How to open an Ally Bank account
- Aug. 22, 2023
- 3 min read
What we'll cover
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The benefits of online banking
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How to open an Ally Bank account
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Features of Ally's spending and savings accounts
Are you ready for a more flexible and accessible banking experience? Convenience is just one reason you might look into opening an online bank account — not to mention great rates, helpful tools and more.
We’ll walk you through the process for opening an account with Ally Bank — it’s simple.
Step 1: Why Ally Bank?
When you want to open a new bank account, it’s a good idea to look at all the features and benefits. Ally Bank offers a competitive annual percentage yield (APY), no monthly fees , 24/7 customer support, Overdraft Transfer Service , plus easy-to-use banking options both online and on mobile. We’re also upfront about any fees we do have.
As an FDIC -member bank, all of our customers’ deposits are insured up to the maximum allowed by law. And whether you’re looking to open a checking or savings account, we offer top-notch tools and features that anyone can take advantage of.
Step 2: Pick the account type
You have several bank account options to choose from, depending on what your financial goals are and your reasoning for opening an account.
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Certificate of Deposit (CD): Locks in a rate for a specific amount of time. Early withdrawals may incur penalties
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Savings Account : Gives you accessibility, competitive interest rates and in-account tools to help you grow your savings
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Money Market Accounts : Even more flexibility to access your funds
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Spending Account : An everyday checking account for easy access and no monthly maintenance or overdraft fees. Spending buckets also help you track your expenses.
As an FDIC-member bank, all of our customers’ deposits are insured up to the maximum allowed by law.
Step 3: Pull together your personal info
No matter which account type you choose, you’ll need a few key pieces of information in order to sign up. You may be asked to provide additional documentation, but these are the basics to be prepared with:
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Full name
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Social Security number
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Date of birth (you must be 18 years or older to sign up for an Ally Bank account)
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Residential street address (and previous address, if you’ve lived at your current one less than five years)
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Occupation
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Contact info (email and phone number)
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Mother’s maiden name
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Transfer information for your initial deposit
Step 4: Open your account
Opening an account with Ally only takes about five minutes, and the application walks you through each simple step. Here’s the gist:
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Head to Ally.com
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Select the account type you're interested in under the "Checking & Savings" tab
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Hit "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 ahead.
Once you review the legal disclosures, you’re ready to submit your application.
Step 5: Make your initial deposit
We’ll reiterate: Ally Bank doesn’t require a minimum deposit to open an account, and we don’t require a minimum daily balance. That being said, the sooner you fund your account, the sooner you can take advantage of all our account features.
To fund your Ally Bank account, you can make a direct deposit by transferring funds from another account, wire money, make a mobile deposit using Ally eCheck Deposit℠ or mail us a check.
Step 6: Bank your way
Some of the biggest perks of online banking are the flexibility and accessibility you receive. If you have internet access, you can manage your bank account online or through the mobile app.
By downloading the Ally Mobile app to your smartphone, you can check your balance at any time and make transfers when you need to. Plus, you can deposit checks directly from your phone just by snapping a picture.
With our Spending Account, there’s no need to stress about ATM fees. You can use any Allpoint ATM in the U.S. for free or be reimbursed up $10 per statement cycle for fees charged by other ATMs nationwide.
Our goal is to help you make the most of each and every penny with our bank. Whether it’s our spending or savings account (or a combination), you can grow your money knowing that we always have your back.
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