Hey there! Ready to get your money from your Ally Bank savings account? While Ally is known for its excellent online banking and high-yield savings, accessing your funds is a straightforward process, though it differs a bit from traditional brick-and-mortar banks. Let's dive in and explore all the ways you can withdraw money, step by step!
How to Withdraw Money from Ally Bank Savings: Your Comprehensive Guide
Ally Bank offers several convenient ways to access your savings. Understanding each method will help you choose the one that best suits your needs, whether you need quick cash or a larger transfer.
Step 1: Understand Ally Bank's Savings Withdrawal Limits (It's Important!)
Before we even begin, let's address a crucial point. Ally Bank, like most savings accounts, has a limit on certain types of withdrawals and transfers per statement cycle. Currently, this limit is 10 per statement cycle for withdrawals and transfers from your Savings Account. While you won't be charged a fee for exceeding this, Ally may close your account if you consistently go over the limit. Keep this in mind, especially for frequent transactions.
Are you ready to find the best withdrawal method for you? Let's proceed!
Step 2: Accessing Your Funds Digitally (The Most Common Methods)
Ally Bank excels in online and mobile banking, making digital transfers the most popular and often the fastest way to move your money.
Sub-heading 2.1: Online Transfers to Another Ally Bank Account
This is the quickest way to move funds if you also have an Ally Bank Spending (checking) or Money Market account. Transfers between your own Ally accounts are immediate!
Log In: Visit Ally Bank's website (ally.com) or open the Ally Mobile App. Log in using your username and password.
Navigate to Transfers: Look for a section or tab labeled "Transfers" or "Transfer & Pay."
Initiate Internal Transfer: Select your Ally Savings Account as the "From" account and your Ally Spending or Money Market Account as the "To" account.
Enter Amount & Frequency: Carefully enter the amount you wish to transfer. You can choose a one-time transfer or set up recurring transfers.
Review and Confirm: Double-check all the details to ensure accuracy, then confirm the transfer.
Funds Availability: The funds will be immediately available in your destination Ally account. From your Spending Account, you can then easily access cash via ATM, debit card purchases, or online bill pay.
Sub-heading 2.2: Online Transfers to an External Bank Account (ACH Transfer)
If you need to move money from your Ally Savings to an account at another bank, you'll use an ACH (Automated Clearing House) transfer.
Log In: Access your Ally Bank account via the website or mobile app.
Navigate to Transfers: Find the "Transfers" or "Transfer & Pay" section.
Link External Account (if not already linked): If this is your first time transferring to this external bank account, you'll need to link it. This usually involves:
Selecting "Link other accounts" or similar.
Providing the external bank's routing number and your account number at that institution.
Verification: Ally Bank may perform a "trial deposit" verification, sending small deposits (a few cents) to your external account, which you'll then need to confirm back in Ally's system. This can take 1-3 business days. Once verified, the account will be linked for future transfers.
Initiate External Transfer: Once linked, select your Ally Savings Account as the "From" account and your linked external bank account as the "To" account.
Enter Amount & Frequency: Enter the amount you want to transfer and choose if it's a one-time or recurring transfer.
Review and Confirm: Verify all details meticulously to avoid errors. Confirm the transfer.
Processing Time: Standard ACH transfers from Ally Bank to an external account typically take 3 business days. Next-day transfers may be available depending on account tenure, activity, and transfer history. Keep in mind that transfers are not processed on weekends or federal holidays.
Sub-heading 2.3: Wire Transfers (For Faster, Larger Transfers, with a Fee)
Wire transfers are useful for larger sums or when you need funds to arrive quickly, often on the same business day. However, Ally Bank charges a $20 fee for outgoing domestic wire transfers from your account.
Log In: Access your Ally Bank account online or via the mobile app.
Navigate to Wire Transfers: Look for "Wire Money" under the "Transfer and Pay" menu.
Complete the Wire Transfer Request: You'll need specific information for the recipient's bank, including:
Recipient's Name and Address
Recipient's Bank Name and Address
Recipient's Account Number
Recipient's Bank ABA/Routing Number
Amount to be wired
Purpose of the wire transfer (often required)
For international wires, you'll also need the recipient's bank's SWIFT/BIC code.
Review and Submit: Double-check every single detail, as wire transfers cannot be modified once sent. Confirm and submit.
Confirmation and Processing: You'll receive a confirmation, and the wire transfer will typically be processed on the same business day if submitted within Ally's cut-off times. Remember, there's that $20 fee.
Step 3: Accessing Your Funds via Physical Methods
While Ally is primarily an online bank, there are still ways to get physical cash or a physical check from your savings.
Sub-heading 3.1: Transfer to Ally Spending Account and Use Debit Card/ATM
This is the most common way to get physical cash. As mentioned in Step 2.1, transfer funds from your Ally Savings to your Ally Spending (checking) Account first.
Transfer Funds (as per Step 2.1): Move the desired amount from your Ally Savings to your Ally Spending Account.
Use Your Ally Debit Card: Once the funds are in your Spending Account, you can:
Withdraw cash from ATMs: Ally Bank offers fee-free access to over 75,000 Allpoint® and MoneyPass® ATMs nationwide. They also reimburse up to $10 per statement cycle for fees charged at other ATMs.
Note on ATM Limits: Ally Bank's debit card has a daily cash withdrawal limit of $1,010, which includes both ATM and over-the-counter withdrawals.
Get cash back at point-of-sale (POS): When making a purchase with your debit card at a store, you can often request cash back at the register.
Make purchases: Use your debit card directly for everyday spending.
Sub-heading 3.2: Request an Official/Cashier's Check
If you need a physical check for a payment that requires guaranteed funds, you can request an official/cashier's check from Ally Bank.
Contact Customer Service: The easiest way to do this is to call Ally Bank's 24/7 customer service at 1-877-247-2559.
Provide Details: Inform the representative that you wish to withdraw funds from your savings account by requesting an official/cashier's check. You'll need to provide the payee's name and the amount.
Delivery: The check will be mailed to you. There is no fee for requesting an official/cashier's check from Ally Bank.
Sub-heading 3.3: Request a Distribution Form (For IRA Savings Accounts)
If you have an Ally Bank IRA Savings Account, the process for withdrawing funds is considered a "distribution."
Log In to Online Banking: Access your account.
Complete Distribution Request: Look for the option to complete a distribution request online.
Call Customer Service: Alternatively, you can call Ally Bank's 24/7 customer service at 1-877-247-2559 to request a distribution.
Mail in a Distribution Form: You can also download, complete, and mail in the Distribution Form provided by Ally Bank.
Important Note: For IRA distributions, consult your tax professional regarding potential tax implications and penalties.
Step 4: Keep Track of Your Transactions
No matter which method you choose, it's always a good practice to:
Review Your Activity: Regularly check your Ally Bank account activity online or through the app to ensure all withdrawals and transfers are correct.
Monitor Limits: Pay attention to your withdrawal limit per statement cycle to avoid any potential issues.
Summary of Ally Bank Savings Withdrawal Methods:
Frequently Asked Questions (FAQs)
Here are 10 related FAQs to help you further understand how to withdraw money from your Ally Bank savings:
How to transfer money from Ally savings to checking instantly?
You can transfer money instantly from your Ally Savings Account to your Ally Spending Account (their checking account) directly through the Ally Bank website or mobile app. These are internal transfers and are processed immediately.
How to withdraw cash from Ally Bank savings without a checking account?
To withdraw cash directly from your Ally Savings Account, you would first need to transfer the funds to an Ally Spending Account. Once the money is in your Spending Account, you can use your Ally Bank debit card at any Allpoint® or MoneyPass® ATM for fee-free cash withdrawals.
How to avoid fees when withdrawing from Ally savings?
Ally Bank does not charge fees for standard ACH transfers to external accounts or for requesting official/cashier's checks. The primary fee to be aware of is the $20 for outgoing domestic wire transfers. By using ACH transfers or transferring to an Ally Spending Account, you can avoid direct withdrawal fees from Ally.
How to get a physical check from Ally Bank savings?
You can request an official/cashier's check by calling Ally Bank's 24/7 customer service at 1-877-247-2559. They will mail the check to you at no charge.
How to find Ally Bank ATMs near me?
Ally Bank is an online-only bank, so they don't have their own ATMs. However, you can use your Ally Bank debit card at any Allpoint® or MoneyPass® ATM nationwide for free withdrawals. You can use their ATM locator tool on their website or mobile app to find participating ATMs.
How to withdraw a large amount from Ally savings?
For large withdrawals, consider initiating an ACH transfer to an external linked checking account (which takes ~3 business days) or a wire transfer (same-day, but costs $20). For physical cash, transfer to your Ally Spending account and utilize your debit card at ATMs or request multiple over-the-counter withdrawals at banks/credit unions that accept your debit card, keeping the daily ATM/OTC limit of $1,010 in mind.
How to get money from Ally savings if my debit card is lost?
If your debit card is lost, immediately report it to Ally Bank to have it canceled and a new one issued. In the meantime, you can still transfer funds from your Ally Savings to a linked external bank account via ACH transfer, or request an official/cashier's check by calling customer service.
How to make recurring withdrawals from Ally savings?
You can set up recurring transfers from your Ally Savings Account to either another Ally Bank account or a linked external bank account directly through the online banking platform or mobile app. This is done when you initiate the transfer by selecting the "recurring" or "scheduled" option.
How to know my Ally savings withdrawal limit?
Ally Bank generally limits certain types of withdrawals and transfers from savings accounts to 10 per statement cycle. This applies to electronic transfers (ACH), wire transfers, and transfers to third parties. Deposits are unlimited.
How to contact Ally Bank customer service for withdrawal help?
You can contact Ally Bank's customer service 24/7 by calling 1-877-247-2559. They can assist with all withdrawal methods, provide guidance, or help you initiate certain transactions like requesting an official check or a wire transfer.
