Ally Bank offers a good money in the bank deal through their money market account which has a current interest rate of 1.49% APY effective on all balances.

This money in the bank deal can be opened with $0. The promo page clearly states that the bank does not impose any minimum balance requirements and does not collect any monthly service fees. The variable interest rate will take into effect when the bank receives your initial deposit.

Interested consumers can complete an application for a money market account online. If everything goes smoothly upon account opening, the bank will just require you send one document. You will need to accomplish a signature card with a return envelope that the bank will send to you.

Aside from the competitive money market rate, the account comes with the convenience of a check card. The first 50 checks come free. Consumers also don’t have to worry about ATM fees, Ally Bank even guarantees that if another bank charges you ATM fees they will refund the first four transactions up to $6 every month.

The interest rate that we have here is still posted on the website as of January 6 but they can be changed any time. The earnings of this money market are compounded on a daily basis.

The website does not include a FAQ section and we can not see the options on how you can send the bank your deposit. We chatted with the online help and we were informed that you can mail in a check, do a wire transfer, or send money via ACH which is of course the easiest method.

Like other money market accounts, this one too is limited to six transactions per month as restricted by federal law. Any transaction in excess of this limit will cost you $10 each.

Ally Bank roots from the foundation of GMAC Financial Services. Both companies are indexed with the FDIC. Ally Bank has a 24×7 customer service line through 1-877-247-ALLY.

Ally Bank is registered under FDIC certificate number 57803.