Thinking about where to put your hard-earned money? Ally Bank is a popular online-only bank known for its competitive interest rates, low fees, and excellent digital tools. If you're tired of brick-and-mortar banks with their limited hours and sometimes hefty fees, Ally might be the perfect fit for you.
Ready to dive in and see how easy it is to open an Ally Bank account? Let's get started!
Step 1: Are You Ready to Go Digital? Understanding What Ally Bank Offers
Before you even think about clicking "Open Account," let's ensure Ally Bank aligns with your banking style. As an online-only bank, Ally provides a convenient and often higher-yield alternative to traditional banks. This means no physical branches for in-person transactions, but a robust online and mobile experience.
What Kind of Accounts Can You Open?
Ally Bank offers a variety of accounts to suit different financial needs:
Online Savings Account: This is one of Ally's star products. It boasts competitive Annual Percentage Yields (APYs) and features like "Buckets" to organize your savings goals and "Boosters" (like Round Ups and Surprise Savings) to help you save automatically. There are no monthly maintenance fees and no minimum balance to open or earn interest.
Spending Account (Checking Account): This is your everyday checking account. It also offers competitive interest rates, no monthly maintenance fees, and no overdraft fees. You get access to a large ATM network (Allpoint® and MoneyPass®) with up to $10 in ATM fee reimbursements per statement cycle. Plus, you can often get your direct deposit two days early!
Money Market Account: This account offers a blend of savings and checking features, with competitive APYs and more flexibility for transactions than a traditional savings account.
Certificates of Deposit (CDs): If you're looking to lock in a higher interest rate for a set period, Ally offers various CD terms.
IRAs (Individual Retirement Accounts): You can also open Traditional or Roth IRA accounts to save for retirement.
Is Ally the right fit for you? If you're comfortable managing your finances digitally, enjoy competitive rates, and prefer minimal fees, then the answer is likely a resounding yes!
Step 2: Gathering Your Essentials – What You'll Need to Apply
To make the application process as smooth and quick as possible, have the following information and documents ready. This will save you time and prevent any interruptions.
Personal Information:
Full Legal Name
Social Security Number (SSN) or Tax Identification Number (TIN)
Date of Birth (You must be 18 years or older)
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)
Occupation
Contact Information: Primary Phone Number and Email Address
Mother's Maiden Name (sometimes used for security verification)
Funding Your Account (Optional for initial setup, but good to consider):
While Ally Bank typically has no minimum deposit required to open most accounts, you'll eventually want to fund it. Be prepared to provide information for one of these funding methods:
External Bank Account Information: Account number and routing number for an existing bank account you wish to link.
Debit Card Details for an instant transfer (if available).
Consider a future wire transfer or mailing a check.
Step 3: Navigating the Online Application – A Step-by-Step Walkthrough
Now that you're prepared, let's head over to the Ally Bank website and start the application!
Sub-step 3.1: Head to the Ally Bank Website
Open your preferred web browser and go to the official Ally Bank website:
Sub-step 3.2: Choose Your Account Type
Once on the Ally homepage, you'll typically see a "Checking & Savings" or "Open Account" section.
Click on the "Checking & Savings" tab from the top menu.
From the options presented (Savings, Checking, Money Market, CDs, IRAs), select the specific account you want to open. For example, if you're looking for a high-yield savings account, click on "Savings".
Then, click on "Open Account" or a similar button associated with your chosen account.
Sub-step 3.3: Start Your Application Journey
You'll be guided through a series of screens.
Existing Customer? The first question might be whether you're an existing Ally Bank customer. Select the appropriate option. If you're new, choose "No, I don't have an Ally login."
Select Account Type & Initial Deposit (Planning Purposes): You'll confirm the account type you're opening. You might also be prompted to enter an initial deposit amount. Remember, this is usually for your planning purposes only, and there's often no minimum deposit required to open the account itself. You can always deposit funds later.
Adding Multiple Accounts or Joint Owners: If you plan to open multiple accounts or a joint account, you'll have options to add them at this stage. You can add up to four joint account owners, so have their personal information ready if applicable. If you're opening a trust or custodial account, you'll be prompted for those details as well.
Sub-step 3.4: Provide Your Personal Details
This is where you'll input all the personal information you gathered in Step 2.
Carefully fill in your Full Name, Social Security Number, Date of Birth, Residential Address, Occupation, Email Address, and Phone Number.
Double-check everything for accuracy! Any typos can delay your application.
Sub-step 3.5: Review and Submit Your Application
Before final submission, you'll typically have a chance to review all the information you've entered.
Review: Take a moment to carefully review all the details to ensure they are correct.
Disclosures: You'll need to read and accept various legal disclosures. It's crucial to read these documents as they contain important information about your account, fees, and terms.
Submit: Once you're satisfied, click on "Submit Application" or a similar button.
Step 4: Verification and Approval – The Waiting Game (Usually Short!)
After submitting your application, Ally Bank will review your information. This process is often very quick, especially if all your details are accurate and you meet their eligibility criteria.
Identity Verification: Ally, like all banks, is required by federal law to verify your identity. They may use your credit information for this purpose, not to check your credit score for lending, but to verify who you are and protect against fraud.
Approval Confirmation: You'll typically receive an email confirmation once your application is approved. This email will often include instructions for the next steps.
In some cases, Ally might request additional documentation to verify your identity. If this happens, follow their instructions promptly to avoid delays.
Step 5: Funding Your New Ally Bank Account
Congratulations, your Ally Bank account is open! Now it's time to put some money in it. Remember, no minimum deposit is typically required to open the account, but you'll want to fund it to start earning interest or using its features.
Sub-step 5.1: Choose Your Funding Method
Ally offers several convenient ways to make your initial deposit:
Electronic Transfer (ACH): This is the most common method. You can link an external bank account (from another bank) to your new Ally account and transfer funds electronically. This usually takes a few business days to clear.
Log in to your Ally Bank account and look for options like "Transfers" or "Link Other Accounts."
Mobile Check Deposit (Ally eCheck Deposit℠): Use the Ally Bank mobile app to snap a picture of your check and deposit it digitally. This is very convenient!
Wire Transfer: For larger amounts or faster access to funds (often within hours to one business day), you can initiate a wire transfer from another bank. Be aware that your originating bank might charge a fee for outgoing wires.
Mail a Check: You can also mail a check to Ally Bank. Be sure to include your account number and "For Deposit Only" on the back of the check.
Sub-step 5.2: Set Up Recurring Deposits (Highly Recommended for Savings!)
Once your account is funded, consider setting up recurring transfers, especially for your savings account. This is a powerful way to automate your savings and reach your financial goals faster.
Within your Ally online banking portal or mobile app, you can schedule automatic transfers from your checking account (Ally or external) to your Ally savings account.
Step 6: Explore Ally's Features and Get Started!
You're all set up! Now it's time to make the most of your new Ally Bank account.
Sub-step 6.1: Download the Mobile App
The Ally Bank mobile app is a powerhouse for managing your finances on the go. Download it from your app store (iOS or Android) and log in with your new credentials.
Sub-step 6.2: Set Up Buckets and Boosters (for Savings)
If you opened a savings account, explore the "Buckets" feature to visually categorize your savings goals (e.g., "Emergency Fund," "New Car," "Vacation"). Then, activate "Boosters" like:
Round Ups: Automatically rounds up debit card purchases to the nearest dollar and transfers the difference to your savings.
Surprise Savings: Ally analyzes your linked checking account for "safe-to-save" money and automatically transfers it to your savings.
Sub-step 6.3: Order Your Debit Card and Checks (if applicable)
If you opened a Spending Account, your debit card and checks (if requested) will typically arrive within 7-10 business days after your initial deposit. Activate your debit card once it arrives!
Sub-step 6.4: Set Up Direct Deposit
To get your paycheck up to two days early, set up direct deposit with your employer, directing your funds to your Ally Bank Spending Account.
Related FAQ Questions
Here are 10 related "How to" questions with quick answers to further assist you:
How to find Ally Bank's current interest rates?
You can find Ally Bank's current interest rates for all their products by visiting the "Rates" section on their official 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 on their website.
How to link an external bank account to Ally Bank? After logging into your Ally Bank account online or via the mobile app, navigate to the "Transfers" section. You should see an option to "Link other accounts" or "Add external account," where you'll provide the routing and account numbers of your external bank.
How to deposit cash into an Ally Bank account? Since Ally is an online bank, you cannot deposit cash directly at a physical branch. You can deposit cash by converting it to a money order or cashier's check and then depositing it via mobile check deposit or by mailing the check to Ally.
How to make a mobile check deposit with Ally Bank? Download the Ally Bank mobile app, log in, and look for the "Deposit Check" or "eCheck Deposit" option. You'll be prompted to take photos of the front and back of your endorsed check and enter the amount.
How to avoid fees with Ally Bank? Ally Bank is known for its low fees. Most of their accounts have no monthly maintenance fees and no overdraft fees. To avoid ATM fees, use Allpoint® or MoneyPass® ATMs, or take advantage of their ATM fee reimbursements (up to $10 per statement cycle for the Spending Account).
How to set up Ally Bank savings buckets? After logging into your Ally Bank Online Savings Account, look for the "Buckets" feature. You can create up to 10 custom buckets to allocate your savings toward specific goals.
How to get a debit card from Ally Bank? When you open an Ally Bank Spending Account, a debit card is typically issued automatically. If you didn't receive one or need a replacement, you can order one through your online account portal or by calling customer service.
How to find an ATM for Ally Bank? You can use the ATM locator tool on the Ally Bank website or mobile app to find fee-free Allpoint® and MoneyPass® ATMs near you.
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 out.
