Ally Money Market vs Savings
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Ally's Money Market and Savings accounts boast high APYs with no hidden fees. But, how do they differ? Read on to find out.
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Ally is an online-only bank that offers impressive rates and unique features on its money market account and savings account.
If you want to know which one is better for you, read on for all the details to help you decide.
Ally Bank: Online Savings Account - 4.00% APY
$0 minimum opening deposit. No minimum balance requirement. No fees to open or maintain account.
Ally Money Market vs Savings Acount
Here's a quick look at Ally's Money Market and Savings accounts' distinct features: [1]
- Ally Money Market: You get 4.00% APY on all balance tiers. You can deposit checks remotely using the Ally eCheck Deposit feature on their mobile app.
You also get a free debit card which allows you access to 43,000+ Allpoint ATMs nationwide.
- Ally Savings: It has 4.00% APY on all balance tiers. Though it doesn't come with a debit card, Ally Savings offers online money management solutions called buckets and boosters.
Buckets are digital piggy banks you can categorize for specific savings goals. Meanwhile, boosters automate savings effortlessly with options like recurring transfers, round-ups, and surprise savings.
Both accounts have no initial deposit or minimum balance requirements. You won't be charged any monthly maintenance, overdraft, or ACH transfer fees either.
Ally Bank has the following boosters for its high-yield savings account:
- Recurring Transfers: Automatically transfers your money into your buckets
- Round-Ups: Automatically rounds up your spending and transfers the money from your checking account to your savings account
- Surprise Savings: Automatically transfers "safe-to-save" money from your checking account to your savings account
Ally Bank: Online Savings Account - 4.00% APY | Ally Bank: Money Market - 4.00% APY | |
|---|---|---|
Online Savings Account - 4.00% APY - | Money Market - 4.00% APY - | |
| Monthly Fee | ||
| APY | ||
| Balance Requirement |
High-Yield Savings Premier - 4.46% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
Which Account Is Best for You?
Both Ally Money Market and Savings have decent APY to grow your money. Go through these points to decide which one to get: [2]
- Choose Ally Money Market: for convenient access to your funds while earning a competitive rate. The included debit card gives you easy access to your money at any Allpoint ATMs in the U.S.
- Choose Ally Savings: if your goal is preserve and grow your wealth. Since it doesn't come with ATM access, you can focus on maximizing earnings on the APY by using their buckets and boosters tools.
Yes, Ally Bank is a legitimate financial institution. They are a member of the FDIC (Certificate #57803) which means deposits are covered up to $250,000 per depositor for each account ownership category.
Ally Money Market Pros and Cons
Ally Money Market offers more accessibility to your money. But here are its pros and cons for a better perspective.
Ally Bank: Money Market - 4.00% APY
- 4.00% APY
- Unlimited deposits and ATM withdrawals, and up to 10 additional transactions
- $10/month rebate for ATMs outside of Ally Network
- $0 minimum opening deposit
- $0 monthly fee
- FDIC insured
- Daily compounding interest
Pros
- Competitive 4.00% APY on all balance tiers
- No opening deposit or balance requirements
- No monthly maintenance fees
- No overdraft and ACH transfer fees
- Complimentary debit card
- Access to 43,000+ Allpoint ATMs nationwide
- Mobile check deposits
- Unlimited deposits and ATM withdrawals
Cons
- No physical branches
- No cash deposits
- No online budgeting tools
- $20 per outgoing domestic wire transfer[3]
- Patriot Bank:
Money Market Account - 4.46% APY - Dayspring Bank:
Money Market Deposit Account - 4.45% APY - American First Credit Union:
Money Market Deposit Account - 4.45% APY - Grand Bank:
Money Market Deposit Account - 4.40% APY - mph.bank:
Money Market Deposit Account - 4.36% APY - First State Bank:
Money Market Deposit Account - 4.35% APY - UNCLE Credit Union:
Money Market Deposit Account - 4.25% APY - Blue Federal Credit Union:
Money Market Deposit Account - 4.25% APY - Sterling Federal Bank:
Money Market Deposit Account - 4.20% APY - Generations Bank:
Money Market Deposit Account - 4.01% APY
Ally Savings and Money Market account holders can make a combined total of 10 withdrawals and transfers per statement cycle. This includes online and mobile transfers, Overdraft Transfer Services, checks, and point-of-sale transactions. There is no fee for going over the limit occasionally, but if it happens frequently, the account may be closed. [4]
Ally Savings Pros and Cons
If you're focused on saving and growing your funds indefinitely, Ally Savings is a good choice. But check out its pros and cons before you commit.
Ally Bank: Online Savings Account - 4.00% APY
$0 minimum opening deposit. No minimum balance requirement. No fees to open or maintain account.
Pros
- Good 4.00% APY on all balance tiers
- No monthly maintenance charges
- Unlimited deposits
- No overdraft and ACH transfer fees
- Create multiple buckets for your savings goals
- Set up recurring transfers into buckets
- Round-up strategy for automated savings
- Automatic transfers from checking to savings account
Cons
- No physical locations
- No cash deposits
- No ATM card and access
- $20 per outgoing domestic wire transfer[5]
- Western Alliance Bank:
High-Yield Savings Premier - 4.46% APY - Discover® Online Savings:
$200 Cash Bonus - CIT Bank Platinum Savings:
4.55% APY - CFBank National Association:
High-Yield Savings Account - 4.50% APY - Dayspring Bank:
High-Yield Savings Account - 4.45% APY - InRoads Credit Union:
High-Yield Savings Account - 4.45% APY - DR Bank:
High-Yield Savings Account - 4.42% APY - Paprika Capital Bank:
High-Yield Savings Account - 4.36% APY - The State Exchange Bank:
High Yield Savings Account - 4.35% APY - Mission Valley Bank:
High Yield Savings Account - 4.26% APY
Other Ally Bank Products to Consider
Here are other banking options from Ally for you to check out:
Ally Bank: Term CDs
- Up to 4.30% APY
- $0 Minimum Opening Deposit
- Up to 5 years
- No monthly maintenance fee
- FDIC insured
- Daily Compounding Interest
Ally Bank: Raise Your Rate CDs
- 3.50% APY
- 2 or 4-Year Terms
- Opportunity to increase your rate once over the 2-year term or twice over the 4-year term
- $0 minimum opening deposit
- $0 monthly maintenance fee
- FDIC insured
- Daily compounding interest
Ally Bank: No Penalty CD
- Withdraw full balance and interest after 6 days of CD funding date without penalty
- 4.00% APY
- 11-month term
- No monthly maintenance fee
- FDIC insured
- Daily compounding interest
Ally Bank: Interest Checking
- 0.10% APY for daily balances less than $15,000
- 0.25% APY for daily balance over $15,000
- $10/month rebate for ATMs outside of Ally Network
- $0 minimum opening deposit
- No fees to open or maintain account
- FDIC insured
- Daily compounding interest
Ally Bank: Personal Checking Account - $100 Referral Bonus
You must enroll in the offer via your friend's personal link. Open a new Ally Bank Spending Account within 30 days of enrollment. Fund your account with any amount within 30 days of account opening. Setup and receive a qualifying direct deposit within 60 days of account opening. The $100 bonus will be deposited to your account within 30 days of receiving the qualifying direct deposit.
Ally Bank: 6-Month CD - 4.40% APY
Ally Bank: IRA High Yield CD - Up to 4.30% APY
| CD Term | APY |
|---|---|
| 3 Months | 3.00% |
| 6 Months | 4.30% |
| 9 Months | 4.20% |
| 12 Months | 4.10% |
| 18 Months | 3.90% |
| 3 Years | 3.50% |
| 5 Years | 3.50% |
Ally Bank: 9-Month CD - 4.20% APY
Ally Bank: 1-Year CD - 4.10% APY
Ally Bank: 18-Month CD - 3.90% APY
Bottom Line
Ally Bank's Money Market and Savings accounts can both help you save and grow your savings.
With Ally Money Market, you get an impressive APY and easy access to your funds. And with Ally Savings, you can maximize your APY using the budgeting tools to make your money work harder.
Ultimately, both are solid options so it's just a matter of which account fits your situation best!
Ally Bank: Money Market - 4.00% APY
- 4.00% APY
- Unlimited deposits and ATM withdrawals, and up to 10 additional transactions
- $10/month rebate for ATMs outside of Ally Network
- $0 minimum opening deposit
- $0 monthly fee
- FDIC insured
- Daily compounding interest
Ally Bank: Online Savings Account - 4.00% APY
$0 minimum opening deposit. No minimum balance requirement. No fees to open or maintain account.
Ally Bank: Personal Savings Account - $100 Referral Bonus
You must enroll in the offer via your friend's personal link. Open a new Ally Bank Savings Account within 30 days of enrollment. Setup and receive one or more monthly automated recurring transfer/s within 30 days of account opening. The monthly automated recurring transfer/s must continue for at least three consecutive months. The $100 bonus will be deposited to your account within 30 days of receiving your third monthly recurring transfer.
References
- ^ Ally Bank Compare Savings, Retrieved 02/23/2024
- ^ Ally Bank Money market account vs. savings account: Which should you choose?, Retrieved 02/23/2024
- ^ Ally Bank. Straight Talk Product Guide: Money Market Account, Retrieved 10/22/2023
- ^ Ally Bank. Money Market Account, Retrieved 2/28/2024
- ^ Ally Bank. Straight Talk Product Guide: Savings Account, Retrieved 10/22/2023
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Bank of America Advantage Banking - $300 Bonus Offer
- The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 01/31/2025.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
CIT Bank Platinum Savings - 4.55% APY
- 4.55% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Basic Business Checking - Up to $400 Bonus
- Business owners get up to $400 welcome bonus!* Open a business checking account by January 2 and get up to $400 when you use promo code NEW400 on your application.*
- No initial deposit requirement
- No minimum balance requirement
- No monthly maintenance fees
- Free domestic incoming wires. Two (2) outgoing domestic wire fees reimbursed per month.
- Unlimited domestic ATM fee reimbursements
- Unlimited item processing (debits, credits, and deposited items)
- Cash deposits via MoneyPass and AllPoint networks
Darlene Santos is a research analyst at CreditDonkey, a bank comparison and reviews website. Write to Darlene Santos at darlene.santos@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
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