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Ally Bank’s Money Market Account with Debit Card (Rate Update)

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Rate Update:

1 30, 2017: 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.

Filed Under: Money Market Accounts  Tagged: ally money market account, best money market account, high yield money market

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APY

APY or the annual percentage yield is the real rate of return of an investment over a period of a year taking into account the effect of compounding interest.

Compound Interest

Compound interest occurs when the interest earned on an account is credited back to the account and then interest is earned on the new total balance.

Depositor Insurance

All banks and credit unions listed or reviewed on this site are either FDIC insured or for credit unions NCUA insured. Currently FDIC and NCUA insurance provide insurance up to $250,000 per depositor per institution.

National Average Savings Rate Calculation

The national average calculations were obtained from the Weekly National Rates published by the FDIC.gov website.

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