Hey there! Are you ready to take control of your finances and experience the convenience of online banking with competitive rates and minimal fees? Then opening an Ally Bank account might be just what you're looking for! Ally Bank is a popular online-only bank known for its high-yield savings accounts, interest-bearing checking accounts, and a variety of other financial products, all accessible from the comfort of your home.
This comprehensive guide will walk you through every step of the process, from understanding what you'll need to setting up your new account and even managing it effectively. Let's dive in!
A Guide to Opening Your Ally Bank Account
Step 1: Discover Why Ally Bank Might Be Right For YOU!
Before we even begin the application, let's explore why Ally Bank has become a top choice for many. What are your financial goals? Are you looking to save more, earn higher interest, avoid fees, or simply manage your money more efficiently? Ally Bank excels in several areas that might align perfectly with your needs:
Competitive Interest Rates: Ally Bank is known for offering significantly higher Annual Percentage Yields (APYs) on its savings and money market accounts compared to many traditional brick-and-mortar banks. This means your money can grow faster!
Low to No Fees: Say goodbye to pesky monthly maintenance fees, overdraft fees, and even ATM fees (with reimbursements up to $10 per statement cycle for out-of-network ATMs).
Convenience of Online Banking: Manage your accounts 24/7 from anywhere with an internet connection, using their robust website or highly-rated mobile app. No need to visit a physical branch!
Variety of Accounts: From their popular Online Savings Account with "Buckets" and "Boosters" for smarter saving, to their Interest Checking Account (Spending Account) and various CD options, Ally offers a diverse range of products.
Excellent Customer Service: Ally Bank provides 24/7 customer support via phone, email, or online chat.
FDIC Insured: Rest assured, your deposits are insured by the FDIC up to the maximum allowed by law, typically $250,000 per depositor, per ownership category.
If any of these benefits resonate with you, then let's move on to preparing for your application!
Step 2: Gather Your Essential Information
To ensure a smooth and quick application process, have the following information readily available. This will typically take less than 5 minutes if you have everything at hand.
What You'll Need:
Personal Identification:
Your Legal Name: As it appears on your government-issued ID.
Date of Birth: You must be at least 18 years old to open an individual or joint account.
Contact Information:
U.S. Residential Street Address: A physical address is required; P.O. Boxes are not accepted for residential addresses.
Phone Number: A reliable contact number.
Email Address: For account communications and verification.
Identification Number:
Social Security Number (SSN) or Tax Identification Number (TIN): This is crucial for identity verification and tax reporting purposes.
Optional, but Good to Have:
External Bank Account Details: If you plan to fund your new Ally account immediately via an electronic transfer (ACH), you'll need the routing and account number of your existing bank account.
Employer Information: While not always required for initial setup, having your occupation and employer details ready can sometimes speed up the process if additional verification is needed.
Step 3: Choose Your Ally Bank Account Type(s)
Ally Bank offers several account types, each designed for different financial needs. You can open one or multiple accounts during the application process. Consider what best suits your goals:
3.1: Ally Online Savings Account
Best For: Saving money, building an emergency fund, or working towards specific financial goals.
Key Features:
High APY: Earn a competitive interest rate on all your balances.
No Monthly Fees: Keep more of your hard-earned money.
Savings Buckets: Organize your savings into different categories (e.g., "Vacation Fund," "Down Payment") without needing separate accounts. This helps you visualize and track your progress.
Boosters: Tools like "Surprise Savings" (automatically transfers safe-to-save money from a linked checking account) and "Recurring Transfers" help you automate your savings.
FDIC Insured: Your deposits are protected.
3.2: Ally Interest Checking Account (Spending Account)
Best For: Everyday spending, bill payments, and managing your daily finances.
Key Features:
Interest-Bearing: Earn interest on your checking balance, a feature not commonly found at many banks.
No Monthly Fees: Avoid unnecessary charges.
ATM Access & Reimbursements: Access over 75,000 Allpoint® and MoneyPass® ATMs for free. Ally also reimburses up to $10 per statement cycle for fees charged at other ATMs nationwide.
Early Direct Deposit: Potentially get paid up to two days sooner with direct deposit.
CoverDraft℠ Service: A fee-free temporary overdraft protection of up to $250.
Debit Card & Online Bill Pay: Standard features for convenient spending and bill management.
3.3: Ally Money Market Account
Best For: Savers who want a competitive interest rate like a savings account but with more flexibility, including a debit card and checks for easier access to funds.
Key Features:
Competitive Rates: Similar to their savings account, offering a good APY.
Debit Card & Checks: Greater liquidity than a traditional savings account.
No Monthly Fees: Another fee-free option.
FDIC Insured: Your money is secure.
3.4: Ally Certificate of Deposit (CDs)
Best For: Long-term savings goals where you don't need immediate access to your funds.
Key Features:
Fixed Rates: Lock in a guaranteed interest rate for a specific term (e.g., 3 months, 1 year, 5 years).
Higher Rates: Generally offer higher rates than savings accounts for longer terms.
Variety of CDs: High Yield CDs, No Penalty CDs (allows early withdrawal without penalty after the first six days), and Raise Your Rate CDs (allows you to bump up your rate if Ally's rates increase).
No Minimum Deposit: Many Ally CDs don't require a minimum to open.
FDIC Insured: Your investment is protected.
Step 4: Begin the Online Application Process
Now that you're prepared, let's start the application! The entire online process is designed to be user-friendly and can often be completed in just a few minutes.
Step 4.1: 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" or "Checking & Savings" to get started. This is usually located at the top right of the homepage or within the main navigation.
Step 4.2: Select Account Type(s)
You'll be presented with options for different deposit accounts.
Click on the account type(s) you wish to open (e.g., "Savings," "Checking," "Money Market," or "CDs"). You can often select multiple accounts to open at once.
If you're an existing Ally Bank customer, you'll be prompted to log in. If you're new, select the option indicating you don't have an Ally login.
Step 4.3: Provide Your Personal Information
The application will guide you through a series of forms where you'll input the information you gathered in Step 2.
This includes your legal name, date of birth, Social Security Number or TIN, U.S. residential address, phone number, and email address.
Double-check all information for accuracy to avoid any delays in processing.
Step 4.4: Review and Consent
Before submitting, you'll be presented with terms and conditions, disclosures, and privacy policies.
Read through these documents carefully. They contain important information about your account, fees (or lack thereof), interest rates, and how your information will be used.
You'll typically need to electronically sign or check a box indicating your agreement to these terms.
Step 4.5: Submit Your Application
Once you've reviewed everything and provided your consent, click the "Submit" or "Complete Application" button.
Ally Bank will then perform an instant verification of your identity using the information you provided. In most cases, this is a quick, automated process.
In some rare instances, if your identity cannot be immediately verified (e.g., due to a recent address change or credit freeze), Ally Bank may request additional documentation, such as a copy of your driver's license or a utility bill. If this happens, they will provide clear instructions on how to submit these documents securely.
Step 5: Fund Your New Ally Bank Account
Congratulations! Once your application is approved, your account will be opened. The next crucial step is to fund it. While Ally Bank accounts generally have no minimum deposit to open, depositing funds is necessary to start earning interest or using your checking account.
5.1: Initial Funding Options:
Electronic Transfer (ACH): This is the most common and often the easiest method.
During the application or immediately after, you'll have the option to link an external bank account.
You'll need the routing number and account number of your existing bank account.
Transfers typically take 1-3 business days to complete.
Mobile Check Deposit (Ally eCheck Deposit℠):
Download the Ally Mobile App (available for iOS and Android).
Log in to your account, select your new account, and choose the "Deposit Checks" option.
Take clear photos of the front and back of your endorsed check (be sure to write "For Ally Bank Deposit Only" and your account number on the back).
Follow the on-screen prompts to enter the check amount.
Funds are usually available within a few business days, but some funds may be available sooner.
Wire Transfer:
You can initiate a wire transfer from another bank to your new Ally account.
Ally Bank provides specific wire transfer instructions, including their routing number and your account number, once your account is open. Note that your sending bank may charge a fee for outgoing wire transfers.
Mail a Check:
You can mail a check to Ally Bank. Their mailing address for deposits will be provided on their website or during the account opening process.
This is generally the slowest funding method.
5.2: What to Expect After Funding:
Confirmation: You'll receive a confirmation email once your funds have been successfully deposited.
Debit Card and Checks (for Spending/Money Market Accounts): If you opened a Spending Account or Money Market Account, your debit card and initial check order will typically arrive in the mail within 10 business days after your opening deposit is received.
Online Access: You'll have immediate access to your online banking portal to manage your new account(s).
Step 6: Explore and Manage Your Ally Bank Account
Now that your account is open and funded, it's time to explore the features and start managing your money.
6.1: Setting Up Your Online Account
Log In: Use the username and password you created during the application process to log in to your Ally Bank online account.
Explore the Dashboard: Familiarize yourself with the online dashboard. You'll see your account balances, recent transactions, and options for transfers, bill pay, and more.
6.2: Utilizing Key Features:
Mobile App: Download the Ally Mobile App for on-the-go banking. The app allows you to:
Check balances and transactions.
Deposit checks.
Transfer funds between accounts (internal and external).
Pay bills.
Find ATMs.
Lock and unlock your debit card.
Set up Zelle® for quick money transfers to friends and family.
Savings Buckets and Boosters (for Online Savings Account):
Create "Buckets" to categorize your savings goals.
Activate "Boosters" like "Surprise Savings" or set up recurring transfers to automate your saving efforts.
Online Bill Pay: Set up one-time or recurring bill payments directly from your Spending Account.
Direct Deposit: Provide your Ally Bank routing and account number to your employer to set up direct deposit for your paycheck. This can also enable early access to your funds.
External Account Linking: Link additional external bank accounts for easy transfers between Ally and your other financial institutions.
6.3: Security Best Practices:
Strong Passwords: Create a unique and strong password for your Ally Bank account.
Two-Factor Authentication: Enable this feature for an added layer of security.
Monitor Activity: Regularly check your account statements and transactions for any unauthorized activity.
Be Wary of Phishing: Ally Bank will never ask for your password or sensitive information via unsolicited emails or texts.
By following these steps, you'll be well on your way to enjoying the benefits of banking with Ally.
10 Related FAQ Questions
How to check my Ally Bank account balance?
You can check your Ally Bank account balance by logging into your online banking portal on the Ally website or by using the Ally Mobile App. Your balances are prominently displayed on the main dashboard.
How to deposit a check into my Ally Bank account?
You can deposit a check using Ally eCheck Deposit℠ through the Ally Mobile App. Simply log in, select the account, choose "Deposit Checks," and follow the prompts to take photos of the front and back of your endorsed check. You can also mail a check.
How to transfer money to or from my Ally Bank account?
Log in to your Ally Bank online account or mobile app, go to the "Transfers" section, and select the accounts you wish to transfer money between (Ally internal accounts or linked external accounts). Enter the amount and confirm the transfer.
How to set up direct deposit with Ally Bank?
To set up direct deposit, you'll need to provide your employer with Ally Bank's routing number and your specific Ally Bank account number. You can usually find these details within your online banking portal or by contacting Ally customer service.
How to find an ATM for Ally Bank?
Ally Bank is part of the Allpoint® and MoneyPass® ATM networks. You can find surcharge-free ATMs by using the ATM locator tool on the Ally Bank website or within the Ally Mobile App.
How to order new checks for my Ally Bank Spending Account?
You can typically order new checks for your Ally Bank Spending Account through your online banking portal. If you can't find the option online, contact Ally Bank customer service for assistance.
How to change my personal information on my Ally Bank account?
For most personal information changes (like address or phone number), you can update them by logging into your Ally Bank online account and navigating to your profile or settings. For changes requiring verification (like name changes), you may need to contact customer service and provide supporting documentation.
How to contact Ally Bank customer service?
You can contact Ally Bank customer service 24/7 by phone at 1-877-247-2559, through secure email within your online banking portal, or via their online chat feature on the website.
How to set up Zelle with Ally Bank?
To set up Zelle, log in to your Ally Bank account online or through the mobile app. Go to the "Payments" menu and select "Zelle®." Choose the primary account you want to use and verify your profile information to start sending and receiving money.
How to close an Ally Bank account?
To close an Ally Bank account, it's best to contact their customer service directly. They will guide you through the necessary steps and ensure a proper closure, including transferring any remaining funds.
