The Ally money market account provides you with checks and a debit card for easy access to your savings

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  • Ally’s money market account comes with paper checks and a debit card.
  • With a money market account, you get easy access to your money and higher interest rates. 
  • Ally doesn’t charge a monthly service fee, and it doesn’t require an initial deposit.
  • See Insider’s picks for the best money market accounts »

This post was last reviewed and updated on May 10, 2021.

Ally Financial (Member FDIC)is a bank that operates entirely online, providing loans, CDs, and checking and savings accounts. The Ally Money Market Account (Member FDIC) gives customers quick access to their money and an easy-to-use online interface.

A money market account is similar to a high-yield savings account. Both accounts are good places to store your savings, both pay variable interest rates, and federal law requires both to limit customers to six transactions per month. (The Federal Reserve has suspended this rule during the coronavirus outbreak, though.)

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The main difference between the two is that money market accounts typically provide easier access to your money than high-yield savings accounts. Many banks’ money market accounts come with paper checks, a debit card, or both. A money market account is good if you want to be able to access your money like you would with a checking account, but you also want the competitive rates closer to those you’d get with a high-yield savings account.

Ally provides you with both checks and a card when you set up a money market account, whereas its high-yield savings account comes with neither. This could make a money market account a more convenient place to store your emergency fund than a savings account, because you can tap into your savings if you need money fast.

Ally Money Market Account

Ally Ally Money Market Account

Annual Percentage Yield (APY)
Min Deposit
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    Annual Percentage Yield (APY)

    0.50% APY

    Min Deposit


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  • Pros & Cons
  • Details
  • Pros
    • No opening deposit or minimum account balance
    • No monthly service fee
    • Access to a debit card
    • Access to paper checks
    • Out-of-network ATM reimbursements of up to $10 per month
    • 24/7 customer service
    • Easy-to-use mobile app
    • Link to other Ally bank accounts
    • Not the highest money market account APY
    • No physical branch locations
    • $10 excess transaction fee (paused during COVID-19)
    • Access to checks and a debit card
    • Interest compounded daily, paid monthly
    • FDIC insured

    Should you open an Ally money market account?

    If you already bank with and like Ally, the Ally Money Market Account could be a good fit. However, if you’re open to or are already using another bank, you can find a higher interest rate on a different money market account that also offers easy access to your money.

    However, despite its unremarkable interest rate, an Ally Money Market Account includes many of Ally’s best features: no opening deposit or minimum account balance (you will need to put money in the account to start earning interest, though), zero monthly fees, 24/7 customer support, and a clean online interface.

    Some banks pay higher interest rates for larger account balances, but Ally pays every member the same rate.

    Money market accounts are known for making it simple for customers to retrieve their savings, and Ally helps you access your funds by sending you a debit card and paper checks when you set up your account.

    Finally, an Ally Money Market Account is good for savers who don’t mind doing all their banking digitally. Ally doesn’t have any physical branch locations, so you’ll do all your banking online, through the app, and over the phone. Ally has strong customer support and an easy-to-use website and app, so if you’re looking for a digital bank, Ally is a good option.

    The pros of an Ally Money Market Account

    • There’s no required opening deposit or minimum account balance. Ally does not require an initial deposit to open a money market account, and there’s no mandatory minimum account balance. However, you will need to put money into your account to start earning interest.

    • There’s no monthly service fee. You won’t pay a monthly fee to keep your money in an Ally money market account. Some banks charge a monthly fee but allow you to avoid paying by maintaining a minimum account balance.

    • You have access to a debit card and paper checks. The main advantage of a money market account over a high-yield savings account is that your money is more accessible. 

    • You’ll be reimbursed up to $10 per month for out-of-network ATM fees. As an Ally customer, you have free access to over 43,000 Allpoint® ATMs across the United States. Ally won’t charge a fee if you use an ATM outside of this network, but the ATM provider might. If you are charged by the ATM provider, Ally will reimburse you up to $10 per month in ATM fees.
    • You have access to 24/7 customer service. Ally customer support is available at all times. You can call a representative or chat with a real person online or through your app.
    • The mobile app is easy to use. Ally’s app has received positive reviews for being useful and simple to navigate. You can use your app to do everything from deposit a check to locate the closest in-network ATM.

    • Ally offers a decent APY. You’ll earn 0.50% APY on the funds in your money market account, which is higher than what you’ll find with some banking institutions.

    The cons of an Ally Money Market Account

    • There are no physical locations. If you prefer face-to-face banking, Ally might not be for you. There are no physical branch locations, so you’ll do all your banking through the app, online, or over the phone.
    • You’ll pay a $10 excess transaction fee. Federal law limits you to withdrawing money from a savings or money market account up to six times per month, regardless of which institution you bank with. If you exceed this limit, you’ll be penalized. You may find Ally’s fee annoying if you only surpass six monthly transactions once or twice in a year, because you might not face any penalties for one or two slip-ups at other banks. However, the Federal Reserve has eliminated the withdrawal limit during the coronavirus outbreak. 

    Ally money market account features

    Setting up the Ally Money Market Account online is relatively quick and easy. It will take a few business days for any money you transfer from an external bank account to show up in your Ally account.

    When you set up an Ally money market account, you’ll receive a debit card and paper checks, making it simple to access your savings when necessary. You can use your debit card for free at over 43,000 Allpoint® ATMs, and if an out-of-network ATM charges you a fee, Ally will reimburse you up to $10 per month.

    You don’t need to make an initial deposit to open your money market account. Ally doesn’t require a minimum balance, and it doesn’t charge a monthly service fee.

    Every member receives a 0.50% APY, which is compounded daily and paid monthly. Over time, the interest rate will increase or decrease along with the federal funds rate, but this is the case with all money market accounts. You may like the Ally Money Market Account if you already bank with Ally and have had a positive experience, but if the interest rate is a big priority for you, then you can find higher rates elsewhere.

    Individual Ally accounts are FDIC insured for up to $250,000, and joint accounts are insured for up to $500,000.

    How Ally compares to similar money market accounts

     Ally Money Market AccountSynchrony Money Market Account (Member FDIC) CIT Bank Money Market Account (Member FDIC) 
    APY0.50% APY0.35% APY0.45% APY
    Initial deposit$0$0$100
    Monthly fee$0$0$0
    Access to fundsChecks and debit cardChecks and debit cardPayPal and Zelle
    ATM accessYes; reimburses up to $10/month for out-of-network feesYes; reimburses up to $5/month for out-of-network feesN/A; no debit card access

    Ally vs. Synchrony

    Ally and Synchrony are both online banks, and neither requires an initial deposit to open a money market account. Both banks send you a debit card and paper checks when you set up your account.

    Both companies reimburse ATM fees charged by out-of-network ATM providers; Ally refunds up to $10 per month, and Synchrony refunds up to $5 per month. If you think you’ll use out-of-network ATMs frequently, you may prefer Ally.

    Ally vs. CIT Bank

    Like Ally, CIT Bank (Member FDIC)  is an online banking institution. Neither bank requires an opening deposit for a money market account, and neither charges a monthly fee.

    CIT Bank Money Market Account pays a higher interest rate than Ally. If earning interest is important to you, CIT Bank is one of your best options for a money market account.

    The CIT Bank Money Market Account doesn’t provide you with paper checks or a debit card. However, it still makes accessing your money somewhat easy by connecting your money market account with PayPal and Zelle.

    If you make a lot of payments digitally, you may like CIT Bank, but if you prefer checks or a debit card, you might like Ally. If you plan to keep your emergency fund in your money market account, it might be more practical to have access to checks and a debit card than Zelle or PayPal.

    Editor’s Note: This post has been updated to reflect that the Federal Reserve has suspended its rule limiting people to six transactions per month from savings accounts during the coronavirus pandemic. Over a month before the Fed’s announcement, Ally stopped charging $10 excess transaction fees due to the coronavirus.

    Laura Grace Tarpley is an editor at Personal Finance Insider, covering mortgages, refinancing, bank accounts, and bank reviews. She is also a Certified Educator in Personal Finance (CEPF). Over her four years of covering personal finance, she has written extensively about ways to save, invest, and navigate loans.

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