Ally Money Market Rates
Ally Bank (formerly GMAC Bank) has a lot to offer anyone looking for high yield returns. Ally Bank Money Market accounts are popular because they have some of the highest yields in the industry and some of the best options and offers to go with that. We here at Money Market Rates 101 are going to show you what they’re offering right now and how it can help you.
The Ally Money Market rates come with no minimum deposit or balance requirements to avoid fees. You can start with $1 or $100,000, it’s up to you. Their return is good with rates at Ally Bank being 1.55% annual percentage yield (APY). That rate is variable, of course, with the market, but is consistently high.
Other inclusions in the Ally Bank Money Market account include a check card, fifty free checks, no ATM fees (they even pay the fees from other ATMs - up to four per month), interest is compounded daily, and you get six transactions per cycle (month) without a fee.
Although rates at Ally Bank are consistently higher than the national offers and averages, these are not gimmick rates to get someone in the door before dropping it a month or two later. The Ally Money Market rates are consistently high all the time.
Using a calculator, since the interest compounds daily, it’s easy to see that at 1.55% APY $50,000 gains $775.94 in the first year. Those are great rates.
Definitely worth considering, in our book. Ally Bank is FDIC insured to the fullest extent of the law.