It's fantastic that you're considering Ally Bank for your banking needs! They're well-known for their competitive rates, user-friendly online platform, and excellent customer service. Setting up an account with an online-only bank like Ally is a straightforward process, but it's always helpful to have a detailed guide to walk you through each step. So, let's dive in and get you set up with your new Ally Bank account!
Your Comprehensive Guide to Setting Up an Ally Bank Account
Ready to experience banking that's built for the digital age? Let's begin!
Step 1: Are You Ready to Go Digital? Understanding What Ally Bank Offers
Before we even click that "Open Account" button, let's make sure Ally Bank is the right fit for your financial goals. Ally is an online-only bank, which means no physical branches. This model allows them to offer highly competitive interest rates and low (often zero) fees.
What Kind of Accounts Does Ally Offer?
Spending Account (Checking): This is their primary checking account, designed for everyday spending. It comes with a debit card, online bill pay, and even Zelle® for quick money transfers. Crucially, it has no monthly maintenance fees and no overdraft fees.
Savings Account: Known for its strong Annual Percentage Yield (APY), this account is perfect for building your emergency fund or saving for specific goals. It also includes "Buckets" and "Boosters" to help you organize and accelerate your savings.
Money Market Account: A hybrid between checking and savings, offering competitive rates while providing a debit card and checks for easier access to funds than a typical savings account.
Certificates of Deposit (CDs): For those looking to lock in a higher interest rate for a set period, Ally offers various CD options, including High Yield CDs, Raise Your Rate CDs, and No Penalty CDs.
IRAs (Individual Retirement Accounts): You can also open Traditional, Roth, or Rollover IRAs with Ally Bank for your retirement savings.
Is an Online-Only Bank Right for You? Consider if you're comfortable managing your finances primarily online and through a mobile app. Ally offers 24/7 customer service, but if you frequently need in-person banking services (like depositing large amounts of cash), you might need to maintain an account with a traditional bank as well.
If you're excited by the prospect of competitive rates, low fees, and convenient digital banking, then let's move on!
Step 2: Gather Your Digital Toolkit: What You'll Need to Apply
To ensure a smooth and quick application process, have the following information and documents readily available. Think of this as your digital checklist!
Personal Identification:
Full Legal Name: As it appears on your official documents.
Date of Birth: You must be 18 years or older to open an account.
Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN): This is a federal requirement for identity verification and tax reporting.
Mother's Maiden Name: Often used as a security verification question.
Occupation: Your current employment status or profession.
Contact Information:
Residential Street Address: A physical street address is required; P.O. Boxes are generally not accepted for your residential address. If you've lived at your current address for less than five years, you may need to provide your previous address.
Mailing Address: If different from your residential address.
Primary Phone Number: A reliable contact number.
Email Address: For important communications and account verification.
Financial Information (for funding, if applicable):
Routing Number: From your existing bank account if you plan to fund your new Ally account via electronic transfer (ACH).
Account Number: From your existing bank account.
For Joint Accounts (if applicable):
Be prepared to provide all the above personal identification and contact information for each joint account owner.
Having these details handy will significantly speed up the application.
Step 3: The Digital Gateway: Navigating the Ally Bank Website
Now, let's head over to Ally Bank's official website and begin the application.
Visit the Ally Bank Website: Open your web browser and go to
www.ally.com Locate the "Open Account" Button: Look for a prominent button, usually in the top right corner or center of the homepage, that says "Open New Account" or "Open Account." Click on it.
Choose Your Account Type: You'll be presented with various account options (Spending, Savings, Money Market, CDs, IRAs, etc.).
Carefully select the type of account you wish to open. If you're unsure, you can explore the features of each before making your choice. Many people start with a Spending and/or a Savings Account.
If you want to open multiple accounts, you can often add them during the application process or open additional accounts later once your primary account is established.
Indicate Your Customer Status: The system will likely ask if you are an existing Ally Bank customer.
Select "No, I'm a new customer" if this is your first time opening an account with Ally.
If you already have an Ally account, choose "Yes, I'm an existing customer" and you'll typically log in to your existing profile to add a new account.
Step 4: Tell Us About Yourself: Filling Out the Application Form
This is where you'll input all the information you gathered in Step 2. The application is typically guided and moves you through sections.
Sub-Step 4.1: Personal Details
Primary Account Holder Information: You'll start by entering your full name, date of birth, Social Security Number, and occupation.
Residential Address: Provide your current street address. Remember, no P.O. Boxes for residential address. If you've moved recently, you might need to provide your previous address.
Contact Information: Enter your primary phone number and email address. Ensure these are accurate, as Ally will use them for verification and important communications.
Security Questions: You'll be asked to set up security questions and answers, including your mother's maiden name. Choose questions and answers you'll easily remember but that others won't guess.
Sub-Step 4.2: Joint Account Information (Optional)
If you're opening a joint account, you'll be prompted to add the details for the joint applicant(s). You can typically add up to four joint owners. Have their personal information ready as well.
Sub-Step 4.3: Account Options & Consent
Initial Deposit (Optional): While Ally Bank accounts often have no minimum deposit to open or earn APY, you might be asked if you intend to make an initial deposit and for what amount. This is often for planning purposes and isn't a strict requirement to open the account.
Account Features: Review any specific features or options related to the account type you've chosen (e.g., opting for a debit card with a Spending Account).
Electronic Consent: You'll need to consent to receive communications and disclosures electronically. This is standard practice for online banks and allows you to manage your accounts online. Without this consent, you won't be able to access online banking services.
Sub-Step 4.4: Review and Submit
Review Your Information: This is a critical step! Before submitting, carefully review all the information you've entered. Check for any typos or inaccuracies, as errors can delay your application.
Agree to Terms and Conditions: Read through the terms and conditions, privacy policy, and any other disclosures. While lengthy, it's important to understand the agreement you're entering into. Check the box to confirm you agree.
Submit Your Application: Once you've verified everything, click the "Submit" or "Apply" button.
Step 5: Awaiting Approval: What Happens Next
After you submit your application, Ally Bank will review it.
Instant Decision: Many applicants receive an instant approval decision.
Verification: In some cases, Ally may need to verify your identity further. This could involve:
Credit Bureau Check: Like most banks, Ally may perform a soft credit inquiry to verify your identity and protect against fraud. This does not impact your credit score.
Asking for Additional Documents: They might request a copy of your driver's license or other identifying documents. If so, they'll provide clear instructions on how to securely upload or send these.
Lifting a Credit Freeze: If you have a credit freeze on your report, Ally might contact you to temporarily lift it for verification purposes.
Email Confirmation: You'll typically receive an email confirmation once your application is approved. This email will usually include details on how to fund your account and what to expect next.
Step 6: Funding Your Future: Depositing Money into Your New Account
Once your account is approved, it's time to put some money in! Ally Bank offers several convenient ways to fund your new account.
Sub-Step 6.1: Electronic Transfer (ACH)
This is one of the most common and easiest methods. You'll link an existing bank account (from another financial institution) to your new Ally account.
You'll typically need the routing number and account number of your external bank account.
Transfers from Ally Bank to Ally Bank accounts are usually immediate, while transfers from other banks may take 1-3 business days to clear.
Sub-Step 6.2: Direct Deposit
You can set up direct deposit for your paycheck, government benefits, or other recurring income directly into your Ally Spending or Money Market Account.
You'll need Ally's routing number and your specific Ally account number, which you can find in your online banking portal or on the Ally mobile app. Provide these details to your employer or benefits provider.
Sub-Step 6.3: Ally eCheck Deposit℠ (Mobile Check Deposit)
Using the Ally mobile app, you can deposit checks by simply taking a photo of the front and back of the endorsed check with your smartphone or tablet. This is incredibly convenient!
Sub-Step 6.4: Wire Transfer
For larger sums or faster access to funds, you can initiate a wire transfer from another bank to your Ally account. Be aware that your sending bank may charge a fee for wire transfers. Ally does not accept third-party wires.
Sub-Step 6.5: Mail a Check
You can also mail a check directly to Ally Bank. Ensure the check is properly endorsed with "For Deposit Only" and your Ally account number.
Mail to: Ally Bank, P.O. Box 13625, Philadelphia, PA 19101-3625. Do not send cash through the mail.
Step 7: Welcome to Ally: Activating Your Account and Exploring Features
Congratulations! Your Ally Bank account is now open and funded.
Activate Your Debit Card (if applicable): If you ordered a debit card for your Spending or Money Market account, it will arrive in the mail within 7-10 business days. Follow the instructions provided to activate it (usually by phone or online).
Set Up Online Banking and Mobile App: If you haven't already, enroll in Ally's online banking and download the Ally mobile app. These will be your primary tools for managing your money.
Explore Features:
Online Bill Pay: Set up recurring payments for your bills.
Zelle®: Send and receive money quickly with people you know.
Savings Buckets and Boosters: If you opened a Savings Account, explore these tools to organize and automate your savings.
ATM Access: Use your debit card at any Allpoint® or MoneyPass® ATM in the U.S. for free. Ally also reimburses up to $10 per statement cycle for fees charged at other ATMs nationwide.
Customer Service: Familiarize yourself with Ally's 24/7 customer service options (phone, chat, email).
Step 8: Secure Your Account: Important Security Practices
As an online bank, security is paramount. Take these steps to protect your Ally account:
Strong Passwords: Create a unique, strong password for your Ally account and do not reuse it for other online services.
Two-Factor Authentication (2FA): Enable 2FA if Ally offers it. This adds an extra layer of security by requiring a code from your phone in addition to your password.
Monitor Transactions: Regularly check your account activity for any unauthorized transactions.
Be Wary of Phishing: Ally will never ask for your personal or account information via unsolicited emails or texts. If something looks suspicious, do not click on links and report it to Ally Bank.
Keep Software Updated: Ensure your operating system, web browser, and antivirus software are up-to-date on all your devices.
By following these steps, you'll be well on your way to enjoying the benefits of banking with Ally.
10 Related FAQ Questions
Here are some common questions about setting up and using an Ally Bank account:
How to choose the right Ally Bank account type?
Quick Answer: Consider your primary financial goals: for daily spending and bill pay, choose a Spending Account; for long-term savings with high interest, a Savings Account; for a blend of both with check/debit access, a Money Market Account. If you have specific investment or retirement goals, explore their CDs or IRAs.
How to find Ally Bank's routing number and my account number?
Quick Answer: Once your account is open, you can easily find Ally Bank's routing number and your specific account number by logging into your online banking portal or the Ally mobile app. They are typically listed in your account details.
How to deposit cash into an Ally Bank account?
Quick Answer: Ally Bank does not accept direct cash deposits. You can deposit checks using Ally eCheck Deposit℠ via their mobile app, transfer funds from another bank account (which might allow cash deposits), or mail a check.
How to get a debit card for my Ally Bank account?
Quick Answer: When you open a Spending or Money Market account, a debit card is typically issued automatically and mailed to you within 7-10 business days after your opening deposit. You'll activate it upon receipt.
How to set up direct deposit with Ally Bank?
Quick Answer: To set up direct deposit, provide your employer or benefits provider with Ally Bank's routing number and your specific Ally account number. You can usually find a pre-filled direct deposit form within your Ally online banking account.
How to transfer money to and from an Ally Bank account?
Quick Answer: You can set up electronic transfers (ACH) between your Ally account and external bank accounts through Ally's online banking. You can also use Zelle® for quick transfers to friends and family, or initiate wire transfers for larger amounts.
How to access ATMs with an Ally Bank account?
Quick Answer: Use your Ally Bank debit card at any Allpoint® or MoneyPass® ATM in the U.S. for free. Ally also offers reimbursements of up to $10 per statement cycle for fees charged at other ATMs nationwide.
How to contact Ally Bank customer service?
Quick Answer: Ally Bank offers 24/7 customer service. You can contact them by phone at 1-877-247-2559, through secure online chat via their website, or by sending a secure email from your online banking account.
How to ensure my Ally Bank account is secure?
Quick Answer: Use a strong, unique password, enable two-factor authentication, regularly monitor your account for suspicious activity, and be cautious of phishing attempts. Keep your operating system and security software updated.
How to close an Ally Bank account if needed?
Quick Answer: To close an Ally Bank account, you will typically need to contact their customer service directly. They will guide you through the process, which usually involves ensuring your balance is zero and confirming your intent to close.