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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.

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...

how to open an ally savings account

Summary List Placement 

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 Ally.com

Go to Ally.com 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.)

how to open an ally high-yield savings account

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.

how to open an ally high-yield savings account

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.

how to open an ally high-yield savings account

4. Set up an initial deposit

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

how to open an ally high-yield savings account

5. Confirm US residency

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

how to open an ally high-yield savings 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.

how to open an ally high-yield savings account

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.

how to open an ally high-yield savings account

8. Provide address history

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

how to open an ally high-yield savings account

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

how to open an ally high-yield savings account

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).

how to open an ally high-yield savings account

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 1099-INT from your bank to include with your tax return, and your interest will be subject to taxes at your normal income tax rate.

how to open an ally high-yield savings account

11. Wait for a review

Ally takes less than a minute to review your application.

how to open an ally high-yield savings account

12. Answer security questions

If you haven’t figured it out by now, Ally is a stickler for verification. The last step before your application goes through is answering a few specific security questions, however random they may seem.

how to open an Ally high-yield savings account

13. Set up your opening deposit

There’s no minimum balance required to open a high-yield savings account at Ally, but you can make an initial deposit if you like.

how to open an ally high-yield savings account

14. Create your account

The final step is setting up your online account.

how to open an ally high-yield savings account

15. Beef up security

Once your account is set up, Ally recommends adding even more security measures.

how to open an ally high-yield savings account

16. Check for a security code

If you opt-in to the security code feature, Ally will send you a security code by your choice of text or email each time you attempt to log in to your account from an unfamiliar computer.

how to open an ally high-yield savings account

17. Familiarize yourself with the layout

Here’s what your dashboard will look like inside your account. Ally makes it very easy to open up and label multiple savings accounts for different goals, and keep track of how much interest you’re earning on each account.

how to open an Ally high-yield savings account

That’s it! You’ll be provided with an account number and routing number, which you can use to set up a one-time or automatic, regular transfers. 

Happy earning!

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