If you’re searching for a flexible and accessible banking experience, Ally Bank offers several online accounts to choose from. Whether you’re looking for convenience, great rates or helpful tools, opening an Ally Bank account is simple.
Read more: How Ally Bank’s buckets and boosters help you organize, optimize and analyze your money
Why should you open an online Ally Bank account?
Ally Bank offers a competitive annual percentage yield, or APY, no monthly maintenance fees, 24/7 customer support and no overdraft fees plus easy-to-use banking options both online and on mobile. We’re also upfront about any fees we do charge. Plus as an FDIC-member bank, all of our customers’ deposits are insured up to the maximum allowed by law.
Understanding account types
With Ally Bank, you have several account options and features to choose from depending on your financial goals, including:
Savings Account: An interest-bearing deposit account that gives you accessibility, competitive interest rates and in-account tools to help you grow your savings.
Spending Account: A type of checking account that offers access to ATMs, direct deposit, convenient bill pay, tools to track your finances and no monthly maintenance fees. With an Ally Bank Spending Account, you also enjoy early direct deposits on eligible direct deposits, as well as overdraft protection.
Money Market Accounts: An interest-bearing account that acts like a hybrid between a checking and savings account, with access to a debit card and check writing.
Certificate of Deposit (CD): A type of interest-bearing deposit account that locks in a rate for a specific amount of time, earning interest at a predetermined rate until the CD matures at the end of the term. Early withdrawals may incur penalties.
Individual Retirement Account (IRA): A tax-advantaged savings account that helps individuals plan for retirement and offers benefits like tax-deferred or tax-free growth, depending on which type of IRA you choose.
This table breaks down additional Ally Bank account-specific details.
Account Type | FDIC Insured | Early Direct Deposit | ATM Access | Minimum Amount to Open | Additional Account Features |
|---|---|---|---|---|---|
Savings | ✔ | N/A | N/A | No Minimum | No monthly maintenance fees, buckets and surprise savings tools, money grows with interest compounded daily |
Spending | ✔ | ✔ | ✔ | No Minimum | CoverDraft protection, no monthly maintenance fees, spending buckets, up to $10 reimbursement per statement cycle for fees charged at ATMs nationwide |
Money Market | ✔ | ✔ | ✔ | No Minimum | No monthly maintenance fees, up to $10 reimbursement per statement cycle for fees charged at ATMs nationwide, money grows with interest compounded daily |
Certificate of Deposit (CD) | ✔ | N/A | N/A | No Minimum | No monthly maintenance fees, money grows with interest compounded daily, Ally 10 Day Best Rate Guarantee |
IRA | ✔ | N/A | N/A | No Minimum | No monthly maintenance fees, no transfer fee into a rollover IRA |
Gather your personal information
No matter which account type you choose, you’ll need a few key pieces of information in order to sign up:
Full name
Social Security number
Date of birth
U.S. residential street address
U.S. phone number
U.S. email address
Mother’s maiden name
Open your account
With Ally Bank, it only takes about five minutes to create an account, and the application walks you through each simple step:
Visit Ally.com
Select the account type you're interested in
Click "Open New Account" to officially start the process
You'll answer a few questions — whether you’re already a current customer, what kind of account you’re opening and what your initial deposit amount will be. Remember, no initial deposit amount is required and we only ask to help you plan.
Once you review the legal disclosures, you’re ready to submit your application.
Make your initial deposit
Even though we don’t have deposit minimums to open an account and we don’t require a minimum daily balance, the sooner you fund your account, the faster you can take advantage of all our account features. Please note, the account will close if not funded within 30 days. To fund your Ally Bank account, you can make a mobile deposit by transferring funds from another account, wiring money, Ally eCheck Deposit or mail us a check.
Bank your way
Our goal is to help you make the most of each and every penny. Whichever account, or combination of accounts, you choose to open, you can grow your money knowing that we always have your back.
