Want to earn more on your savings without the hassle of traditional banks? Ally Bank, a leading online-only bank, offers highly competitive interest rates and a user-friendly experience. If you're ready to make your money work harder for you, this comprehensive guide will walk you through every step of opening a savings account with Ally Bank.
Why Choose Ally Bank for Your Savings?
Before we dive into the "how," let's quickly touch on the "why." Ally Bank stands out for several reasons:
High-Yield Savings: Ally consistently offers Annual Percentage Yields (APYs) significantly higher than the national average, meaning your money grows faster.
No Monthly Maintenance Fees: Say goodbye to pesky fees eating into your savings. Ally Bank's Online Savings Account has no monthly charges.
No Minimum Balance or Opening Deposit: You can start saving with any amount, making it accessible to everyone.
24/7 Customer Support: Even though it's an online bank, you have access to customer support around the clock via phone, chat, or email.
Innovative Tools: Features like "Buckets" help you organize your savings for different goals, and "Surprise Savings" can automatically transfer small amounts to your savings.
FDIC Insured: Your deposits are insured by the FDIC up to the maximum allowed by law, providing peace of mind.
Ready to get started? Let's begin!
Step 1: Are You Ready to Supercharge Your Savings? (Engage!)
Are you tired of seeing your hard-earned money sit in a low-interest savings account? Do you dream of reaching your financial goals faster, whether it's for a down payment, a dream vacation, or simply building a robust emergency fund? If your answer is a resounding YES, then opening a high-yield savings account with Ally Bank is an excellent move!
This guide is designed to make the process as smooth and straightforward as possible. So, grab a cup of coffee, find a comfortable spot, and let's embark on this journey to smarter saving!
Step 2: Gather Your Essential Information
Before you begin the online application, having all your necessary details at hand will make the process much quicker and smoother. Think of this as your pre-flight checklist for financial takeoff!
What You'll Need:
Personal Identification:
Full Legal Name
Date of Birth (You must be 18 years of age or older)
Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)
Mother's Maiden Name (often used for security verification)
Contact Information:
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)
Primary Phone Number
Email Address
Employment Details:
Occupation
Funding Information (for your initial deposit):
Routing number and account number of your external bank account (if you plan to transfer funds electronically). You don't need a minimum deposit to open an Ally account, but you'll want to have a plan to fund it to start earning interest.
Pro Tip: Have digital or physical copies of these documents nearby, just in case you need to reference them. While Ally's application is mostly data entry, it's good to be prepared.
Step 3: Navigate to the Ally Bank Website and Start Your Application
This is where the magic begins! Opening an account with Ally Bank is entirely online, making it incredibly convenient.
Sub-step 3.1: Head to the Ally Bank Homepage
Open your web browser and go to
Sub-step 3.2: Locate the "Open Account" Option
Once on the homepage, look for a prominent button or link that says "Open Account" or navigate to the "Checking & Savings" section from the top menu. You'll typically find a clear option to open a new account.
Sub-step 3.3: Select "Savings" Account
Ally Bank offers various accounts, including checking, money market, and CDs. For our purpose, you'll want to select the "Savings" account option. Then, click on "Open Account" specifically for the savings product.
Sub-step 3.4: Indicate Your Customer Status
You'll be asked if you're an existing Ally Bank customer.
If you're a new customer, select the appropriate option.
If you already have an Ally login, you can sign in to streamline the process.
Sub-step 3.5: Enter Your Desired Initial Deposit (Optional)
Ally Bank proudly states there's no minimum deposit required to open a savings account. You might see a field asking for an initial deposit amount – this is typically for your own planning and isn't binding. You can leave it at $0 or enter an amount you anticipate depositing.
Step 4: Provide Your Personal Details
This is the core of the application where you input the information you gathered in Step 2. Accuracy is key here to ensure a smooth verification process.
Sub-step 4.1: Fill Out Primary Account Owner Information
Carefully enter your:
Full Name
Date of Birth
Social Security Number (or ITIN)
Mother's Maiden Name
Occupation
Residential Street Address (and previous if applicable)
Mailing Address (if different)
Primary Phone Number
Email Address
Sub-step 4.2: Add Joint Account Owners (If Applicable)
If you're opening a joint savings account with another person, you'll have the option to add them here. Be prepared to provide the same personal details for each joint account owner as you did for yourself. Each account owner must be 18 or older.
Sub-step 4.3: Review and Verify Your Information
Before proceeding, take a moment to double-check all the information you've entered. A small typo can cause delays. Ally's system may prompt you to correct any discrepancies.
Sub-step 4.4: Consent to Electronic Disclosures
You'll need to read and agree to various electronic disclosures, terms, and conditions. These documents outline the account features, fees (or lack thereof!), interest rates, and your rights as a customer. It's always a good idea to read these thoroughly.
Step 5: Submit Your Application
Once all your information is entered and reviewed, it's time to hit that "Submit" button!
Sub-step 5.1: Final Review
The system will often present a final summary of your application before submission. Give it one last glance to ensure everything is correct.
Sub-step 5.2: Application Submission and Instant Decision
In most cases, Ally Bank provides an instant decision on your application. If approved, you'll receive a confirmation message. In some instances, they may require additional verification or documentation, and they will contact you with instructions.
Congratulations! You're almost there!
Step 6: Fund Your New Ally Bank Savings Account
Your account is open, but to start earning that sweet interest, you need to put some money into it! Ally Bank offers several convenient ways to fund your account. Remember, there's no minimum deposit required to open the account, so you can start with any amount that suits your budget.
Sub-step 6.1: Electronic Transfer from Another Bank (ACH)
This is one of the most common and easiest ways to fund your account.
Initiate the Transfer from Ally: Within your new Ally Bank online account, look for an option to "Transfer Funds" or "Link External Account." You'll typically enter the routing number and account number of your external bank account. Ally may use small "micro-deposits" to verify ownership of the external account, which can take 1-3 business days. Once verified, you can initiate larger transfers.
Initiate the Transfer from Your Other Bank: You can also log in to your existing bank's online platform and initiate an external transfer to your new Ally Bank account using Ally's routing number (which is 124003116) and your Ally account number.
Sub-step 6.2: Mobile Check Deposit (Ally eCheck Deposit℠)
If you have a physical check, you can easily deposit it using the Ally Bank mobile app.
Download the Ally Mobile App: If you haven't already, download the Ally Bank app from your smartphone's app store.
Endorse Your Check: On the back of the check, sign your name and write "For Mobile Deposit Only" along with your Ally account number.
Snap Photos: Within the app, select "Deposit Checks," choose your Ally Savings account, and follow the prompts to take clear photos of the front and back of your endorsed check.
Enter Amount and Submit: Input the check amount and submit. Note: Ally eCheck Deposit℠ has limits of $50,000 per single day and $250,000 every 30 calendar days.
Sub-step 6.3: Direct Deposit
You can set up direct deposit for your paycheck, government benefits, or other recurring payments directly into your Ally Savings Account. You'll need Ally's routing number (124003116) and your account number, which you can find within your Ally online banking portal. Your employer or payment provider may require a direct deposit form.
Sub-step 6.4: Wire Transfer
For larger sums or faster availability (though fees may apply from the originating bank), you can initiate a wire transfer. You'll need Ally Bank's wire transfer instructions, which are available on their website or by contacting customer service. Incoming wires to Ally Bank are generally free.
Sub-step 6.5: Mail a Check
While less common for an online bank, you can also mail a check to Ally Bank for deposit. Ensure the check is properly endorsed and include your account number.
Important Note on Fund Availability: While transfers between Ally accounts are immediate, funds transferred from external banks or deposited via mobile check may have a hold period. Generally, the first $300 of a mobile check deposit is available the next business day, with the remainder available on the second or fifth business day, depending on the amount. Direct deposits are usually available on the settlement date.
Step 7: Explore and Utilize Ally's Savings Tools
Once your account is funded, take some time to familiarize yourself with Ally's online banking platform and mobile app. They offer features designed to help you save smarter.
Sub-step 7.1: Set Up "Buckets"
Ally's "Buckets" feature allows you to visually separate your savings within a single account for different goals (e.g., "Vacation Fund," "Emergency Fund," "New Car Down Payment"). This helps you stay organized and motivated.
Sub-step 7.2: Activate "Boosters"
Ally offers "Boosters" to help you grow your savings faster:
Recurring Transfers: Set up automated transfers from your linked checking account to your Ally Savings account on a schedule that works for you.
Round Ups: Link your Ally Bank Interest Checking Account, and Ally will round up your debit card purchases to the nearest dollar, transferring the difference to your savings.
Surprise Savings: This feature analyzes your linked checking account for "safe-to-save" money and automatically transfers it to your savings without you lifting a finger.
Sub-step 7.3: Monitor Your Progress
Use Ally's online tools to track your savings growth, review transactions, and adjust your savings goals as needed. The platform is designed to be intuitive and informative.
Congratulations!
You've successfully opened and funded your Ally Bank High-Yield Savings Account. You're now on your way to earning more interest and achieving your financial aspirations!
10 Related FAQ Questions
Here are some common questions you might have about Ally Bank savings accounts:
How to contact Ally Bank customer service?
You can contact Ally Bank customer service 24/7 by calling 1-877-247-2559 (within the US) or 1-412-402-6500 (from outside the US). They also offer chat support on their website and through their mobile app.
How to find my Ally Bank routing number and account number?
You can typically find your Ally Bank routing number (124003116) and your specific account number by logging into your Ally online banking account or through the Ally mobile app. They are usually displayed prominently under your account details.
How to link an external bank account to Ally Bank?
Log in to your Ally online banking account, navigate to the "Transfers" or "Link Other Accounts" section, and follow the prompts to enter the routing number and account number of your external bank. Ally may use micro-deposits for verification, which can take a few business days.
How to make a mobile deposit with Ally Bank?
Download the Ally Mobile App, log in, select your savings account, tap "Deposit Checks," endorse your check by signing and writing "For Mobile Deposit Only" plus your account number on the back, then take clear photos of the front and back of the check. Enter the amount and submit.
How to set up direct deposit with Ally Bank?
Provide your employer or payment provider with Ally Bank's routing number (124003116) and your Ally Savings account number. You may need to complete a direct deposit form, which can often be downloaded from your Ally online account.
How to check Ally Bank's current savings account interest rates?
You can always find the most up-to-date Annual Percentage Yield (APY) for Ally Bank's Online Savings Account directly on their website's savings account page, typically under a "Rates" or "APY" section.
How to transfer money from Ally Savings to an external bank?
Log in to your Ally online banking account, go to the "Transfers" section, select "Transfer to External Account," choose your Ally Savings account as the origin, and your linked external account as the destination. Enter the amount and confirm.
How to manage my savings goals with Ally Bank's "Buckets"?
Within your Ally online banking account or mobile app, navigate to your savings account details. You'll see an option to create "Buckets" or "Goals." You can then allocate specific amounts of your total savings to different categories you create.
How to get a debit card for my Ally Bank savings account?
While Ally Savings accounts are primarily for saving and don't come with a debit card, you can open an Ally Bank Interest Checking account (Spending Account) which includes a debit card. You can then easily transfer funds between your Ally checking and savings accounts.
How to close an Ally Bank savings account?
To close an Ally Bank savings account, you typically need to contact their customer service directly via phone or secure message. Ensure all funds are withdrawn or transferred out of the account before initiating the closure.
