Ally Bank is an online bank with competitive interest rates compared to other online banks and higher rates than most brick and mortar ones. The products they offer have no minimum balance requirements or service fees.
Continue reading our guide to help you find the right Ally Bank account for you, which important documents needed to open one, and how to play in person or online!
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How to Open an Ally Bank Account
Start out by visiting the Ally Bank website and select the “bank” drop option in the top navigation bar. Then find the product page for the account that you’re looking to open, and click on the “open new account” button.
In order to open an account with Ally, you’ll need to provide the following information:
- A Social Security number or tax identification number
- A U.S. residential street address
- Legal name
- Birthdate (you must be age 18 or older)
Then you can choose how you’re going to fund your new account and which terms you prefer. Once your application has been approved, you will receive a notification through your email.
Alternatively, you can also open an Ally Bank account by:
- Phone: call 1-877-247-2559. Customer service is available 24/7, so you can get help with your account whenever you need it.
- Mail: download the application form (under the “Forms” section) for the account that you’re looking to open, and then mail the completed form to the address listed on the application.
Ally Bank Account Options
Ally Bank has a variety of options from standard savings and checking accounts to CDs and individual retirement accounts.
Online Savings Account
They offer a very competitive APY for their savings account. Another perk is that it has no minimum deposit and no service fees. You can open as many savings accounts as you want, this is a major benefit if you are saving for multiple goals.
Interest Checking Account
Ally’s checking account offers two interest tiers based on your balance. Although the rate is low, it’s better compared to traditional checking accounts without any interest. You can also use any of the 55,000 Allpoint ATMs without any fees!
You can find their ATMs in popular stores like Target, Costco, Speedway, Walgreens, CVS, and Safeway. Plus if you do go out of network, Ally will reimburse any ATM fees up to $10 per statement cycle.
Money Market Account
For Ally’s Money Market account, you will get a free debit card and free checks. The APY on this account is less than that of Ally’s other accounts, but you do have the option of accessing your funds whenever you want.
Certificates of Deposit
You can choose from multiple FDIC-insure CD’s with different term lengths at Ally Bank.
- High-Yield CD: Choose from terms of 3 months to 5 years. The APY may differ depending on your opening deposit account. Ally offers excellent rates for short term CDs!
- Raise Your Rate CD: Choose between a 2-yr or 4-yr term, you’re usually locked into your rate for the entire term of the CD. But, with this account, your Rate CD gives you a chance to increase it if rate go up during the term. You can boost your rate once over the 2-year term or twice over the 4-year term.
- No Penalty CD: This CD has a fixed term of 11 months. It allows you to withdraw your full balance and interest at any time without penalty! This will give you flexibility to remove your money if you suddenly need it.