Ally Money Market vs Savings
Ad Disclosure: This article contains references to products from our partners. We may receive compensation if you apply or shop through links in our content. This compensation may impact how and where products appear on this site. You help support CreditDonkey by using our links.
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 Bank: Online Savings Account - 3.20% 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 3.20% 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 3.20% 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.
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 - 3.20% APY | Ally Bank: Money Market - 3.20% APY | |
|---|---|---|
Online Savings Account - 3.20% APY - | Money Market - 3.20% APY - | |
| Monthly Fee | ||
| APY | ||
| Balance Requirement |
CIT Bank Platinum Savings - 4.10% APY Boost
| Tier | Boost APY |
|---|---|
| Balance over $5,000 | 4.10%* |
| Balance less than $5,000 | 0.60%* |
After boost is completed, you will continue to earn our best standard rates:
| Tier | APY |
|---|---|
| Balance over $5,000 | 3.75%1 |
| Balance less than $5,000 | 0.25%1 |
- Needs to use promo code to qualify: CITBoost
- Boost lasts 6 months over standard APY
- Tiered account
- $100 minimum account opening
- Member FDIC
- No Monthly Service fees
- No account opening fees
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 - 3.20% APY
- 3.20% 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 3.20% 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]
- UFB Portfolio Money Market:
Earn up to 3.26% 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 - 3.20% APY
$0 minimum opening deposit. No minimum balance requirement. No fees to open or maintain account.
Pros
- Good 3.20% 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]
- CIT Bank Platinum Savings:
4.10% APY Boost - UFB Portfolio Savings:
Earn up to 3.26% APY - Western Alliance Bank:
High-Yield Savings Premier - 3.80% APY - Mission Valley Bank:
High Yield Savings Account - 3.86% APY - Axos ONE:
Earn up to 4.21% APY - Quontic:
High Yield Savings - 3.50% APY - Live Oak Bank:
Personal Savings - Earn 3.80% APY - Valley National Bank:
High-Yield Savings Account - 3.79% APY - Raisin:
High-Yield Savings Account - Up to $1,500 Bonus - Current Savings:
Up to 4.00% bonus
Other Ally Bank Products to Consider
Here are other banking options from Ally for you to check out:
Ally Bank: No Penalty CD
- Withdraw full balance and interest after 6 days of CD funding date without penalty
- 2.90% APY
- No monthly maintenance fee
- FDIC insured
- Daily compounding interest
Ally Bank: Term CDs
- Up to 3.70% APY
- $0 Minimum Opening Deposit
- Up to 5 years
- 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: Raise Your Rate CDs
- 3.25% 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: 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. Setup and receive a qualifying direct deposit within 30 days of account opening. The $100 bonus will be deposited to your account within 30 days of receiving your qualifying direct deposit.
Ally Bank: 1-Year CD - 3.70% APY
Ally Bank: IRA High Yield CD - Up to 3.70% APY
| CD Term | APY |
|---|---|
| 3 Months | 2.90% |
| 6 Months | 3.30% |
| 9 Months | 3.30% |
| 12 Months | 3.70% |
| 18 Months | 3.50% |
| 3 Years | 3.40% |
| 5 Years | 3.40% |
Ally Bank: 18-Month CD - 3.50% APY
Ally Bank: 3-Year CD - 3.40% APY
Ally Bank: 5-Year CD - 3.40% 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 - 3.20% APY
- 3.20% 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 - 3.20% 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. Set up and receive one or more monthly automated recurring transfer or set up a qualifying direct deposit within 30 days of account opening. The monthly automated recurring transfer/s or direct deposit 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
Chase Total Checking® - $400 Bonus
- New Chase checking customers can receive $400 when you open a Chase Total Checking® account and make direct deposits totaling $1,000 or more within 90 days of coupon enrollment.
- Unlock more offers with Chase. Get up to $500 per calendar year by referring friends and family. Plus, get cash back from top brands with Chase Offers when you use your debit card.
- Chase Total Checking® has a $15 monthly service fee, you can easily avoid the fee with direct deposits totaling $500 or more, or a minimum average daily balance each statement period.
- 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*
- Chase Mobile® app makes banking simple. Manage accounts, pay bills, send money to friends with Zelle® and deposit checks on the go with Chase Quick Deposit℠.
- Chase has the largest branch network in the U.S. with thousands of ATMs and branches. Use the Chase locator tool to find a branch or ATM near you.
- Chase helps keep your money protected with features like Zero Liability Protection, fraud monitoring and card lock.
- Chase Total Checking includes FDIC insurance up to the maximum amount allowed by law.
Bank of America Advantage Banking - Up to $500 Cash Offer
- The cash offer up to $500 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 05/31/2026.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* into that new eligible account within 90 days of account opening. Your cash bonus amount will be based on the total amount of your Qualifying Direct Deposits received in the first 90 days.
Cash Bonus Total Qualifying Direct Deposits $100 $2,000 $300 $5,000 $500 $10,000+ - If all requirements are met 90 days after account opening, Bank of America will attempt to deposit your bonus into your new eligible account within 60 days.
- Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- 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 - 4.10% APY Boost
| Tier | Boost APY |
|---|---|
| Balance over $5,000 | 4.10%* |
| Balance less than $5,000 | 0.60%* |
After boost is completed, you will continue to earn our best standard rates:
| Tier | APY |
|---|---|
| Balance over $5,000 | 3.75%1 |
| Balance less than $5,000 | 0.25%1 |
- Needs to use promo code to qualify: CITBoost
- Boost lasts 6 months over standard APY
- Tiered account
- $100 minimum account opening
- Member FDIC
- No Monthly Service fees
- No account opening fees
Rewards Checking - Up to 3.30% APY
- Build your own APY with up to 3.30% APY*
- Zero monthly maintenance fees
- Zero overdraft or NSF fees
- Zero minimum monthly balance reqs
- No initial deposit requirement
- Unlimited domestic ATM fee reimbursements
- Online debit card management
- Simple, 3-step process for direct deposit
U.S. Bank Business Essentials - $400 Bonus
Promo code Q2AFL26 MUST be used when opening a U.S. Bank Business Essentials® or Platinum Business Checking account. Limit of one bonus per business. A $100 minimum deposit is required to open one of the referenced accounts.
To earn a business checking bonus, open a qualifying U.S. Bank business checking account between 4/01/2026 and 6/30/2026. Make the required deposit(s) in new money within 30 days of account opening, maintain the same required daily balance through the 60th day, and complete 6 qualifying transactions based on posted date within 60 days of account opening.
Business Essentials: $400 bonus with $5,000 deposits and daily balance
Qualifying transactions include debit card purchases, ACH and wire credits or debits, Zelle credits or debits, U.S. Bank mobile check deposit, electronic or paper checks, bill pay (excluding payments made by credit card), and payment received via U.S. Bank Payment Solutions. Other transactions, such as person-to-person payments, credit card transfers, or transfers between U.S. Bank accounts, are not eligible.
New money is defined as funds from outside U.S. Bank and cannot be transferred from another U.S. Bank product or a U.S. Bank Affiliate. For accounts opened on non-business days, weekends or federal holidays, the open date is considered the next business day. Account fees may reduce the required daily balance during the qualifying period.
Bonus will be deposited into your new eligible U.S. Bank business checking account within 30 days after the month-end in which all offer requirements are met, provided the account remains open with a positive available balance.
Offer may not be combined with other business checking bonus offers. Existing businesses with a business checking account or had one closed within the past 12 months, do not qualify.
All regular account-opening procedures apply. For full checking account pricing, terms and policies, refer to your Business Pricing Information, Business Essentials Pricing Information, and YDAA disclosure. These documents are available at any U.S. Bank branch or by calling 800.872.2657.
Bonus will be reported as interest earned on IRS Form 1099-INT and recipient is responsible for any applicable taxes. Current U.S. Bank employees are not eligible. U.S. Bank reserves the right to withdraw this offer at any time without notice.
Member FDIC
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.
|
|
|
Compare:
