Call Ally customer service or use your online account to close your savings account
Ally does not let you close a savings account through their mobile app or website. You must call their customer service line at 1-855-435-2559 to request closure. Have your account number ready when you call. The process takes a few minutes, and the account closes immediately once you confirm the request.
If you prefer not to call, you can also close the account by visiting an Ally Financial Center in person, though these locations are limited. Check Ally's website for the nearest center to you. In-person closure follows the same process as a phone call and takes effect right away.
Before you close the account, make sure any pending transactions have cleared and that you have moved your money out. Ally will not close an account with a negative balance, so you must bring it to zero or positive first.
Key Takeaways
- You must call Ally customer service at 1-855-435-2559 to close a savings account; the website and app do not offer this option.
- The account closes immediately after you confirm the closure request on the phone.
- Your account balance must be zero or positive before Ally will process the closure.
- Any pending deposits or withdrawals should clear before you initiate closure to avoid complications.
- If you have linked accounts or automatic transfers set up, cancel those before closing to prevent failed transactions.
What happens to your money when you close the account
Ally does not automatically transfer your remaining balance anywhere. You are responsible for moving the money out before closure. You can transfer funds to another bank account using Ally's online transfer tool, request a check, or withdraw cash at an ATM if you have an Ally debit card.
If you close the account and money remains in it, Ally will hold that balance. You can contact them later to retrieve it, but the process becomes more complicated. It is simpler to empty the account yourself before you call to close it.
Cancel automatic transfers and linked services first
If you have set up automatic bill payments, recurring transfers to other accounts, or direct deposits going into this savings account, those will fail once the account closes. Log into your Ally account online and review the Transfers and Payments section to see what is active.
Cancel any automatic transfers or bill payments linked to the savings account. If you receive direct deposits into this account, update your employer or the organization sending the deposit to use a different account instead. Ally will not redirect these payments for you.
Check whether you have linked this savings account to any third-party services like budgeting apps or investment platforms. Those connections will break when the account closes, and you may need to update them separately.
Timing: when the account closes and when you lose access
Once you confirm closure on the phone, the account closes that same day. You lose access to the account immediately—you cannot log in or make transactions after the call ends. Any debit card linked to the account stops working right away.
If you have checks or other payment methods tied to the account, destroy them. Ally will not honor checks drawn on a closed account, and attempting to use them can trigger overdraft fees at the receiving bank.
What to do if you want to keep the account but reduce fees
Ally savings accounts have no monthly maintenance fees and no minimum balance requirement, so there is usually no cost to keeping the account open even if you do not use it. If you are closing because you think there are fees, you may not need to close at all.
If you are closing because you want to consolidate accounts or move to a different bank, that is a valid reason. But if your concern is cost, verify with Ally customer service what charges you are seeing. Many customers close accounts based on a misunderstanding of the fee structure.
Reopening an account after closure
You can open a new Ally savings account after closure, but Ally may ask questions if you reopen within a short time frame. There is no formal waiting period, but opening and closing accounts repeatedly can trigger fraud review flags in Ally's system.
If you think you might want to use Ally again in the future, consider keeping the account open instead. Since there are no fees, the only cost is the time it takes to manage it.
Frequently Asked Questions
Do I need to close my checking account too if I close my savings account?
No. Ally savings and checking accounts are separate and can be closed independently. You can keep one open and close the other. If you close your checking account, you will lose access to your debit card and online bill pay, but your savings account remains unaffected.
What if I have a negative balance when I try to close?
Ally will not close an account with a negative balance. You must deposit money to bring the balance to zero or positive first. Once the balance is positive, you can proceed with closure. If you are unsure of your current balance, log into your account or call customer service to check.
Can I close the account if I have a pending direct deposit?
You can close the account, but the pending direct deposit will fail and bounce back to the sender. Before you close, update your direct deposit instructions with your employer or benefit provider to send future payments to a different account. This prevents lost or delayed payments.
Will closing my Ally savings account affect my credit score?
No. Closing a savings account does not appear on your credit report and has no impact on your credit score. Credit reports track credit accounts like loans and credit cards, not deposit accounts. You can close a savings account without any credit consequences.
How long does it take for Ally to process the closure after I call?
The account closes immediately when you confirm the request on the phone. You lose access right away and cannot log in or make transactions. There is no waiting period or processing time.