Banking

How Many Ally Accounts Can I Open

By David Krug David Krug is the CEO & President of Bankovia. He's a lifelong expat who has lived in the Philippines, Mexico, Thailand, and Colombia. When he's not reading about cryptocurrencies, he's researching the latest personal finance software. 6 minute read

It’s now simpler than ever to earn a high rate of interest on your money. No one disputes that internet banks are reshaping the financial landscape by offering savings accounts with greater interest rates.

Is this a sign that savings accounts as we know them are becoming extinct? That’s not the case, of course. An online savings account, on the other hand, is a great option if you want your money to work harder for you.

The only difference between an online high-yield savings account and a standard savings account is that the interest rate is often greater.

It’s possible that the interest rate on your money market account is lower than the rate on your savings account with a traditional bank. If you’re putting money down for anything or planning to buy something, keep this in mind.

An Ally Online Savings Account Favorite

The primary advantage of a high-yield savings account is the ability to earn a greater rate of interest than most other savings accounts. With the Ally Online Savings Account, that’s only the beginning of the many perks you’ll enjoy.

  • In comparison to most brick-and-mortar banks and other traditional banks, Ally offers an APY (annual percentage yield) that is greater than the national average and compounded daily, which can make your money work harder for you. The rate of return on an Online Savings Account is nearly usually higher than the rate of return on a traditional savings account.
  • It doesn’t matter how much you have. Your Online Savings Account has no minimum balance requirement, making it easier for new savers to get started.
  • It doesn’t matter how much you deposit. Your Ally Online Savings Account has no minimum deposit requirement.
  • There aren’t any monthly fees. As far as the best savings accounts are concerned, having no monthly maintenance fee and no minimum balances requirement, unlike most banks, is a great combination. No monthly fee means you will be able to hold onto more of your money in your checking accounts.

What the Ally Online Savings Account Might Do Better

  • The Ally Online Savings Account does not allow you to put cash into your account, which is a downside. As the use of cash deposits declines, this may not be a major issue for you. If, on the other hand, you find yourself making regular deposits of cash, you might wish to create a checking account that permits them.
  • Locations aren’t real: Finally, if you prefer to talk to a person rather than an automated system, an online bank like Ally may not be the best option for you.

Traditional Savings Account Compared to Ally Online Savings Account

Before making a final selection, decades ago, you would have to visit numerous banks to learn about each one’s unique features.

You may now complete the process online in just a few minutes. In order to help you compare Ally’s Online Savings Account to traditional banks, we performed the legwork for you.

What follows is a list of the most important similarities and differences:

  • Ally does not levy a minimum balance fee or a monthly service charge. Traditional banks charge these costs on a regular basis, but the fees and quantities you pay will vary based on your choice of bank or credit union.
  • In comparison to typical savings accounts, the Ally Online Savings Account offers an annual percentage yield (APY) of 0.50 percent (as of Dec. 1, 2021). (as of Dec. 1, 2021). For Ally Online Savings, you don’t have to have a daily balance to earn a high interest rate.
  • Traditional savings accounts and the Ally Online Savings Account both enable you to make up to six withdrawals each billing cycle without incurring a charge. For any extra withdrawal you make from your Ally Online Savings Account within a billing month, you will be charged $10. Traditional banks charge different fees for cash withdrawals.
  • Many conventional banks have physical branches where customers may perform their banking in person, although the number of locations and the availability of these branches varies from one bank to the next. Despite the fact that Ally Interest Checking Account clients can withdraw money for free from over 43,000 Allpoint ATMs around the world, Ally does not have any physical branches.
  • Online transfers, wire transfers, check requests, and telephone transfers are all options available to Ally Online Savings Account clients. Cash and ATM withdrawals are usually also available, as is the case with most traditional banks.

Opening an Ally Online Savings Account

It’s easy to get started with an Ally Online Savings Account. In order to do so, this is how:

  1. Open a new account by visiting the Ally website.
  2. You’ll next be able to see if you already have an account with Ally Bank or Ally Invest.
  3. Ally Online Savings Account, Money Market Account, Interest Checking Account, and Certificates of Deposit Accounts are all available for you to select from when you click on the ‘Continue’ button.
  4. Select ‘Add This Account’ under ‘Ally Online Savings Account.’
  5. Ally will ask for personal information from you, such as your name, address, date of birth, email address, and occupation, in order to verify that you are a legal resident of the United States.
  6. An Ally representative will be in touch within minutes once you’ve completed this information.

How many Ally accounts can I open?

Unlike some online banks or brick-and-mortar banks, you’re free to open as many online savings accounts as you want with Ally. How many savings accounts you need is entirely up to your financial goals and wants, but there is no limit on your ability to open multiple savings accounts.

The great news is, you won’t have to pay any monthly maintenance fees on any of your Ally savings accounts. There are also no minimum balance requirements.

This is great for people that want individual accounts based on specific financial needs, such as one for an emergency fund, and one savings account for your retirement fund. Many people find having different accounts for different savings goals to be very helpful, but keep in mind that you won’t earn high interest rates on your funds if they are split across multiple savings accounts.

If you would like to learn more about bank accounts, we suggest you check out our previous articles, such as how much money you should keep in your checking account and your savings account, or who can withdraw money from your checking account, among many others.

How to Withdraw From Your Ally Online Savings Account

Your Ally Online Savings Account has the following withdrawal options:

  • Online transfer
  • Wire transfer
  • Check request
  • Telephone transfer

As a customer of Ally, you will not be eligible for a debit or ATM card when you open an Ally Online Savings Account.

The Ally Interest Checking Account, on the other hand, comes with an ATM card that you can use to withdraw money from more than 43,000 ATMs globally.

What kind of accounts does Ally Bank provide?

In addition to a traditional savings account, you can also open multiple accounts such as a high-yield savings account or money market accounts.

Customer Service

Customer care help is available 24 hours a day, seven days a week by online chat and phone, and Ally prides itself on quick wait times.

You can phone 1-877-247-2559 or use the online chat feature on the Ally Bank website to get in contact.

Bottom Line

Many people find Ally Bank to be a great financial institution because of the flexibility that they provide. You can easily manage your online account on their website, or on the Ally mobile app. You can also easily make an eCheck deposit with the Ally mobile app.

However, with only an online savings account at Ally, you won’t have access to a traditional debit card. Ally also doesn’t accept cash deposits, with your only transfer money options being a remote check deposit, direct deposit, to wire transfer money, online deposits, and mailing a check.

You can open multiple checking accounts with Ally, and none of them will have a minimum balance requirement or charge monthly fees. Because there is no monthly fee, such as monthly maintenance fees, you will be able to save more money. Having two accounts, or more, can help you to easily have a different account for different financial needs.

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