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 - 4.25% 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:
- Ally Money Market: You get 4.40% 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 4.25% 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 - 4.25% APY | Ally Bank: Money Market - 4.40% APY | |
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Online Savings Account - 4.25% APY - | Money Market - 4.40% APY - | |
| APY | ||
| Balance Requirement | ||
| Monthly Fee |
Discover Online Savings - $200 Cash Bonus
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY923 when applying. 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. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. 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 interest and subject to reporting on Form 1099-INT. Offer ends 12/14/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
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.
- 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 - 4.40% APY
- 4.40% 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 4.40% 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[1]
- Hanover Bank:
Money Market Deposit Account - 5.30% APY - StagePoint Federal Credit Union:
Money Market Deposit Account - 5.29% APY - American First Credit Union:
Money Market Deposit Account - 5.29% APY - Ponce Bank:
Money Market Deposit Account - 5.28% APY - Harborstone Credit Union:
Money Market Deposit Account - 5.25% APY - SkyOne Federal Credit Union:
Money Market Deposit Account - 5.24% APY - Patriot Bank:
Money Market Account - 5.22% APY - Grand Bank:
Money Market Deposit Account - 5.20% APY - Blue Federal Credit Union:
Money Market Deposit Account - 5.15% APY - Lemmata Savings Bank:
Money Market Deposit Account - 5.03% APY
Typically there is a limit of 6 withdrawals or transfers per month for both money market and savings accounts.[2] However, this is currently not being enforced due to changes in federal law.[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.
Ally Bank: Online Savings Account - 4.25% APY
$0 minimum opening deposit. No minimum balance requirement. No fees to open or maintain account.
Pros
- Good 4.25% 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[4]
- Discover Online Savings:
$200 Cash Bonus - Western Alliance Bank:
High Yield Savings Account - 5.26% APY - CIT Bank Platinum Savings:
5.05% APY - U.S. Bank Smartly® Checking and Standard Savings:
Up to $800 Bonus - Quontic:
High Yield Savings - 4.50% APY - Customers Bank:
High-Yield Savings Account - 5.30% APY - Cloudbank 24/7:
High Yield Savings Account - 5.26% APY - GreenState Credit Union:
High-Yield Savings Account - 5.16% APY - Adda Bank:
High Yield Savings Account - 5.15% APY - Mission Valley Bank:
High Yield Savings Account - 5.12% 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 - 4.40% APY
- 4.40% 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 - 4.25% APY
$0 minimum opening deposit. No minimum balance requirement. No fees to open or maintain account.
References
- ^ Ally Bank. Straight Talk Product Guide: Money Market Account, Retrieved 10/22/2023
- ^ Federal Reserve Board. Regulation D Reserve Requirements, Retrieved 9/14/2023
- ^ Federal Reserve Board. Federal Reserve Board announces interim final rule to delete the six-per-month limit, Retrieved 9/14/2023
- ^ Ally Bank. Straight Talk Product Guide: Savings Account, Retrieved 10/22/2023
Discover Online Savings - $200 Cash Bonus
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY923 when applying. 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. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. 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 interest and subject to reporting on Form 1099-INT. Offer ends 12/14/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
Chase Total Checking® - $200 Bonus
- New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account with qualifying activities
- Access to more than 15,000 Chase ATMs and more than 4,700 branches
- 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 Business Advantage Checking Account - $200 Bonus Offer
- Open a new eligible business checking account by June 30, 2024
- Make Qualifying Deposits* of $5,000 or more in new money within 30 days of opening the new eligible business checking account
- Maintain an average balance of $5,000 for the next 60 days (day 31-90) during the maintenance period**
**The maintenance period begins thirty-one (31) days after account opening and ends ninety (90) calendar days after account opening.
Member FDIC
CIT Bank Platinum Savings - 5.05% APY
- 5.05% 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
Rewards Checking - Up to 3.30% APY
- Use promo code AXOS300 and apply by December 31st, to earn up to a $300 bonus!
- Up to 3.30% APY
- Zero monthly maintenance fees
- Zero overdraft or NSF fees
- Zero minimum monthly balance reqs
- Unlimited domestic ATM fee reimbursements
- Online debit card management
- Simple, 3-step process for direct deposit
- Only $50 to open an account
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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