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Ally Bank Money Market Accounts Review

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Originally founded as GMAC, the financing wing of General Motors, Ally Financial is one of the largest financial institutions in the US. Its Ally Bank division operates as an online-only bank and is headquartered in Sandy, Utah. Ally Bank offers deposit accounts, mortgage products, credit cards, and other financial services.
 
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How is Ally rated?

Breakdown

Overall Rating: 0 / 5 (N/A)

Ally Bank is distinguishing itself in direct banking with savings products that require no minimum deposit for opening an account, no monthly maintenance fees, and minimizing the fees frequently associated with traditional banks. Their money market account allows for the standard six transactions per month and transfers between accounts can be handled easily from Ally's easy-to-use website. Ally customers also have access to funds with their ATM debit cards. Although there are banks with slightly higher returns for their money market accounts, consumers looking to have all their deposit accounts under one roof will be satisfied with the versatility and the technology at Ally Bank.

Ally Account Features

APY Rates - 0 / 5

The money market account at Ally Bank has many of the same features that distinguish its other deposit accounts: the easy-to-use website, mature mobile apps, and instant transfers between Ally accounts. Consumers who are able to keep a balance of $25,000 or more in their money market account will get the slightly higher APY of 1%.
APY (Annual Percentage Yield)
0.9%
Minimum Balance for Promotional APY
0
Minimum Balance to Avoid Monthly Fee
0
Minimum Opening Deposit
0
Check Writing
Yes
Debit Card
Yes
Physical Branches
0
Integration with Other Online Accounts
Savings
Brokerage Accounts
External Banks
Loan Accounts
ATM Locations
43,000+ Allpoint® ATMs in the U.S. for free.
Methods of Deposits
Mail Check
Mobile Check Deposit
Wire Transfer
Online Transfer
Direct Deposit

Ally Fees and Penalties

Fees and Restrictions - 0 / 5

The money market account from Ally Bank has no minimum deposit amount to open an account and assesses no fees for monthly maintenance, cashier's checks, and incoming wires (both domestic and international). Transactions in excess of six per month are charged a $10 penalty and outgoing domestic wires are $20 per wire. Ally customers have access to the no-fee Allpoint ATM network and will reimburse up to $10 every statement for fees charged at other ATMs.
Monthly Fee
$0
ATM Reimbursement
No-Fee at Network ATMs
Reimbursement for Domestic ATMs

Ally Financial Strength and Reputation

Perks - 0 / 5

Previously known as GMAC Bank and established in 2000 as Ally Financial, Ally is currently a financially strong company with above average S&P and Moody's ratings. With an average BBB rating of B-, Ally has shown that is is seeking to resolve most of the complaints issued against them through the bureau. Ally customer support representatives are available through several means, 24 hours a day, 7 days a week, via phone call, email, chat, and social media.
Year Founded
1919
Standard & Poor's Financial Rating
BB+
Moody's Financial Rating
Ba3
AM Best Financial Rating
B++
Live Help 24/7
Yes
Contact Methods
Phone
Email
Chat
Social Media
BBB Rating
B-
BBB Total Complaints
146
BBB Resolved Complaints
29
Trust Pilot Rating
4.4 out of 10
Consumer Financial Protection Board (CFPB) Complaints
858
Date Collected
2018-09-25

Company Profile

Full Name
Ally Bank Money Market Accounts
Company Website
https://www.ally.com/
Headquarters
200 West Civic Center Dr, Sandy, UT, 84047

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Top Rated
  • Easy access to cash
  • Withdraw funds online, phone, or ATM
  • No minimum balance requirements or service fees
  • Check writing included
  • 24/7 banking
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