Photo by Getty Images; Illustration by Tiffany Herring
Ally Bank is an online-only bank offering a wide range of financial products, including deposit accounts such as checking and savings accounts. The bank’s money market account, in particular, offers a high annual percentage yield (APY) that’s a solid choice for customers looking for a competitive money market account.
To boot, the account can be opened without a minimum deposit, there’s no monthly fee and you can start earning interest with as little as one cent.
Ally Bank earned 4.7 out of 5 stars in Bankrate’s review across its deposit products, and its money market account earned a score of 4.5 out of 5 stars.
Ally Bank money market interest rates
Ally offers just one money market account, which earns a high yield on all balance tiers.
| Account name | APY | Minimum deposit |
|---|---|---|
| Note: The annual percentage yield (APY) shown is as of April 23, 2024, and may vary by region. | ||
| Money Market Account | 4.20% | No minimum |
How Ally’s money market account compares with top-yielding banks
While Ally Bank’s money market account is highly competitive, it is possible to find a higher rate elsewhere, including:
But while those banks offer higher yields, some do require a minimum deposit to open the account, and some even come with a monthly fee. As such, Ally may not be the highest APY out there for a money market account, but it is easy and cheap to open the account. Moreover, because Ally offers a wide range of products, it can be your one-stop shop for banking.
Other savings options at Ally
Ally also offers a savings account, checking account and a large swath of certificates of deposit. None of the accounts feature monthly fees or minimum balance requirements — and all of Ally’s accounts pay competitive yields, too.
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