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Ally Bank Money Market

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description Ally Bank Money Market Overview

For users needing a slightly more robust savings vehicle than a standard savings account, the Money Market option from Ally provides high liquidity coupled with competitive interest rates. It bridges the gap between simple savings and investment accounts, making it ideal for money that needs to be accessible but still needs to earn significant interest.

help Ally Bank Money Market FAQ

Can I write checks from an Ally Money Market Account?

Yes. Ally provides checks and a debit card with its Money Market Account, which distinguishes it from the bank's Online Savings Account.

How many withdrawals can I make from Ally Money Market each month?

Ally currently limits certain transfers, checks, debit purchases, and similar withdrawals to 10 per statement cycle. Deposits are unlimited, and ATM withdrawals are treated differently under Ally's account rules.

Is money in an Ally Money Market Account FDIC-insured?

Yes, eligible Ally Bank deposits are insured by the FDIC up to the applicable legal limit. Accounts held in different ownership categories can receive separate coverage under FDIC rules.

Does Ally Money Market require a minimum opening deposit?

Ally advertises the account without a minimum opening deposit or monthly maintenance fee. Its APY is variable, so the rate can change after the account is opened.

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