You can open an Ally savings account online in about 10 minutes using a computer or phone
Ally Bank is an online-only bank, so there is no branch to visit. You start at ally.com, click on the savings account option, and move through a series of screens that ask for your personal information, Social Security number, and initial deposit details. The whole process happens on your screen — no paperwork to mail, no appointment needed. Most accounts are ready to use within one business day.
You will need a valid government ID (driver's license or passport), your Social Security number, and a way to fund the account. That funding can come from a debit card, another bank account via ACH transfer, or a wire transfer. Ally does not charge a monthly fee for savings accounts, and you can start with any amount — there is no minimum deposit requirement.
Key Takeaways
- The entire account opening process takes place online at ally.com and usually completes within one business day.
- You will need a valid government ID, your Social Security number, and a way to fund the account on your first visit.
- Ally savings accounts have no monthly maintenance fees and no minimum balance requirement.
- Your first deposit can come from a debit card, another bank account, or a wire transfer, and you choose the amount.
What information you need to have ready
Before you start, gather your government-issued ID (a driver's license or passport works), your Social Security number, and your current address. Ally will ask you to verify these details as part of their identity check. Have your phone number and email address ready too — Ally uses these to contact you and to set up two-factor authentication for your account.
If you are funding the account from another bank, you will also need the routing number and account number from that bank. If you are using a debit card instead, just have the card number, expiration date, and CVV ready. Wire transfers require different information that Ally will provide after your account is open.
The step-by-step account opening process
Start at ally.com and look for the button to open a new savings account. Click it and you will land on a page asking for basic information: your name, date of birth, address, phone number, and email. Fill these in as they appear on your government ID — mismatches can slow things down later.
Next comes the identity verification step. Ally will ask for your Social Security number and may ask you security questions based on your credit history (questions like "which address did you live at in 2015" or "which of these is a former employer"). Answer these accurately. After this, Ally confirms your identity and moves you to the funding step.
On the funding screen, choose how you want to deposit money. If you pick a debit card, enter the card number and details. If you pick another bank account, enter that bank's routing number and your account number there. Ally will then show you the amount you want to deposit and ask you to confirm. After you confirm, your account is created and the deposit is on its way.
How long it takes for your account to be active
Your Ally savings account is usually ready to use within one business day. If you fund it with a debit card, the money typically shows up in your account within 24 hours. If you fund it from another bank account via ACH transfer, it may take one to two business days for the money to arrive, depending on the other bank's processing speed.
You can log in and see your account as soon as the account creation is complete, even if your deposit is still in transit. This means you can set up automatic transfers, change your account settings, or add a linked external account while you wait for your first deposit to land.
Setting up access to your account after opening
Once your account is open, you will receive login credentials via email. Use these to log into ally.com or the Ally mobile app. Ally will prompt you to set up two-factor authentication — this usually means confirming a code sent to your phone or email each time you log in from a new device. This step is required and protects your account from unauthorized access.
After you log in, you can add external bank accounts to link for transfers, set up automatic deposits or transfers, and customize your account settings. You can also request a debit card if you want one, though Ally savings accounts do not come with a debit card by default — you would need to open a checking account for that.
What happens if your account opening is declined
Ally may decline your account opening for a few reasons: a mismatch between the information you provided and what appears on your ID, a problem with the identity verification questions, or a flag in your banking history. If this happens, Ally will send you an email explaining the reason and telling you what to do next.
If the issue is a simple mismatch, you can often call Ally's customer service line to clarify. If the issue is more serious — for example, if you are on ChexSystems (a banking history report) — you may need to resolve that first. Ally will tell you which agency to contact and what information you need to provide. You can then reapply once the issue is cleared.
Funding your account after it is open
After your account is active, you can add money in several ways. You can transfer from another bank account using ACH (which takes one to two business days), deposit via debit card (which usually posts within 24 hours), or request a wire transfer (which can arrive the same day if sent before Ally's cutoff time, usually 5 p.m. Eastern). You can also set up automatic recurring transfers from another account if you want to save a fixed amount each week or month.
Ally does not accept cash deposits or checks. If you need to deposit a check, you would have to deposit it into another bank account first and then transfer the money to Ally. There is no limit on how many times you can transfer money in or out, though Ally may flag unusual activity for security reasons.
Frequently Asked Questions
Do I need a minimum deposit to open an Ally savings account?
No. Ally has no minimum deposit requirement. You can open an account and fund it with any amount, from $1 up. Some people open the account first and add money later, though most complete the funding step during the opening process.
Can I open an Ally account if I do not have a Social Security number?
Ally requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open an account. This is a federal requirement for all U.S. banks. If you have an ITIN, you can use that instead of a Social Security number.
What if I make a mistake during account opening?
If you catch the mistake before you submit, you can go back and fix it. If you submit and then realize there is an error, contact Ally's customer service. They can often correct small errors like a misspelled name or wrong address without closing and reopening the account.
Can I open an Ally savings account on my phone?
Yes. The Ally website and mobile app both support account opening. The process is the same on either device. Some people find it easier on a computer because the screens are larger, but a phone works fine.
Is there a fee to open an Ally savings account?
No. Ally does not charge a fee to open an account or to maintain one. There is no monthly maintenance fee, no minimum balance fee, and no fee to close the account if you decide to leave later.