Skip to main content
SAVE

How to open a savings account: 6 steps to take

What we'll cover

  • How to open an Ally Bank Savings Account

  • A step-by-step guide to set up your account

  • The benefits of an Ally Bank Savings Account

As you map out your financial future, your savings account can be an essential tool. If you're ready to take advantage of the great rates, straightforward terms and top-notch account security of an Ally Bank  Savings Account , we have good news: You can open one in five minutes or less.

Here’s a quick step-by-step guide for opening a savings account at Ally Bank.

Gather the required documents and information

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 for less than five years)

  • Mailing address (if different from your residential address)

Choose account type

Once you’re on the Ally site, choose the “Checking & Savings” tab from the top menu, then select “Open Account”. 

Image shows the Ally website dropdown menu, “Checking & Savings”. There is an arrow pointing to a button that says “Open Account”.

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.

Image shows the webpage to open an Ally Online Savings Account with an Annual Percentage Yield (APY) of 3.40% that was accurate as of 2/28/2023.

Accurate as of date (02/28/23). No minimum deposit to open or earn APY. Rate is variable and may change after the account is opened. Fees may reduce earnings.

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 can make an initial deposit for whatever amount you choose once your account is open. When you’re ready to proceed, select “Add This Account.” 

Image shows screen to create an Ally Bank Online Savings Account. Customer is asked to select the account type they want to open and input how much they want to deposit into the account.

Accurate as of date (02/28/23). No minimum deposit to open or earn APY. Rate is variable and may change after the account is opened. Fees may reduce earnings.

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

Image shows an Ally Bank webpage asking the user to Review Account Selections. User has an option to add another account, continue to the next step or cancel.

Accurate as of date (02/28/23). No minimum deposit to open or earn APY. Rate is variable and may change after the account is opened. Fees may reduce earnings.

If that doesn’t apply to you, move along to the next step. 

There’s no minimum deposit required to open an Ally Bank Savings Account, and you can make an initial deposit for whatever amount you choose once your account is open.

Provide 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.)

Image shows an Ally webpage that asks the user to fill in their personal information, including: First name, Middle Initial (Optional), Last name, Birth date, Social security number, Mother’s maiden name, Occupation, Contact Information and Home Address. User also is prompted to answer whether their mailing address is the same as their home address and to input “yes” or “no” if they have lived at the above address for more than five years. There is a “Next” button at the bottom of the screen.

Accurate as of date (02/28/23). No minimum deposit to open or earn APY. Rate is variable and may change after the account is opened. Fees may reduce earnings.

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

Submit your application

Now, you’re nearly there. It’s time to agree to receive information electronically and certify that your Social Security Number or Tax Identification Number (TIN) is accurate. Then you’ll get a chance to review legal disclosures.

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

Image shows an Ally webpage of step 3 of 5 in opening an Ally Bank Online Savings Account. User is asked to verify that they have read and understood the Ally Bank Deposit Agreement, Ally Bank Online Banking Services Agreement, Privacy Notice and Privacy Notices for California Residents.

Accurate as of date (02/28/23). No minimum deposit to open or earn APY. Rate is variable and may change after the account is opened. Fees may reduce earnings.

Fund your account

Once you’re approved, it’s time to make a deposit and start saving. You can choose to transfer funds from other accounts, wire money, use Ally eCheck Deposit℠ or mail us a check.

Image shows Ally webpage prompting user to Add Money to their new Online Savings Account. User can choose to fund now or fund later. They are asked to input the amount and where they are transferring the funds from.

Accurate as of date (02/28/23). No minimum deposit to open or earn APY. Rate is variable and may change after the account is opened. Fees may reduce earnings.

Welcome to saving your way

As part of your introduction, you’ll receive a welcome kit in the mail detailing the terms of your account, instructions for online access and answers to common questions.

You can download the Ally Bank 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.

In the meantime, take a look at all the perks you’ll get as an Ally Bank 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).

Explore more

Invest Budget Security

Read next

Money solutions and strategies sent straight to your inbox.

Tips and tools to help you build your best financial future.

Let's Connect