Rate Update:
Mar 21, 2011: 1.00% APY (current rate)
Nov 24, 2010: 1.09% APY
Nov 06 2010: 1.19% APY
Sep 03, 2010: 1.25% APY
Looking for an account that offers the flexibility of a check card and still earns a higher rate than your traditional savings account? Then take a look at . A money market account is a form of savings account with higher interest rates than a regular savings account. A money market account isn’t to be confused with a money market fund, which is a mutual fund that invests in low interest rate securities.
Opening an Ally Money Market account is very easy. You can call 1-877-247-2559. It is a toll free number. You can also sign up online. Just visit Ally Bank. You will be asked to provide your name, address, contact details and social security number. You can open the account with $0 as it requires no minimum balance. You can fund the account at anytime by linking your current bank account.
Ally Bank does not charge a monthly fee for this account. You get a free check card which you can use for ATM withdrawals and purchases. You can use the check card to pay for purchases at merchants displaying the visa logo. While you can use the debit card for unlimited purchases, you can only make up to 6 ATM withdrawals per month – this is a legal restriction on all money market accounts. Exceeding the 6 withdrawals per month limit means that you’ll be hit with a $10 per transaction fee.
You can use the card at any ATM for free. There’s no need to worry about ATM fees – even if you use the card at another bank’s ATM. Initially you will be charged a fee by the other bank but Ally bank will refund the fees at the end of your statement period. Ally Bank will refund the first four, up to $6 per month. You can contact toll free customer service number at anytime 24/7.
The interest is compounded daily for maximum earnings. Because of the daily compounding, your money grows faster. Although you can open an with $0, your actual rate will be effective only when you make your first deposit.
is a Utah headquartered FDIC insured bank. Ally Bank is a unit of GMAC Financial Services (GMAC), which became a bank holding company in December 2008.GMAC’s banking unit officially changed its name to Ally Bank on May 15, 2009. Since Ally Bank is FDIC insured, your investments are protected.
Auto Insurance for $19? 
{ 2 comments… read them below or add one }
Nice to see a debit card that actually offers a savings interest rate too!
As of February 3rd, the rate is still 1.09%. I’m sure that despite the government’s low borrowing costs, Ally wanted to get out from the shadow of the crisis with GM and thus wanted to get as many depositors as it could, even at a cost of lower margins. Having accomplished some of that goal, it now has some wiggle room to lower rates to match competitors. Add onto that the checking card and the offering becomes more palatable. Now, if they could figure out a way to attach a checking card to a money market fund, that would really be something.