Have you been considering a banking partner that offers convenience, competitive rates, and a strong digital presence? Look no further than Ally Bank! As a leading online-only bank, Ally provides a fantastic alternative to traditional brick-and-mortar institutions, offering a suite of financial products designed to simplify your money management. This comprehensive guide will walk you through every step of opening an Ally Bank account, ensuring a smooth and hassle-free experience. Let's get started, shall we?
How to Get an Ally Bank Account: Your Step-by-Step Guide
Opening an Ally Bank account is a straightforward process, typically completed entirely online. Here's what you need to do:
Step 1: Discover Your Ideal Ally Account
Before diving into the application, it's wise to consider what kind of account best fits your financial goals. Ally offers a variety of options, each with its own unique benefits. Take a moment to explore them:
A. Ally Bank Spending Account (Checking)
The heart of your daily finances, the Ally Bank Spending Account is an interest-bearing checking account with no monthly maintenance fees or overdraft fees. It's designed for modern money management.
Key Features:
Earns interest on your balance.
No monthly maintenance fees.
No overdraft fees, with features like CoverDraft℠ (temporary fee-free protection up to $250) and Overdraft Transfer Service.
Access to 75,000+ fee-free Allpoint® and MoneyPass® ATMs nationwide, with up to $10 in ATM fee reimbursements per statement cycle for other ATMs.
Mobile check deposit (Ally eCheck Deposit℠).
Early direct deposit (get paid up to two days sooner).
Spending Buckets to organize your money for different expenses.
B. Ally Bank Online Savings Account
This is where your money can truly grow. Ally's Online Savings Account consistently offers competitive Annual Percentage Yields (APYs).
Key Features:
High-yield interest rates.
No monthly maintenance fees or minimum balance requirements.
Savings Buckets: Create up to 30 virtual buckets to categorize and track your savings goals (e.g., "Dream Vacation," "Emergency Fund," "New Car").
Boosters: Automated tools like "Surprise Savings" (analyzes your linked checking for safe-to-save money and transfers it) and "Round Ups" (rounds up debit card transactions to the nearest dollar and transfers the difference to savings).
Unlimited deposits.
C. Ally Bank Money Market Account
A good middle ground, offering a blend of savings growth and checking account flexibility.
Key Features:
Competitive interest rates, generally higher than a traditional checking account.
Debit card and check-writing privileges.
Unlimited deposits and ATM withdrawals, plus ten limited withdrawals per statement cycle.
No monthly maintenance fees.
D. Ally Bank Certificates of Deposit (CDs)
If you're looking to lock in a guaranteed return for a set period, Ally's CDs are an excellent choice. They offer various terms and types:
High Yield CD: Fixed rate for the term.
Raise Your Rate CD: Allows you to increase your rate once (2-year term) or twice (4-year term) if Ally's rate for your term goes up.
No Penalty CD: Offers flexibility to withdraw all your money any time after the first six days following funding, without penalty.
Key Features for all CDs:
No minimum deposit to open or earn APY.
FDIC-insured.
E. Ally Invest Accounts
Beyond traditional banking, Ally also offers investment options through Ally Invest, including:
Robo Portfolios: Automated investing based on your goals.
Self-Directed Trading: For more hands-on investors, commission-free trading on eligible U.S. stocks and funds.
IRAs: Traditional, Roth, and SEP IRAs for retirement savings.
Think about your primary financial needs. Do you need a place for daily spending, dedicated savings, or long-term growth? This initial consideration will guide you through the application process efficiently.
Step 2: Gather Your Essential Information
Once you've decided on the account type(s), it's time to collect the necessary documentation. Having these details ready beforehand will significantly speed up your application.
A. Personal Identification
Legal Name: Your full legal name as it appears on official documents.
Date of Birth: You must be at least 18 years old to open an account.
Social Security Number (SSN) or Tax Identification Number (TIN): This is a mandatory requirement for identity verification and tax purposes.
U.S. Residential Street Address: A physical U.S. address is required. Ally does not open accounts for non-resident aliens.
Phone Number and Email Address: For communication and verification purposes.
B. Funding Information (Optional, but recommended)
While Ally Bank generally has no minimum deposit to open an account, you'll eventually want to fund it. Be prepared with one of the following:
Existing Bank Account Information:
Bank name
Account number
Routing number
Debit Card Details: For an initial debit card transfer (if applicable).
Check Information: If you plan to mail a check for your initial deposit.
Step 3: Initiate Your Online Application
Ready to open your new Ally account? Let's walk through the online application step-by-step.
A. Navigate to the Ally Bank Website
Open your web browser and go to the official Ally Bank website:
www.ally.com Look for a prominent button or link that says "Open Account," "Open an Account," or "Get Started." It's usually located in the top right corner or center of the homepage.
B. Select Your Account Type
On the "Open Accounts" page, you'll see a list of Ally's banking products (Spending, Savings, Money Market, CDs, IRAs).
Carefully select the type of account you wish to open. If you want to open multiple accounts (e.g., a Spending and a Savings account), you can usually do so within the same application process.
C. Provide Your Personal Information
The application will prompt you to enter the personal details you gathered in Step 2.
Fill out all fields accurately and completely. This includes your name, date of birth, SSN/TIN, address, phone number, and email.
Important Note: Ally Bank uses your credit information to verify your identity and protect against fraud, similar to most financial institutions. This is a standard procedure and does not necessarily impact your credit score directly for opening a deposit account.
D. Review and Consent to Electronic Disclosures
As an online bank, Ally requires your consent to do business electronically. This means you'll receive your account statements, disclosures, and other communications digitally.
Read through the terms and conditions, privacy policy, and electronic disclosure agreements carefully. It's essential to understand the terms of your new account.
Check the box to indicate your agreement.
E. Set Up Your Login Credentials
You'll be asked to create a username and a strong password for your online banking access.
Choose something unique and memorable, and consider using a password manager.
F. Fund Your Account (Initial Deposit)
While Ally generally has no minimum opening deposit, you'll typically be given the option to fund your account during the application process.
Choose your preferred funding method:
Electronic Transfer (ACH): Link an external bank account by providing its routing and account numbers. This is often the easiest and fastest method for initial funding.
Wire Transfer: Instructions will be provided if you choose this method.
Mail a Check: You'll be given an address to mail your check.
Mobile Check Deposit (after account is opened and activated): Once your account is active and you have the Ally mobile app, you can deposit checks by taking photos.
G. Submit Your Application
Once all required fields are completed and you've reviewed your information, click the "Submit" or "Apply" button.
Double-check all details before submitting to avoid delays.
Step 4: Application Review and Approval
After submission, Ally Bank will review your application.
Instant Approval: Many applicants receive instant approval, especially if their information is easily verifiable.
Further Review: In some cases, Ally may need additional time to verify your identity or information. They might reach out to you for further documentation or clarification. This is a normal part of the process for some applications.
Email Confirmation: You will typically receive an email once your application is approved. This email will often contain important information about accessing your new account.
Step 5: Activate and Explore Your New Account
Congratulations! Once approved, you can start using your Ally Bank account.
A. Access Online Banking
Visit the Ally Bank website and log in using the username and password you created.
Explore your account dashboard. You'll be able to view balances, transactions, and manage your account settings.
B. Download the Ally Mobile App
For banking on the go, download the Ally: Bank, Auto & Invest app from your device's app store (Google Play Store for Android or Apple App Store for iOS).
The mobile app offers a comprehensive suite of features, including:
Mobile check deposit (Ally eCheck Deposit℠).
Transfers between accounts.
Bill Pay.
Account management (view transactions, statements).
Access to Ally Invest accounts if you also opened one.
Tools like Savings Buckets and Boosters.
C. Order Your Debit Card and Checks (if applicable)
For Spending Accounts and Money Market Accounts, your debit card will be mailed to your registered address.
You can also order checks if needed.
D. Set Up Direct Deposit and Bill Pay
To make your Ally account your primary banking hub, consider setting up direct deposit for your paycheck. Ally provides instructions and forms on their website.
Enroll in Ally's free online Bill Pay service to easily manage and pay your bills.
E. Explore Savings Tools and Features
If you opened a Savings Account, dive into the Buckets and Boosters features. This is where Ally truly shines in helping you organize and grow your savings.
Consider setting up recurring transfers from your Spending Account to your Savings Account to automate your savings efforts.
And there you have it! A new Ally Bank account, ready to help you manage your finances with ease and efficiency. Welcome to the world of online banking!
Frequently Asked Questions (FAQs)
How to check my eligibility for an Ally Bank account?
To be eligible, you must be at least 18 years old, a U.S. citizen or legal permanent resident, and have a Social Security Number (SSN) or Tax Identification Number (TIN) and a U.S. residential street address.
How to fund my Ally Bank account after opening?
You can fund your Ally Bank account through electronic transfers (ACH) from another bank, wire transfers, or by mailing a check. Once the account is active, you can also use Ally eCheck Deposit℠ via the mobile app or online.
How to deposit cash into my Ally Bank account?
Ally Bank is an online-only bank and does not accept cash deposits directly. You would need to deposit cash into an account at another bank and then transfer the funds to your Ally account.
How to find an ATM for my Ally Bank debit card?
You can use your Ally Bank debit card at over 75,000 fee-free Allpoint® and MoneyPass® ATMs nationwide. You can find an ATM near you using Ally's ATM & Cash Back Locator online or through their mobile app. Ally also reimburses up to $10 per statement cycle for fees charged by other ATMs.
How to set up direct deposit with Ally Bank?
You can typically set up direct deposit by providing your employer or payment provider with Ally's routing number (124003116) and your Ally Bank account number. Ally also provides a direct deposit form you can download from their website.
How to contact Ally Bank customer service?
You can contact Ally Bank customer service 24/7 by calling 1-877-247-2559. They also offer online chat support and secure messages within your online banking portal.
How to use Ally Bank's "Buckets" feature?
Once logged into your Ally Savings Account, you'll find the "Buckets" feature. You can create up to 30 custom buckets and allocate specific amounts of your savings to each goal directly within the online platform or mobile app.
How to enable "Surprise Savings" and "Round Ups"?
These "Boosters" for your Ally Savings Account can be enabled within the "Optimize" section of your online or mobile banking. Simply toggle them on and link your Ally Bank Spending Account for the features to analyze transactions and automatically transfer small amounts to your savings.
How to close an Ally Bank account?
To close an Ally Bank account, it's best to contact their customer service directly via phone at 1-877-247-2559. They will guide you through the process and ensure all funds are properly transferred.
How to apply for a joint Ally Bank account?
During the online application process, you will be given the option to open a joint account. You can add up to four joint account owners, and each owner will need to provide their personal information (name, SSN, DOB, etc.).
