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

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Ally is an online-only bank.

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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.

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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.

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.

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. You may also earn Ally Money Market Account regardless of your account balance.

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 great APY. You’ll earn Ally Money Market Account on the funds in your money market account, which is higher than what you’ll find with some banking institutions.

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 Ally Money Market Account, 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 Account	Synchrony Money Market Accounts (Member FDIC)	CIT Bank Money Market Account (Member FDIC)
APY	0.50% on all balance tiers	Synchrony Money Market Account	CIT Bank Money Market Account
Initial deposit	Ally Money Market Account	Synchrony Money Market Account	CIT Bank Money Market Account
Monthly fee	$0	$0	$0
Access to funds	Checks and debit card	Checks and debit card	PayPal and Zelle
ATM access	Yes; reimburses up to $10/month for out-of-network fees	Yes; reimburses up to $5/month for out-of-network fees	N/A; no debit card access

Ally vs. Synchrony

Ally and Synchrony Money Market Accounts 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 lower interest rate than Ally. If earning interest is important to you, Ally 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.

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