Hourglass on a laptop keyboard

If you’re ready to take advantage of the great rates, straightforward terms, and top-notch account security of an Ally Bank Online Savings Account, good news: you can open one in five minutes or less.

Here’s a quick step-by-step how-to for opening an Online Savings Account at Ally Bank.

Minute 1: Gather your personal creds

Start off on the right foot by getting some basic information together. To open your new account, you need to be ready with the following:

  • Full name
  • Social Security number
  • Mother’s maiden name
  • Occupation
  • Contact information: email and primary phone number
  • Date of birth (you must be 18 years of age)
  • Residential street address (and previous address, if you’ve lived at your current one less than five years)
  • Mailing address (if different from your residential address)

Minute 2: Head to Ally.com

Once you’re on our website, choose the “Open Account” tab from the top menu, then select “Get Started” under the “Bank” tab.

Next, you’ll see options for deposit accounts: CDs, Savings, Checking and Money Market, and IRAs.

Click on “Savings,” then select “Open Account” and indicate whether you’re an existing Ally Bank customer.

Minute 3: Create your account

On the next screen, you’ll have the option to enter a deposit amount. This is for your own planning purposes and it isn’t set in stone. Keep in mind: There’s no minimum deposit required to open the account and you have the opportunity to make an initial deposit for whatever amount you choose once your account is open.

When you’re ready to proceed, select “Add This Account.”

The following screen gives you the option to open the account in the name of a Trust or UGMA, which means you are opening it on behalf of a third-party beneficiary. And if you’re planning to open multiple accounts, you can also add another account in this section.

If that doesn’t apply to you, select “Next Step” and move along.

Three minutes down, two to go …

Minute 4: Provide your personal details

Fill out the requested pieces of personal information for the Primary Account Owner. You also have the option to select up to four joint account owners. (Be prepared to provide their personal information, too.)

Once you’ve entered your personal information, you’ll have a chance to double-check and edit anything that needs fixing. Then, select “Next Step,” and you’re almost finished.

Minute 5: Submit the application.

Yay, you’re just about done. Now, you will need to agree to receive information electronically and certify that your Social Security Number or Tax Identification Number (TIN) is accurate.

Then you’ll get the chance to review legal disclosures on this page:

Once you review the disclosures, just check the box, select “Submit Application,” and you’re all set.

You should hear back from us at Ally Bank within three to five days with confirmation that your account has been opened. We’ll also contact you if we need additional verification or documentation.

Welcome to saving your way

Once you’re approved, you’ll receive a Welcome Kit in the mail detailing the terms of the account, instructions for online access, and answers to common questions about your account.

You’ll also get information on how to make your initial deposit. Hint: You can choose to transfer funds from other accounts, wire money, use Ally eCheck Deposit℠, or mail us a check.

Pro tip: Download the Ally Mobile app to keep your account details right at your fingertips. You’ll have easy access to capabilities like depositing checks, transferring funds, or finding an ATM on the go!

And in the meantime, take a look at all the perks you’ll get as an Ally Bank Online Savings Account owner. And remember, you can get help with your new account any time at Ally.com or call live, 24/7 customer care at 877-247-ALLY (2559).

Now that’s a productive use of five minutes of your day.

Open an Online Savings Account