What is the current interest rate for the Ally Money Market Account?
The Ally Money Market Account currently offers a flat interest rate of 3.60% APY.
Are there any fees associated with the Ally Money Market Account?
The Ally Money Market Account doesn't come with many of the standard fees, such as monthly service fees or minimum opening deposits. It also reimburses $10 worth of out-of-network ATM fees per month. There is a $20 outgoing domestic wire transfer fee, though.
What are the benefits of the Ally Money Market Account?
Some of the benefits of opening a Ally Money Market Account is having access to checks and a debit card, making it easy to take money out of your account. It also has a decent interest rate and doesn't charge many fees.
I’m wondering if there’s any downsides to the ally Money Market account since it sounds too good to be true. I saw there’s unlimited atm withdrawals but 10 transaction limit on transfers, so am I able to use the debit card normally or do purchases(online and in person) count toward the 10 transaction limit?
I checked on my Ally accounts today and noticed on the website that the HYSA and money market savings account interest has dropped to 4.25%. So far my account is still showing 4.35%. I guess we will be getting an email from Ally soon about this. Discover dropped their rate again on yesterday to 4.25% also.
The Ally Money Market APR is 4.15%, which is higher than the HYSA APR of 3.85%. Both types of account have a limit of 6 withdrawals per statement cycle, and both are federally insured. The only advantage I see to the HYSA is that you can organize money into buckets, which doesn't interest me. Am I missing anything?