Experts and savers are obsessed with Ally’s high-yield savings account. Here’s how to open one and start earning up to 200 times more on your money.

how to open an ally savings account

Summary List Placement 
Financial planners and non-experts alike praise the ease of use and high interest rates on Ally’s high-yield savings account.

Ally’s high-yield savings account has no minimum balance or monthly fees, and offers a competitive annual percentage yield.
To open a high-yield savings account at Ally, you only need your Social Security or tax identification number, address, birthdate, and legal name.
See Business Insider’s picks for the best high-yield savings accounts »

If you like earning money while you sleep (who doesn’t?), then it’s probably time to open up a high-yield savings account.

High-yield savings accounts offer much higher interest rates than your checking account or even a traditional savings account.

While there are dozens of banks offering competitive rates on high-yield savings accounts, financial planners and non-experts alike are obsessed with Ally’s. Ally’s high-yield savings account has no minimum balance or monthly fees, and offers a competitive annual percentage yield. Ally has landed spots on Business Insider’s lists of the best high-yield savings accounts, online banks, and national banks, just to name a few. 

How to open an Ally high-yield savings account
1. Visit

Go to and look for its online savings account. (Note that these screenshots were taken when Ally’s APY was 2.2%; it has since changed along with interest rate drops by the Fed.)

3. Select “open account”

The “open account” button will bring you to this page, where you’ll let Ally know if this is your first account at the bank. At the top of the window, you’ll see the five steps to open an account.

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3. Select the high-yield savings account

Next, you’ll specify what type of account you want to open and the amount of your initial deposit. Ally offers the same interest rate on all balance tiers for its online savings accounts.

4. Set up an initial deposit

You’ll get a chance to review your initial deposit before moving on to the next step.

5. Confirm US residency

You must be a legal resident or resident alien of the US to open an account.

6. Enter personal information

Next you’ll enter your basic information — name, birthdate, Social Security number, mother’s maiden name (for security purposes), and your occupation.

7. Enter your social security number

If you don’t feel comfortable providing your Social Security number online, you can call Ally directly to finish your application.

8. Provide address history

You’ll also be asked to provide your address history if you have moved in the last five years.

Ally, among many other banks, uses your address history to verify identity. It helps protect against fraudsters opening accounts in your name.

9. Sign up for e-statements

Since Ally is an online bank, it needs you to sign a form consenting to electronic statements (you can still obtain paper copies, if you like).

10. Sign a tax form

Before submitting your application, you’ll need to sign another tax form. As with any high-yield savings account, if you earn interest throughout the year, you’ll get a Form …read more

Source:: Businessinsider – Finance

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