IRAs FAQs
FAQs
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You can change or add beneficiaries to your Ally Bank accounts any time on ally.com.
Ally Bank Checking, Savings or CD Accounts
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Log in to ally.com.
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Choose Profile and Settings.
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Select Beneficiaries.
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Select Add Beneficiary.
Select the Edit icon to update existing information, or the Remove icon to delete a beneficiary. You can only add a beneficiary to one account at a time, and there are no primary or contingent designations
Ally Bank Individual Retirement Accounts (IRA)
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Log in to your account on ally.com.
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Select your plan.
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Choose Beneficiaries.
You must designate a primary beneficiary before adding a secondary.
If you’re married, live in a community property state and would like to appoint a primary beneficiary other than or in addition to your spouse, you must submit a notarized Change of Beneficiary form that includes your spouse's signature. Before making any changes, you can talk to a tax professional or the IRS for more information.
Check out this video to learn more
Ally Invest Individual or Joint Accounts
To change or add a beneficiary to a non-IRA Ally Invest account, complete the Beneficiary Form (PDF) , then upload it in the forms section after logging in. You can also fax it to 1-866-699-0563, or mail it to:
Ally Invest
PO Box 30248
Charlotte, NC 28230Ally Invest IRA accounts
While opening an Ally Invest IRA account online, you'll be asked to identify at least one primary beneficiary for your account. To update or change your beneficiary, complete the IRA Beneficiary Designation (PDF) . Be sure to sign it, then upload it in the forms section after logging in to your account, fax it to 1-866-699-0563 or mail it to:
Ally Invest
PO Box 30248
Charlotte, NC 28230 -
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In an IRA, you can trade stocks, ETFs, mutual funds, and fixed income products such as bonds or CDs. Because industry regulations prohibit IRA accounts from having margin, short selling and selling naked options aren't allowed.
You may also be able to make up to Level 3 option trades in your IRA. Depending on your approval level, you may be able to use strategies such as: covered calls, cash-secured puts, long puts and calls, spreads, and other multi-leg strategies. Review our Option Account Agreement and Application (PDF) to learn more about our requirements for trading options at Ally Invest.
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An IRA Rollover is the movement of assets from a qualified retirement plan, like a 401(k) plan or 403(b) plan, to an IRA such as an Ally Bank IRA or Ally Invest IRA. Rollovers could be subject to tax consequences. Consult your tax advisor regarding frequency of rolling over funds.
An IRA Transfer moves funds directly from the trustee or custodian at another institution to the institution of your choice. For example, from a traditional IRA at your other bank into your Ally Traditional IRA.
Learn more about the different ways to move your retirement money around and about converting one type of IRA plan to another, such as traditional to Roth. You can also visit IRS.gov for more information on rollovers, transfers, and conversions.
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If your IRA contributions exceed yearly contribution limits, remove the excess amount before the tax filing deadline to avoid a possible 6% penalty.
The fastest way to withdraw money from an IRA account is to log in to your account, select Transfers, then Invest Transfers, fill out the provided form and upload it online.
We strongly suggest you consult with a licensed tax professional to determine how to correct any excess contributions before submitting your request.
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Traditional IRA: An Individual Retirement Account (IRA) allows investors to deposit income, up to a specific annual maximum, toward investments that can grow tax-deferred (no capital gains or dividend income is taxed). Contributions to a traditional IRA may be tax deductible depending on the taxpayer's income, tax-filing status, and other factors. Learn more about traditional IRAs
Roth IRA: A Roth IRA is a retirement account in which contributions are not tax deductible (contributions are made with post-tax dollars). Roth IRAs do allow for tax exempt distributions. Learn more about Roth IRAs
Rollover IRA: A rollover IRA is a retirement account designed to facilitate the movement of holdings from a corporate retirement plan, such as a 401(k) plan. The rollover IRA is interchangeable with a traditional IRA. Contributions may be tax deductible depending on the client's income level. Learn more about rollover IRAs
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You can use any of our Ally Invest accounts to fund your IRA:
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Self-Directed
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Robo Portfolios
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Personal Advice
If you're closer to retirement, you may want to consider one of our Ally Bank IRA options instead. They're FDIC-insured and better suited for the shorter term with more consistent returns.
We offer the following accounts:
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IRA High Yield CD
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IRA Raise Your Rate CD
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IRA Savings Account
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The easiest way to fund an IRA is through a bank (ACH) transfer. Once you open an account, you can link your bank account to your Ally Invest account by selecting Transfers and then Linked Bank Accounts. After you link your accounts, you can make contributions any time you want or set up an automatically recurring contribution.
You can also fund your IRA through a bank wire or by sending us a check. If you choose one of these methods, make sure you include the contribution year on your wire or check so we can properly label your contribution.
Lastly, you can do a cash transfer from an existing individual or joint Ally Invest account. If you choose to transfer from a joint account to an IRA, call us to get an IRA Journal Request Form. Once you fill it out, you’ll need to get it notarized and then mail it to Ally Invest.