With online banking, mobile banking apps and more, transferring money between your accounts at one bank or between accounts at different financial institutions is now easier and more secure than ever.
What do you need to transfer money between accounts?
To move funds between accounts at different financial institutions (aka make an external transfer), you'll need a few key pieces of information:.
The bank name you’re transferring to or from
The routing number
The account number
The type of account (checking vs. savings)
Read more: How an interest checking account works
How to transfer money between your Ally Bank account and another bank
Need to make a transfer between your Ally Bank account and an account you own at another financial institution? No problem. External transfers are secure and simple to execute. Plus, you can even set up recurring transfers.
Just login to ally.com and follow these six steps:
Head to “Transfers" and then “Bank Transfers."
Click the option to “Link Other Accounts," where you'll fill out your account type, routing number and account number.
Allow Ally to verify your account ownership (depending on the institution, this may be instantaneous but can take up to three business days if micro deposits are needed to verify account ownership).
After verification, choose which account you want to withdraw from and which you want to deposit the funds in.
Enter the amount to transfer, the frequency (one-time or recurring) and the date of the transfers
Review your transfer and submit.
When you make external transfers, you'll want to keep a few things in mind, including fees, timing and transfer limits. Ally Bank does not charge any fees to send or receive transfers from other financial institutions.
Timing wise, a standard transfer from an Ally Bank account to a non-Ally Bank account takes three business days. So, a transfer requested on Monday will be delivered on Thursday. Transfers are not processed on weekends or federal holidays, and holidays may make the transfer period longer.
Certain accounts are eligible for next-day transfers, meaning funds are delivered on the next business day. Ally determines next-day transfer eligibility based on account tenure, account activity and transfer activity.
How to move money between Ally accounts
Surprised by how simple it is to make an external transfer? Internal transfers at Ally — or moving money from one Ally account to another — are even easier. You can transfer funds to and from our:
All you have to do is visit the “Transfers" page and select the account you want to withdraw from and the account you want to deposit into. Then, just follow steps 4-6 from above.
You can make an instant transfer from one Ally Bank account to another 24/7 online or through our mobile banking app. Transfers between an Ally Bank account and an Ally Invest account can be made Monday through Friday from 8:00 a.m. to 3:55 p.m. EST and can take anywhere from a few minutes up to five business days, depending on the type of Ally Invest account.
Money moves
Staying on top of your finances doesn't have to be tricky or time consuming. When your money needs to go somewhere, online transfers are a reliable way to shift funds between accounts at the same bank or accounts at different ones. The security and speed that the money moves only makes your life more enjoyable.
