Ally Bank Money Market Account is a high-yield savings account with an APY up to 0.60%. With this rate, you can earn as much as $600 in just 12 months, which means one year of saving could pay for two years worth of college tuition.
The “best money market rates” is a term that refers to the best interest rates for savings accounts. Ally Bank has increased their Money Market Account from 0.50% APY to 0.60% APY.
Ally Bank is a fully digital bank that has become almost synonymous with internet banking.
Following the 2008 financial crisis, Ally Bank rebranded from GMAC (General Motors Acceptance Corporation) to Ally Bank in 2009. Since then, they’ve positioned themselves front and center in the internet banking sector.
Just months after its tenth anniversary, they reported that they had absorbed more than $100 billion in customer deposits.
Ally Bank now provides a comprehensive range of FDIC-insured bank accounts with competitive annual percentage yields that are constantly in line with or ahead of their rivals.
An interest checking account, an Online Discounts account, and a Market for Money account are all part of Ally Bank’s variable-rate deposit account. Standard CDs and a few speciality CDs make up their fixed-rate certificate of deposit accounts.
We’ll concentrate on Ally Bank’s variable-rate Market for Money account in our evaluation.
This article will teach you:
The Market for Money account offered by Ally Bank is as simple as they come. It does not need a minimum deposit to create the account, nor does it require a monthly balance once it is open. There are no monthly fees to worry about, and the account pays a nice annual percentage yield.
The APY is graded according on the balance amount, however as of this writing, all balances have the same yield. This might alter if the savings rate environment improves over the remainder of 2022.
Rate of Market Account
|$0 – $5,000 – $5,000 – $5,000 – $5,000||0.60%|
|$5k – $24,999.99||0.60%|
|$25k or more||0.60%|
According to FDIC statistics, the current national average for a savings account is 0.07 percent APY, while the national average for a Market for Money account is 0.08 percent APY.
However, there are a few of high-yield Online Discounts accounts with APYs above 1%.
For optimum growth, interest is compounded daily. However, keep in mind that this rate is flexible and might change at any moment without warning.
Getting Your Money
You may only make 6 withdrawals or transfers every statement cycle, according to Federal Regulation D. After the sixth transaction, Ally Bank will charge $10 for each successive transaction. Please note that Ally Bank is presently refunding these excessive transaction costs according to COVID-19. When Ally Bank’s position on this subject changes, we will update this article.
Despite the limitations on digital withdrawals and transfers, you are permitted an unlimited number of ATM withdrawals each month.
Ally Bank will give you a debit card when you create a Market for Money account with them, and it should come in the mail within 10 business days after your first deposit. Your first check purchase will arrive within this time span as well.
You may make unlimited free cash withdrawals from your Ally Bank account at any of the 43,000+ Allpoint ATMs around the nation using your ATM card. Ally Bank will also refund you for fees incurred at other ATMs up to $10 every statement cycle.
The Ally Bank mobile app for Android and iOS makes it simple to add money to your Market for Money account. You may take a picture of your check and deposit it on the fly with the Ally Bank eCheck Deposit function.
If you have any problems accessing your cash or with your account in general, Ally Bank offers live, real-time service.
You may reach them by a variety of methods listed on their contact page, or you can phone them directly at 1-877-247-2559. Ally Bank even displays the projected customer service wait time in the top-right corner of their webpage.
You may be charged fees from time to time depending on how you use your Ally Bank Market for Money account. The following is a comprehensive list of how and where you could come across them.
Ally Bank Fee Structure
|Deposit item returned||$7.50|
|item in overdraft (paid or returned)||$25|
|A high transaction cost||$10 (currently reimbursed)|
|Delivery on time||$15|
|Domestic incoming wires||$20|
|Fee for account research||$25|
Ally Bank, unlike many other online banks and credit unions, does not charge for inbound wires, whether international or domestic.
You’ll also get free standard or expedited ACH transfers, copies of online statements, postage-paid deposit envelopes, and free cashier checks and regular checks when you bank with Ally Bank.
In many aspects, Ally Bank’s Online Discounts account is comparable to their Market for Money account.
The accounts currently pay the exact same APY and have the exact same balance tiers. They also have identical Fee Structures and nearly identical account features.
Market for Money at Ally Bank vs. Online Discounts
|Market for Money||APY||Online Discounts||APY|
|$0 – $5,000 – $5,000 – $5,000 – $5,000||0.60%||$0 – $5,000 – $5,000 – $5,000 – $5,000||0.60%|
|$5k – $24,999.99||0.60%||$5k – $24,999.99||0.60%|
|$25k or more||0.60%||$25k or more||0.60%|
So, what’s the distinction?
Three automated savings tools that are only found with the Online Discounts account.
The difference is in the tool set that the Online Discounts account offers. The Online Discounts account offers 3 automated savings tools that the Market for Money account does not. These are:
- Automatic Transfers – Create recurring transfers into your savings account that fit your budget. This might be a set sum of money or a percentage of the deposit.
- Round Ups – This feature is powered by an Ally Bank algorithm. It tracks your Ally Bank interest checking account transactions and determines when it can round-up to the nearest dollar. Once you’ve built up $5.00 in ’round-ups’ the feature will deposit these funds into your Online Discounts account.
- Surprise Savings – Another algorithm feature, this tool analyzes your linked interest checking account for funds it determines as “safe-to-save.” Then it transfers these to your Online Discounts account.
Ally Bank Money Market Account – Now up to 0.60% APY is a savings account that offers competitive interest rates, low fees and no minimum balance requirements. Reference: ally bank apy history.
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