Are you looking for a money market account that not only pays a high rate but also gives you quick access to your savings? Look no further than the Ally Money Market Account. In this article, we’ll take an in-depth look at why this account is considered one of the best options available right now.

Convenience and Accessibility

One of the standout features of the Ally Money Market Account is its convenience and accessibility. When you open an account, Ally provides you with both checks and a debit card. This is in contrast to the Ally high-yield savings account, which does not offer these options. Having the ability to tap into your savings quickly can make a money market account a more practical choice compared to a traditional savings account, especially when you need money in a pinch.

A Fit for Ally Customers

If you are already a customer of Ally and enjoy their services, the Ally Money Market Account is a natural fit for you. With features such as no minimum deposit or account balance requirements, no monthly fees, and 24/7 customer support, Ally offers a seamless and hassle-free banking experience. Additionally, regardless of your account balance, you can earn an impressive 4.40% APY (Annual Percentage Yield) on your savings.

The Ally Money Market Account also caters to the digital-savvy savers who prefer to do all their banking online. Since Ally doesn’t have physical branch locations, all your banking needs can be met through their user-friendly website, mobile app, or over the phone. If you’re looking for a digital bank that prioritizes customer support and simplicity, Ally is an excellent choice.

The Pros of Ally Money Market Account

Let’s dive into the advantages of opening an Ally Money Market Account:

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• No required opening deposit or minimum account balance: Unlike other banks, Ally doesn’t require you to make an initial deposit or maintain a minimum balance in your money market account.

• No monthly service fee: Ally won’t charge you any monthly fees for keeping your money in their money market account. This is a significant advantage compared to banks that impose fees unless you maintain a minimum balance.

• Access to a debit card and paper checks: The main benefit of a money market account compared to a high-yield savings account is the accessibility of your funds. Ally understands this and provides you with a debit card and paper checks when you set up your account.

• Reimbursement for out-of-network ATM fees: As an Ally customer, you have free access to over 43,000 Allpoint® ATMs across the United States. Even if you use an ATM outside this network and incur a fee, Ally will reimburse you up to $10 per month for the charges.

• 24/7 customer service: Ally’s customer support is available round the clock. Their representatives are just a call away or ready to assist you via chat, ensuring you receive prompt and efficient service.

• User-friendly mobile app: Ally’s mobile app has received positive reviews for its convenience and simplicity. From depositing checks to locating the nearest in-network ATM, you can perform various banking tasks seamlessly through the app.

• Competitive APY: With an Ally Money Market Account, you can earn an impressive 4.40% APY on your savings, outperforming many other banking institutions.

The Cons of Ally Money Market Account

While Ally offers numerous benefits, there are a few factors you should consider:

• No physical locations: If face-to-face banking is a priority for you, Ally might not be the best fit. As an online-only bank, Ally doesn’t have physical branch locations, necessitating digital banking.

• Excess transaction fee: According to federal regulations, customers are limited to six withdrawals per month from savings or money market accounts. Beyond this limit, a fee is incurred. Although Ally does charge a $10 excess transaction fee, it’s important to note that the Federal Reserve has temporarily eliminated this limit during the coronavirus outbreak.

Features of Ally Money Market Account

Setting up an Ally Money Market Account online is quick and easy. Any funds you transfer from an external bank account will typically take a few business days to appear in your Ally account. Once set up, you’ll receive a debit card and paper checks, making it straightforward to access your savings when needed. The account doesn’t require an initial deposit or minimum balance, and there are no monthly service fees.

With a 4.40% APY, your money market account balance will earn interest, which is compounded daily and paid monthly. While the interest rate may vary based on the federal funds rate, the Ally Money Market Account consistently offers a competitive rate. Additionally, your funds are FDIC insured for up to $250,000 for individual accounts and $500,000 for joint accounts.

Ally Compared to Similar Money Market Accounts

Let’s see how Ally stacks up against other money market options:

Ally vs. Synchrony

Both Ally and Synchrony are online banks that offer money market accounts with no required opening deposit. Moreover, both banks provide a debit card and paper checks. However, there are a few differences to consider. Ally refunds up to $10 per month for out-of-network ATM fees, while Synchrony refunds up to $5 per month. If you anticipate using out-of-network ATMs frequently, Ally might be the preferable choice.

Ally vs. CIT Bank

CIT Bank, like Ally, is an online banking institution that doesn’t require an opening deposit or charge a monthly fee for their money market account. However, CIT Bank offers a lower interest rate compared to Ally. CIT Bank focuses on integrating digital payment platforms such as PayPal and Zelle for easy access to your funds, while Ally provides the convenience of paper checks and a debit card. If you prefer the traditional check and debit card approach, Ally might be the better option for your emergency fund.

In conclusion, the Ally Money Market Account stands out as an excellent choice for savers who value convenience, accessibility, and a high APY. With no required opening deposit, no minimum account balance, and an easy-to-use online interface, Ally offers a seamless banking experience. While it may lack physical branches, the benefits of a user-friendly mobile app, 24/7 customer service, and reimbursement for out-of-network ATM fees make it an attractive option. Consider Ally’s Money Market Account and start maximizing the potential of your savings today.

Note: Our experts answer readers’ banking questions and write unbiased product reviews. We may earn a commission from our partners, but our opinions remain our own.

• Ally Bank
• cit bank
• Synchrony