Whether you’re opening a bank account at a digital-only bank or with a financial institution that has physical branches, today’s technology has streamlined the process — reducing application time to just minutes.
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Understanding the different types of bank accounts
Here are some of the most common bank account types you can open:
Account type | Features |
|---|---|
Checking | Designed for daily transactions and managing expenses |
Savings | Ideal for building an emergency fund or saving for future goals |
Certificates of Deposit (CDs) | Offers fixed interest rates for a set term |
Money Market | Combines features of checking and savings accounts with typically higher interest rates |
Essential documents needed to open a bank account
Opening one of the account types listed above at any financial institution is a straightforward process. When applying, you typically need the following:
Government issued ID: You can use a passport, driver’s license or State ID with your photo.
Tax identification: Have your Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) handy.
Proof of address: A mortgage document, utility bill, bank statement or credit card statement can be used to verify your residency.
Initial deposit: Add cash to your spending account or use a check for the minimum opening amount (there is no minimum amount required to open an Ally Bank Spending Account, Ally Bank Savings Account Money Market Account or Certificate of Deposit).
Special considerations for opening a bank account
Beyond standard checking and savings accounts, various specialized accounts exist to meet a range of financial needs:
Joint accounts: These are essentially the same as an individual account. The only difference is that both co-owners have equal access to the account, so everyone is in control of the funds. To open a joint account, all parties must provide the same documentation.
Accounts for minors: A parent or guardian can open an account and designate it for a child, while maintaining account ownership. Both the adult and minor must provide the required documentation.
IRAs: These tax-advantaged investment accounts are designed for retirement savings. You can choose between a Traditional IRA and Roth IRA, depending on your long-term saving goals. To open an IRA, you’ll need documents like your Social Security, government-issued ID and a funding source for your account, then you can choose your investment type.
Trusts: A legal arrangement where a grantor transfers assets (cash, stocks, property, etc.) to a trustee who manages them for designated beneficiaries. This account is used to decide how a person's money is managed and distributed, typically after they die. To open a trust account, you'll need to work with a financial professional or estate attorney to establish the trust, then transfer assets into it to activate the account.
Non-resident accounts: Opening this type of account might require additional documentation, such as a foreign driver’s license or birth certificate, or, if applicable, a U.S. visa or Employment Authorization Card.
The Ally Bank difference
When you have both an Ally Bank Spending Account and Ally Bank Savings Account, you have access to smart tools that work together to help you meet your goals faster and make your money work harder for you. These include:
Surprise savings: We’ll analyze spending to find areas where you could be saving more and transfer safe-to-save money into your Savings Account.
Rounds ups: We track transactions to round up to the nearest dollar. Once you’ve accrued $5, we’ll transfer it to your Savings Account.
Spending and savings buckets: Buckets help you organize your money by what matters to, plus you get a true snapshot of your spending and savings.
Ready to open your account?
As a digital-only bank, when you apply for an account at Ally, your online application will be reviewed and addressed by our operations team within 24 hours. It’s that simple.
A little prep can go a long way, and having the right documents ready can make opening a bank account quick and easy. Once the paperwork is squared away, you can focus on what really matters: managing your money with confidence.
