So, you're ready to take control of your finances and explore the world of online banking with Ally Bank? That's a fantastic decision! Ally Bank is known for its competitive interest rates, low fees, and user-friendly online platform. Opening an account might seem like a daunting task, but I'm here to walk you through every single step of the process.
Let's get started on your journey to smarter banking!
How to Create an Ally Bank Account: Your Complete Step-by-Step Guide
Ally Bank offers various account types, including the popular Online Savings Account and the Spending Account (their version of a checking account). The process for opening either is quite similar. We'll focus on the general steps, and you can tailor them to the specific account you wish to open.
Step 1: Are You Ready to Dive In? Gather Your Essentials!
Before you even click "Open Account," it's crucial to have a few key pieces of information and documents readily available. This will make the entire application process smooth and quick. Trust me, you don't want to be scrambling for documents in the middle of filling out forms!
What You'll Need:
Your Personal Information:
Full legal name (as it appears on government IDs)
Date of birth (you must be at least 18 years old)
Social Security Number (SSN) or Taxpayer Identification Number (TIN)
U.S. residential street address (and previous address if you've lived at your current one for less than five years)
Mailing address (if different from your residential address)
Primary phone number
Email address
Mother's maiden name (often used for security verification)
Occupation
A Device with Internet Access: A computer, tablet, or smartphone will work, as Ally's online application is designed to be responsive.
Reliable Internet Connection: To avoid any interruptions during the application.
Method for Initial Deposit (Optional, but Recommended): While Ally Bank boasts no minimum deposit to open an account, having a plan for your initial deposit will get your account active and earning interest faster. Common methods include:
Electronic transfer from another bank account (you'll need your other bank's routing and account numbers).
Mobile check deposit (via the Ally app).
Mailing a check.
Step 2: Navigate to the Ally Bank Website and Choose Your Account
Now that you're prepared, it's time to head over to Ally Bank's official website.
Sub-heading: Finding the "Open Account" Section
Open your web browser and go to
www.ally.com Once on the Ally Bank homepage, look for a prominent button or link that says "Open New Account," "Open Account," or "Get Started." This is usually found in the top right corner or central area of the page.
You'll likely be presented with a selection of account types. Common options include:
Online Savings Account: Excellent for building your emergency fund or saving for specific goals with competitive interest rates.
Spending Account (Interest Checking): Their checking account, offering interest on your balance and various convenient features.
Money Market Account: A hybrid account offering features of both checking and savings.
CDs (Certificates of Deposit): For long-term savings with fixed interest rates.
IRAs: For retirement savings.
Select the account type you wish to open. For this guide, we'll assume you're opening either a Savings or Spending Account. Click on the corresponding "Open Account" button for your chosen product.
Step 3: Begin the Application – Tell Ally About Yourself!
This is where you start filling out the actual application forms. The process is typically divided into several screens or sections.
Sub-heading: Existing Customer or New to Ally?
The first question you might encounter is whether you are an existing Ally Bank customer.
If yes, you'll log in with your existing credentials.
If no (which is likely if you're reading this guide!), select the "No, I don't have an Ally login" or similar option.
Sub-heading: Providing Your Personal Details
You will then be prompted to enter all the personal information you gathered in Step 1. Be sure to enter this information accurately and exactly as it appears on your official documents.
This includes your full name, date of birth, SSN/TIN, residential address, email, and phone number.
If you're opening a joint account, you'll have the option to add additional account owners (up to four). Be prepared to provide their personal information as well.
Step 4: Review and Consent
Before submitting your application, Ally Bank (like all financial institutions) requires your consent to various terms and conditions.
Sub-heading: Reading the Fine Print (It's Important!)
You will be presented with disclosures and agreements. Take your time to read through these documents. They cover important aspects like:
Electronic Communication Consent: Ally Bank operates primarily online, so you'll need to consent to receive communications electronically.
Truth in Savings Disclosures: Details about interest rates, how interest is calculated, and any potential fees.
Privacy Policy: How Ally Bank handles your personal information.
Deposit Account Agreement: The full terms and conditions governing your account.
After reviewing, you'll typically need to check boxes confirming that you have read, understood, and agree to these terms.
Step 5: Funding Your Account (Optional Initial Deposit)
While you can open an Ally account with a $0 minimum deposit, you'll want to fund it to start earning interest and using its features.
Sub-heading: Choosing Your Deposit Method
You'll be given options for your initial deposit. The most common and convenient methods are:
Electronic Transfer (ACH): This allows you to transfer funds from an existing account at another bank. You'll need the routing number and account number of that external account. This typically takes 1-3 business days.
Mobile Check Deposit: If you have the Ally Bank mobile app, you can deposit a check by taking photos of it.
Wire Transfer: You can initiate a wire transfer from another bank, though this might incur fees from the sending bank.
Mail a Check: You can mail a check to Ally Bank.
Select your preferred method and follow the on-screen instructions to initiate your initial deposit. Remember, you can always fund your account later if you prefer.
Step 6: Application Submission and Confirmation
You're almost there! This is the final step in sending your application to Ally Bank for review.
Sub-heading: The Final Click
Review all the information you've entered one last time to ensure accuracy. Any errors could delay your application.
Click the "Submit Application" or similar button.
You should receive an immediate confirmation on screen that your application has been submitted.
Ally Bank will typically send you an email confirmation shortly after, letting you know your application status. In many cases, applications are approved instantly. If more information is needed, they will contact you.
Step 7: Welcome to Ally! What's Next?
Congratulations! Once your account is approved, you'll receive further instructions from Ally Bank.
Sub-heading: Setting Up Your Online Access and Getting Started
Log in to your new Ally Bank account using the credentials you created during the application process (or if you already had an Ally login, your existing ones).
Explore the online banking platform and the mobile app. You'll find features like:
Online Bill Pay: Set up recurring payments or pay bills individually.
Ally eCheck Deposit℠: Conveniently deposit checks using your mobile device or scanner.
Transfers: Easily move money between your Ally accounts or to/from external accounts.
Zelle®: Send and receive money quickly with friends and family.
Buckets and Boosters (for Savings Accounts): Powerful tools to organize your savings goals and automate contributions.
You'll typically receive your debit card and initial checks (if you opened a Spending Account) in the mail within 7-10 business days.
Activate your debit card as soon as it arrives.
Consider setting up direct deposit for your paycheck to enjoy early access to funds (often up to two days early with Ally).
10 Related FAQ Questions
Here are some quick answers to frequently asked questions about opening an Ally Bank account:
How to Qualify for an Ally Bank Account?
To qualify, you must be at least 18 years old, have a U.S. residential street address, and provide a Social Security Number (SSN) or Taxpayer Identification Number (TIN).
How to Deposit Cash into an Ally Bank Account?
Ally Bank is an online-only bank and does not accept cash deposits directly. You can deposit checks via mobile deposit or mail, or transfer funds electronically from another bank where you can deposit cash.
How to Find an ATM for Ally Bank?
Ally Bank is part of the Allpoint® and MoneyPass® ATM networks, offering access to over 75,000 surcharge-free ATMs nationwide. You can use their ATM locator tool on their website or app. Ally also reimburses up to $10 in ATM fees from other networks per statement cycle.
How to Make an Initial Deposit into an Ally Bank Account?
You can make an initial deposit via electronic transfer (ACH) from another bank, mobile check deposit using the Ally app, or by mailing a check. There is no minimum deposit required to open an account.
How to Open a Joint Ally Bank Account?
During the online application process, you will be given the option to add up to four joint account owners. You'll need to provide their personal details (name, DOB, SSN, etc.) as well.
How to Contact Ally Bank Customer Service?
You can reach Ally Bank customer service 24/7 by phone at 1-877-247-2559. They also offer online chat support on their website.
How to Get Your Debit Card After Opening an Ally Account?
Your Ally Bank debit card will typically arrive in the mail within 7-10 business days after your account is opened and funded.
How to Check Your Application Status for Ally Bank?
After submitting your application, you should receive an email confirmation. If you don't hear back or have concerns, you can contact Ally Bank customer service.
How to Set Up Direct Deposit with Ally Bank?
Once your account is open, you can find your Ally Bank routing number and account number within your online banking portal. Provide these details to your employer's payroll department to set up direct deposit.
How to Close an Ally Bank Account?
To close an Ally Bank account, you typically need to contact their customer service directly via phone or secure message within your online banking portal. They will guide you through the process.
