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Lara Vukelich is a freelance writer based in San Diego. Her work has been featured on Bankrate, TV Guide, Huffington Post and more.
Lara Vukelich is a freelance writer based in San Diego. Her work has been featured on Bankrate, TV Guide, Huffington Post and more.
With eight years of experience as a financial journalist and editor and a degree in economics, Elizabeth Aldrich has worked on thousands of articles within the realm of banking, economics, credit cards, investing, loans, personal finance and travel. Her work has been featured in Business Insider, The Motley Fool, Bankrate, Investopedia, LendingTree, Student Loan Hero, ValuePenguin, USA Today, Credit Karma, NASDAQ, Yahoo! Finance and more.
With eight years of experience as a financial journalist and editor and a degree in economics, Elizabeth Aldrich has worked on thousands of articles within the realm of banking, economics, credit cards, investing, loans, personal finance and travel. Her work has been featured in Business Insider, The Motley Fool, Bankrate, Investopedia, LendingTree, Student Loan Hero, ValuePenguin, USA Today, Credit Karma, NASDAQ, Yahoo! Finance and more.
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors’ opinions or evaluations.
Our Verdict
Ally Bank is an online-only bank that offers several interest-earning accounts, including a money market account (MMA). The Ally Bank Money Market Account earns a competitive rate across all balance tiers and has no minimum balance requirements or monthly fees, making it a worthy option for all types of savers. If you need convenient access to cash, this account also comes with a debit card and unlimited free ATM withdrawals at over 43,000 ATMs nationwide.
This Ally Bank review focuses on its money market account. All account details and annual percentage yields (APYs) are current as of Sept. 13, 2023.
Pros
- Competitive APY on all balances
- No overdraft fees
- No maintenance fees
- No minimum balance requirements
- Comes with debit card and access to 43,000+ fee-free ATMs
- Up to $10 per statement cycle in out-of-network ATM fee reimbursements
Cons
- No physical locations
- No cash deposits permitted
Annual Percentage Yield
4.40%
Fees
Excessive transaction and outgoing domestic wire fees
ATM Network
43,000+ Allpoint ATMs
Ally Account Basics
Money Market Account
A money market account is a savings account alternative with some of the spending ability of a checking account.
Ally’s Money Market Account earns 4.40% on all balance tiers, and there are no minimum balance requirements or monthly fees, making it competitive with the best money market accounts. It comes with a debit card and checks that should arrive by mail within 10 business days of opening your account. You’re allowed unlimited withdrawals at over 43,000 Allpoint ATMs around the country.
You can also use your debit card to make point-of-sale purchases. Typically, Ally limits users to six monthly outgoing electronic transfers or debit card purchases per statement period and charges an excessive transaction fee of $10 per transaction after that. However, due to changes in Regulation D, the bank is currently not applying limits and is refunding this fee.
Ally Bank operates entirely online, so you can’t deposit cash into your money market account. However, you can deposit checks remotely and use direct deposit and online transfers to add funds to your Ally MMA.
Other Ally Products and Services
Ally Bank offers a variety of other accounts known for low fees and competitive yields. Here are the bank’s other products:
Access on the Go
Ally Bank is an online-only bank, so you must have an Ally banking username and password to access your accounts and make transactions. You can use a mobile web browser or the Ally Bank mobile app to access your account online. Using Ally’s mobile banking app, you can:
- Make check deposits
- Pay bills
- Transfer money within Ally accounts
- Transfer money between Ally and non-Ally accounts
- Find ATM and cash back locations
- View balances
- Search transaction history
Ally Fees
Ally doesn’t have many common fees associated with money market accounts, including monthly maintenance fees. And while Ally doesn’t charge ATM fees, you may pay third-party fees to operators each time you use an out-of-network ATM. Luckily, Ally will reimburse you up to $10 per billing cycle for fees you incur using your Ally MMA debit card at an ATM.
There are still some transactions that can incur fees with an Ally MMA, as listed below.
How Ally’s Money Market Account Stacks Up
Ally Bank’s Money Market Account checks all the boxes—if you’re comfortable banking online. It touts competitive yields on all balances and almost no fees, and it comes with a debit card that can be used to make unlimited withdrawals across the country. While it may be possible to find an MMA that offers a slightly higher rate, uncommon perks like $10 in monthly ATM fee reimbursements and a temporary lifting of the monthly transaction limit help this account compete with the best.
If you prefer in-person banking or need to be able to deposit cash, this is where Ally’s MMA falls short. However, Ally Bank offers a much wider range of financial products than most online banks, so if you can go without branch banking, Ally could potentially provide you with the one-stop-shop banking experience of a traditional bank with the everyday convenience of a digital bank.
Find The Best Money Market Accounts Of 2023
Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.
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