Ally Money Market vs Savings

Ally's Money Market and Savings accounts boast high APYs with no hidden fees. But, how do they differ? Read on to find out.

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 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 4.20% 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 4.20% 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.

Compare High-Yield Savings

High-Yield Savings Premier - 5.36% APY

• No account activity or maintenance fees
• $500 minimum opening deposit
• FDIC insured

5.36% annual percentage yield (APY) is accurate as of 1/17/2024 and subject to change at the Bank's discretion. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. Member FDIC

Click Here to Learn More

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.

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.

Pros

• Competitive 4.20% 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]

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.

Pros

• Good 4.20% 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]

Other Ally Bank Products to Consider

Here are other banking options from Ally for you to check out:

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!

References