You can open an Ally savings account online in about 10 minutes, using just your Social Security number, a government ID, and a funding source

Ally is an online-only bank, which means there are no branches to visit. Everything happens on their website or mobile app. The process is straightforward: you provide personal information, verify your identity, and link a bank account or debit card to fund your new savings account. You don't need to visit anyone in person, and you don't need to mail anything in.

The account opens when ready after you complete the steps, though it can take one to two business days for your first deposit to show up. Once the money arrives, you can start earning interest right away. Ally's savings accounts have no monthly fees, no minimum balance requirement, and no limit on how many times you can withdraw money each month.

Key Takeaways

  • The entire process takes place online and requires your Social Security number, a valid government ID, and proof that you are at least 18 years old.
  • You will need to link an existing bank account or debit card to fund your new Ally savings account, since you cannot deposit cash in person.
  • Your account opens when ready, but deposits from an external bank account typically take one to two business days to arrive.
  • Ally savings accounts charge no monthly fees and have no minimum balance, so you can start with any amount.

What you need before you start

Gather these items before you begin: a valid government-issued ID (a driver's license, passport, or state ID card), your Social Security number, and your date of birth. Ally will ask you to verify your identity using this information, so have it ready.

You will also need a way to fund the account. This can be a debit card from another bank, or a bank account number and routing number from an existing checking or savings account. If you have neither, you can open a checking account at another bank first — many banks let you do this online as well. You cannot deposit cash directly into an Ally savings account because Ally has no physical locations.

The step-by-step process

Start by going to Ally's website and clicking the button to open a new savings account. You will be asked to enter your email address and create a password. This becomes your login for the Ally website and app.

Next, you will enter your personal information: full name, date of birth, Social Security number, and current address. Ally uses this to verify who you are and to check for fraud. Be exact — if your name or address does not match what is on file with your ID, the verification may fail.

Ally will then ask you to confirm your identity by uploading a photo of your government ID or by answering security questions based on your credit history. The photo upload is usually faster. Take a clear photo of the front and back of your ID and upload both. Ally's system checks these automatically, and you usually get approval within minutes.

Once your identity is verified, you will link a funding source. Choose whether you want to link a debit card or a bank account. If you choose a bank account, enter your routing number and account number — you can find these on a check or by logging into your other bank's website. If you choose a debit card, enter the card number, expiration date, and CVV (the three-digit code on the back).

Finally, you will review the account terms and confirm that you want to open the account. Click to agree, and your account is created. You will see your new Ally savings account number on the screen.

Funding your account for the first time

After your account opens, you can transfer money from your linked bank account or debit card. If you linked a bank account, Ally will make two small test deposits (usually under $1 each) to that account within one to two business days. You will need to confirm the amounts of these deposits in the Ally app or website to prove you own the account. This is a security step to prevent fraud.

Once you confirm the test deposits, you can transfer money freely between your Ally savings account and that linked bank account. Transfers from a linked bank account usually take one to two business days. If you linked a debit card instead, transfers are often faster — sometimes the same day or next day — but check Ally's current terms, as this can change.

You can also have your employer deposit your paycheck directly into your Ally savings account. To set this up, you will need to provide your employer with your Ally account number and routing number. Ally will give you both of these after your account opens.

What happens after your account is open

Your Ally savings account is ready to use when ready. You can move money in and out whenever you want, with no limits on how many times per month you can withdraw. You will earn interest on your balance — the rate changes based on market conditions, so check Ally's website to see the current rate.

Interest is added to your account monthly. You do not have to do anything to earn it; it happens automatically. The interest is taxable income, so Ally will send you a 1099-INT form at the end of the year if you earned $10 or more in interest.

You can manage your account entirely through the Ally website or mobile app. You can check your balance, transfer money, set up automatic transfers, and contact customer service all online. Ally does not have phone support for account opening, but once your account is open, you can call them with questions.

If you already have an Ally checking account

If you already bank with Ally, opening a savings account is even faster. Log into your existing account, and you can add a savings account without re-verifying your identity. The new account opens in minutes, and you can transfer money between your checking and savings accounts when ready — no waiting for test deposits.

Many people open both a checking and savings account with Ally because it is easier to manage money in one place. Your checking account is for everyday spending, and your savings account is for money you want to set aside and earn interest on.

Frequently Asked Questions

Can I open an Ally savings account if I do not have a Social Security number?

No. Ally requires a Social Security number to open any account. If you are a non-citizen without a Social Security number, you may be able to use an Individual Taxpayer Identification Number (ITIN) instead, but you would need to contact Ally directly to ask. Most online banks have similar requirements.

What if my identity verification fails?

If Ally cannot verify your identity using your ID photo or security questions, you can try again. Make sure your ID is current and the photo is clear. If you keep having trouble, contact Ally's customer service — they can help you verify your identity by other means, though it may take longer.

Can I open an account for someone else, like a child?

No. You can only open an account for yourself if you are at least 18 years old. Some banks offer accounts for minors, but Ally does not. If you want to save money for a child, you would need to open an account in your own name.

Is there a fee to open the account?

No. Ally charges no fee to open a savings account, and there is no monthly maintenance fee. The only cost is if you overdraw your account or use services like wire transfers, which have separate fees.

How long does it take to start earning interest?

Interest starts accruing as soon as money lands in your account. If you deposit money on Monday, you begin earning interest that day. Interest is calculated daily but added to your account once per month.