Most banks that operate digitally provide basic, simple checking and savings accounts. But Ally Bank, an online bank, stands alone from the competition by providing more than two account options than you can see in other regular online bank. However, this topic needs extra guidance to decide from all of the bank’s account options. In this article we had covered various steps required to open a Ally Bank account.
How To Open an Ally Bank Account in 5 Steps
Ally Bank claims the whole process of opening an account takes five minutes or less. To open your bank account in Ally bank quickly and perfectly, you must know every step and have all the necessary documents. Belo, the five step process is given that will take you through the most essential points of what you require to do to open an Ally Bank account.
Choose What Accounts You Need
Ally Bank’s account offerings include checking, savings, money market accounts and CDs. Here’s an overview of each of these options.
Ally Checking Account
An everyday checking account for easy access and no monthly maintenance or overdraft fees. Spending buckets also helps you keep an eye on your expenditures.
By opening a checking account and keeping the required balance that is under 15,000 dollars, you’ll earn a 0.10% annual percentage and 0.25% on 15,000 dollars or higher. In this account, you don’t need to keep minimum balance or pay monthly maintenance fees.
You’ll receive a debit card in the mail so you can withdraw your funds from over 43,000 free All point ATMs nationwide. Ally Bank will automatically reject any debit card payment that may push your account into the negative or decide to cover them for free. Check our previously published article on How To Open a U.S. Bank Account?
Ally Savings Account
Ally’s savings account is the most popular type of account. This is because, it pays high-yield interest on the amount kept in the account. You’ll earn 4.20% APY on your balance without having to worry about monthly fees or minimums. And if you join your checking and savings accounts, you can use Round Ups, a feature that makes. up your debit card transactions to the nearest dollar and send the change over to your savings account.
Ally Money Market Account
Money market account provides you more flexibility to access your funds. If you’d only have one bank account for all your requirements, then this account may be the great choice. Like the savings account, you’ll earn 4.20% APY. But you’ll also have some checking account features, such as a debit card for ATM withdrawals, bill pay and checks.
However, you’ll be limited to just six non-ATM withdrawals from your money market account per statement cycle. If you have to do more transactions, then select the interest checking account in place of this.
Ally CD
Certificates of deposit are the best option to put your fund at a certain interest rate for a longer fixed period of time. If interest rates drop, you’re protected. If you have some funds and you’re not prepared to deposit for some time, Ally Bank has 3 types of CDs to select from and it has no minimum balance requirements.
- High Yield CD: Traditional CD with an APY of 4.50% and seven terms of three months up to five years.
- Raise Your Rate CD: APY of 3.60% and a two-year or four-year term. If rates of interest increase then you can lock in a new rate one time in the term of two-year or two times in the term of four-year.
- No Penalty CD: Earn 4.00% APY during the 11-month term. When the first 6 days are completed after the date when you reserve the CD, you can take back your funds without paying any penalties. Don’t miss out! Check our previously published article on Why Banks Require a Minimum Balance?
Gather Your Personal Information
To open a bank account in the Ally Bank, the minimum age requirement is 18 years old and also you have to provide some personal information, given as follows:
- Your legal name
- Date of birth
- Social Security number or tax identification number
- A residential street address in the U.S.
- Proof of identification like driving license or passport etc.
Apply Online
After collecting all the required details and documents,now you are completely prepared to apply, you can visit the account comparison page present on the Ally Bank website. Select the type of account you want to open from the four upper tabs and then tap on the “Open Account” option. Some steps are given in the application, follow them.
You can also add up to the owner of the four joint bank accounts. Submit the application when you’re done and then wait for a few seconds. You should get an answer right from your screen. Make sure to check our previously published article on Minimum amount for open a bank account.
Fund the Account
In the Ally bank, you don’t have to worry about depositing a minimum opening balance, but you could deposit in your new Ally Bank account in a few given ways:
- Set up direct deposit of your paychecks.
- Transfer funds from another bank account
- Wire money
- Give a check through Ally eCheck Deposit using your bank’s mobile app
- Mail a check to:
Ally BankP.O. Box 13625Philadelphia, PA 19101-3625
Download the Mobile App
You can control or access your account from the Ally Bank mobile app. While waiting for your debit card to come in the mail, install the app through the App Store or Google Play. After downloading, setup online banking and manage your new accounts.
Frequently Asked Questions
No, To open an account with Ally Bank, you must be a citizen or a legal permanent resident of the United States.
They’ll check it and give you a response regarding your new account application within 24 hours.
Conclusion
Opening an Ally Bank account is simple. Ally Bank is very clear about its banking charges and provides a number of tutorials and guidance to get you through the complete process perfectly. If you are new to Ally bank then you should go with a checking account and a linked savings account as there are no monthly maintenance charges or minimum balance requirements and they’ll both earn interest. Plus, it’s easy to move funds back and forth to save some money for a rainy day.
After installing the Ally Mobile app in your phone, you can track your bank balance at any time any day and make payments when you want or require it. Also, you can deposit checks directly from your phone by simply adding a picture. Have a look on: How Do Bank Deposits Work?