It's fantastic that you're considering opening an Ally Bank account! Online banking offers incredible convenience and often comes with competitive rates and lower fees compared to traditional brick-and-mortar banks. Ally Bank, in particular, is renowned for its user-friendly platform and excellent customer service. This comprehensive guide will walk you through every step of the process, ensuring a smooth and hassle-free experience.
Ready to dive in? Let's get started on your journey to smart online banking with Ally!
Step 1: Discover Your Ally Account Needs
Before you even start the application, it's crucial to understand what kind of account best suits your financial goals. Ally Bank offers a variety of options, each with its own advantages.
Understanding Ally's Core Offerings
Ally Bank Online Savings Account: This is often Ally's flagship product. It's known for its highly competitive interest rates (significantly higher than the national average) and a $0 minimum opening deposit. It's perfect for building an emergency fund, saving for a down payment, or any other long-term savings goals. You can also utilize their "Buckets" and "Boosters" features to organize and accelerate your savings.
Ally Bank Spending Account (Checking): This is Ally's interest-bearing checking account. It also comes with no monthly maintenance fees and no minimum balance requirement. It offers features like early direct deposit and overdraft protection. While it pays interest, remember that checking accounts are generally for day-to-day spending, so the interest rate might be lower than a savings account.
Money Market Account: This account combines some features of both checking and savings accounts, offering a competitive interest rate while still providing check-writing capabilities and ATM access.
Certificates of Deposit (CDs): For those looking to lock in a higher interest rate for a fixed period, Ally offers various CD options, including High-Yield CDs, No Penalty CDs, and Raise Your Rate CDs.
IRAs (Individual Retirement Accounts): If you're planning for retirement, Ally also offers Traditional, Roth, and SEP IRAs.
Consider your primary financial needs: Are you looking to grow your savings aggressively? Do you need a reliable account for daily transactions? Or are you aiming for a blend of both? Having a clear idea will streamline your application process.
Step 2: Gather Your Essential Information
To ensure a quick and smooth application, have the following personal and financial details readily available. This information is required by federal law for identity verification and security purposes.
What You'll Absolutely Need:
Legal Name: Your full name as it appears on official documents.
Date of Birth: You must be at least 18 years old to open an account with Ally Bank.
U.S. Residential Street Address: A physical U.S. address is mandatory. Ally does not open accounts for non-resident aliens.
Social Security Number (SSN) or Tax Identification Number (TIN): This is a critical piece of information for identity verification and tax reporting.
Contact Information: This includes a valid phone number and email address.
Additional Information (Depending on Account Type):
If opening a joint account: You'll need the same information (name, DOB, address, SSN/TIN) for each joint account holder (up to four).
If opening a Trust or Custodial account: Ally will prompt you for specific details related to the trust or custodial arrangement.
For funding your account: Have the routing and account number of an existing external bank account ready if you plan to transfer funds electronically.
Step 3: Initiate Your Online Application
Ally Bank is an entirely online bank, which means the application process is digital and convenient.
Navigating to the Application Portal
Visit the Official Ally Bank Website: Open your web browser and go to
www.ally.com Locate "Open Account": Look for a prominent button or link typically labeled "Open Account," "Open an Account," or "Enroll." This is usually found on the homepage or in the main navigation.
Starting the Application
Choose Your Account Type(s): The website will prompt you to select the type of account(s) you wish to open. You can typically open multiple accounts (e.g., a checking and a savings account) within a single application.
Indicate Your Current Ally Relationship:
"You don't have an Ally login": Select this if you are a brand new customer.
"You already have an Ally login": If you're an existing customer (e.g., you have an auto loan with Ally) and want to open a bank account, select this option.
Provide Personal Information: Carefully enter all the required personal details you gathered in Step 2. Double-check for accuracy to avoid delays.
This will include your name, date of birth, address, and SSN/TIN.
If applying for a joint account, you'll be prompted to add the joint owner's information here.
Review and Consent: You'll be presented with various disclosures and terms and conditions. It's important to read these thoroughly before agreeing. You'll also likely need to consent to receive communications electronically.
Step 4: Fund Your New Ally Account
Once your application is submitted and approved, you'll need to deposit money into your new account. Ally offers several convenient ways to do this.
Common Funding Methods:
Electronic Transfer (ACH Transfer): This is one of the most popular methods. You can link an existing external bank account (from another bank) to your new Ally account and transfer funds electronically.
How to do it: During the application, or once your account is set up, you'll typically be asked to provide the routing and account number of your external bank. Ally may perform a small "micro-deposit" verification to confirm ownership of the external account.
Direct Deposit: You can set up direct deposit from your employer or other income sources directly into your Ally Bank account.
Mobile Check Deposit (Ally eCheck Deposit℠): Using the Ally Mobile App, you can simply take a photo of your endorsed check to deposit it.
Limits: You can typically deposit up to $50,000 in a single business day and up to $250,000 every 30 calendar days using Ally eCheck Deposit.
Requirements: Ensure the check is made payable to you, properly endorsed with signatures of all payees, and has "For Mobile Deposit Only" written on the back, along with your account number.
Mail a Check: You can mail a check to Ally Bank. Ensure the check is properly endorsed, includes a deposit slip (if you have one), and has your account number and "For Deposit Only" on the back.
Mailing Address: Ally Bank, P.O. Box 13625, Philadelphia, PA 19101-3625.
Wire Transfer: You can initiate a wire transfer from another bank to your Ally Bank account. Incoming domestic and international wire transfers typically have no fees from Ally's side.
Important Notes on Funding:
Minimum Deposit: Ally Bank generally has no minimum deposit requirement to open most accounts. However, funding your account quickly will ensure you start earning interest sooner.
Funds Availability: Electronic transfers and mobile check deposits may have a processing time before funds are fully available. Ally will provide details on funds availability during the deposit process.
Cash Deposits: Ally Bank, being an online-only bank, does not accept cash deposits directly. If you need to deposit cash, you'll typically need to deposit it into an account at a traditional bank and then transfer it to your Ally account.
Step 5: Enroll in Online Banking and Set Up Your Account
Once your account is open and funded, it's time to fully set up your online access and explore Ally's features.
Setting Up Your Login and Security
Create Your Username and Password: If you didn't do this during the application, you'll receive instructions (usually via email) on how to set up your online login credentials.
Enable Two-Factor Authentication: For enhanced security, Ally offers two-factor authentication (also known as multi-factor authentication). This typically involves a code sent to your phone or email in addition to your password. It's highly recommended to enable this feature.
Explore the Online Dashboard: Log in to your Ally Bank account online. Familiarize yourself with the dashboard, which provides an overview of your accounts, balances, and recent transactions.
Maximizing Your Ally Account Features
Download the Ally Mobile App: The mobile app provides convenient access to your accounts on the go, allowing you to check balances, transfer funds, pay bills, and use mobile check deposit.
Set Up Alerts: Customize alerts for various account activities, such as low balances, large transactions, or direct deposit notifications.
Utilize "Buckets" (Savings and Spending Accounts): For savings accounts, "Buckets" allow you to categorize your savings goals (e.g., "Vacation Fund," "New Car," "Emergency Fund") within a single account. For spending accounts, "Spending Buckets" help you organize money for upcoming expenses.
Explore "Boosters" (Savings Account): Ally offers tools like "Recurring Transfers" (automated deposits), "Round Ups" (rounds up transactions to the nearest dollar and transfers the difference to savings), and "Surprise Savings" (analyzes your linked checking account for safe-to-save money and automatically transfers it).
Order Debit Card and Checks: If you opened a Spending Account or Money Market Account, you'll typically receive your debit card within 10 business days after your opening deposit is processed. You can also order checks.
Link External Accounts: For easy transfers, link your other bank accounts to your Ally account.
Step 6: Get to Know Ally's Customer Support
Even with a smooth online process, it's good to know how to reach Ally's customer service if you ever need assistance.
Ally's 24/7 Support
Phone: You can call Ally Bank's customer service 24/7 at 1-877-247-2559.
Online Chat: Ally typically offers a chat feature on their website for quick inquiries.
Email: You can also send them an email through their secure messaging system once you're logged in.
Frequently Asked Questions
How to check my Ally Bank account balance?
You can easily check your Ally Bank account balance by logging into your account on the official Ally Bank website or by using the Ally Mobile App.
How to deposit cash into my Ally Bank account?
Since Ally is an online-only bank, you cannot directly deposit physical cash. You'll need to deposit cash into an account at a traditional bank with a physical branch, and then transfer the funds electronically to your Ally Bank account.
How to set up direct deposit with Ally Bank?
To set up direct deposit, you'll need your Ally Bank account number and routing number. Provide these details to your employer's payroll department, typically by filling out a direct deposit form.
How to find my Ally Bank routing number?
Your Ally Bank routing number can be found by logging into your online account, on your checks, or by contacting Ally Bank customer service.
How to transfer money from Ally Bank to another bank?
You can transfer money from your Ally Bank account to another bank account by setting up an electronic transfer (ACH) within your Ally online banking platform or mobile app. You'll need the external bank's routing and account number.
How to order checks for my Ally Bank Spending Account?
You can order checks for your Ally Bank Spending Account (checking account) through your online banking dashboard or by contacting Ally Bank customer service.
How to use Ally eCheck Deposit℠?
To use Ally eCheck Deposit℠, open the Ally Mobile App, select your account, choose "Deposit Checks," and follow the prompts to take photos of the front and back of your endorsed check.
How to close an Ally Bank account?
To close an Ally Bank account, it's best to contact their customer service directly via phone or secure message to ensure all steps are followed correctly and to avoid any potential issues.
How to find Ally Bank ATM locations?
Ally Bank offers fee-free access to over 75,000 ATMs nationwide through the Allpoint® and MoneyPass® networks. You can find ATM locations using the ATM locator tool on the Ally Bank website or mobile app.
How to contact Ally Bank customer service?
You can contact Ally Bank customer service by calling them 24/7 at 1-877-247-2559, using their online chat feature, or sending a secure message through your online account.