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.