Sometimes you need a safe place to put your money that earns more interest than a checking account, but gives you more flexible access than a certificate of deposit (CD) or savings account. Maybe you’re building a house and need to write a few checks to contractors or taking care of wedding expenses as you approach the big day.
Enter: the money market account. What is a money market account? You can think of a money market account like a checking and savings account hybrid—an account that combines the features of both. That means with a money market account, you can earn a good interest rate on your balance and still have (limited) check-writing and debit card access.
And if you bank with Ally Bank, your money market account comes with all the advantages of our customer-centric approach to banking. We’re known for offering top-notch rates, no-nonsense terms, and great customer service. Here’s what you need to know about the Ally Bank Money Market Account.
We put safety first.
Keeping your account secure is at the top of your list, so rest assured, it’s at the top of ours, too. Ally Bank is a member of the FDIC, or Federal Deposit Insurance Corporation, so your deposits with us are insured up to the maximum amount allowed by law. To get the full protection the federal insurance provides, make sure your combined deposits are within federal limits by checking out the FDIC’s online calculator.
What’s more, at Ally Bank, we use the latest technology and industry best practices to protect your personal and financial information. We are so committed to providing a safe online banking experience that we have our own Online and Mobile Security Guarantee.
Great rates increase your earning potential.
If you’re looking for higher interest rates on a money market account, look no further. As an online bank, we don’t have the overhead that brick-and-mortar banks do, so we can pass the savings on to you in the form of great rates. In fact, the APYs (annual percentage yields) on our money market account are consistently among the most competitive in the country according to Bankrate.com.
We also compound interest daily, which helps your balance grow faster. Plus, with the Ally Bank Money Market Account, when you save more, you earn more. Our tiered rates give you even more motivation to beef up your savings balance and earn that top rate.
Get easy access to your money.
Unlike regular savings accounts and CDs, the Ally Bank Money Market Account gives you flexible access to your money.
Deposits: You can transfer money from another bank or another Ally Bank account. You can also deposit checks remotely using Ally eCheck Deposit℠, send a wire transfer, or mail a check.
Withdrawals: You can make up to six withdrawals per statement cycle via transfer, check, or debit card transactions. You can make as many ATM withdrawals as you like. In fact, you can use any Allpoint ATM in the U.S. for free, plus we’ll reimburse up to $10 per statement cycle for fees charged at other ATMs nationwide.
And, of course, you can keep an eye on things at your own convenience using our website or our mobile app.
We keep it simple with straightforward terms and smart features.
We believe your bank account should be simple and straightforward, without a lot of complicated terms or unnecessary fees.
You can open and fund your Ally Bank Money Market Account with no minimum balance and no monthly maintenance fee. Plus, you get online access, an EMV-chip-enabled debit card, standard checks, and postage-paid deposit envelopes to get started.
In addition, you’ll have access to these smart features that make managing your account easy:
- The Ally Mobile app—keep up on the details of your account.
- The Ally Skill™ for Amazon Alexa—check your balance, transfer money, get current rates, and more just by asking your Alexa-enabled device.
- Ally CurrenSee℠—ever wonder how many hours you’ll need to work to pay for that tropical vacation? Download the Ally Skill™ for Alexa to find out.
- Zelle®—send and receive money with friends and family in the U.S. using their email address or U.S. mobile number.
We’re here for you—24/7.
Just because we’re an online bank doesn’t mean you are limited to online support. It’s true that you can get help with new accounts, check balances, transfer money, deposit checks, and more—from anywhere you have internet access, anytime you want at Ally.com. But you also can call a live, 24/7 customer care associate at 877-247-ALLY (2559).