Close your Ally savings account online, by phone, or by mail

You can close your Ally savings account through your online dashboard, by calling Ally customer service at 1-855-435-2559, or by mailing a written request. The fastest route is online if you have access to your account. Ally does not charge a fee to close a savings account, and you can withdraw your remaining balance before or during the closure process.

Before you close, make sure any pending deposits or transfers have cleared, and confirm you have received any interest earned through the current statement period. Once the account is closed, you will no longer be able to access it or make deposits, though Ally will keep records for tax purposes.

Key Takeaways

  • You can initiate closure online, by phone at 1-855-435-2559, or by mailing a written request to Ally's address.
  • Ally does not charge a fee to close a savings account at any time.
  • Withdraw your full balance or let Ally transfer it to another account you specify before the account closes.
  • The closure typically takes 5 to 10 business days after you submit your request, depending on the method you use.
  • Keep your final statement for tax records, since Ally will report any interest earned on your 1099-INT form.

Close your account online through your Ally dashboard

Log into your Ally online account and navigate to the account settings or account management section. Look for an option labeled "Close Account" or "Account Closure." Ally's interface will ask you to confirm the account you want to close and may prompt you to choose what to do with any remaining balance.

You can request that Ally transfer your balance to another bank account you own, or you can withdraw the funds yourself before closing. If you have a pending transfer or deposit, Ally may ask you to wait until it clears before processing the closure. Online closure is usually the fastest method and takes 5 to 7 business days.

Close your account by phone

Call Ally customer service at 1-855-435-2559 during business hours. A representative will verify your identity, confirm the account you want to close, and ask what you want to do with your remaining balance. They can arrange a transfer to another bank account or confirm that you will withdraw the funds yourself.

Phone closure typically takes 7 to 10 business days after the call. The representative will provide a confirmation number and may send you a written confirmation email. Keep this confirmation for your records in case you need to follow up on the status.

Close your account by mail

Write a letter to Ally requesting closure of your savings account. Include your full name, account number, and the date of your request. State clearly that you want to close the account and specify whether you want Ally to transfer your balance to another account or whether you will withdraw it yourself. If you are requesting a transfer, provide the routing number and account number of the receiving bank.

Mail your letter to Ally Bank, P.O. Box 15298, Wilmington, DE 19850-5298. Mail closure is the slowest method and can take 10 to 14 business days or longer, depending on mail delivery time. Send your letter via certified mail if you want proof of delivery.

What happens to your money during closure

Your balance remains in the account until closure is complete. You have three options: withdraw the full balance yourself before closing, request that Ally transfer it to another bank account you own, or let Ally hold it until you provide instructions. If you choose a transfer, Ally will initiate an ACH transfer, which typically takes 1 to 3 business days to reach the receiving account.

Any interest earned through the end of the month in which you close will be added to your account. Ally will report this interest on a 1099-INT form sent to you and the IRS, so keep your final statement for tax purposes.

What to do if you have linked accounts or automatic transfers

Before you close your savings account, cancel any automatic transfers or bill payments linked to it. Log into your Ally account and review your transfer settings. If you have set up recurring transfers from this account to another bank, or from another bank to this account, disable them before submitting your closure request.

If you forget to cancel a transfer before closing, contact Ally immediately. Transfers scheduled after the account closes may fail or be returned, which could delay payments or cause overdraft fees at the receiving bank. Ally can help you cancel pending transfers if you call within a few days of submitting your closure request.

Timeline and confirmation after closure

Closure typically takes 5 to 10 business days depending on your method. Online closure is fastest, followed by phone, then mail. During this time, your account will remain open but you will not be able to make new deposits or transfers. Once closure is complete, Ally will send you a written confirmation, usually by email or mail.

After closure, you will no longer see the account in your Ally dashboard. Ally keeps records of closed accounts for seven years for regulatory and tax purposes, so you can contact them if you need a copy of old statements or transaction history.

Frequently Asked Questions

Does Ally charge a fee to close a savings account?

No. Ally does not charge any fee to close a savings account. You can close at any time without penalty, regardless of how long you have held the account or how much money is in it.

What if I have a pending deposit when I try to close?

Ally will usually ask you to wait until the deposit clears before processing closure. If a deposit is scheduled to arrive after you submit your closure request, contact Ally to let them know. They can hold the closure until the deposit arrives, or you can withdraw the deposit yourself once it clears.

Can I reopen my Ally savings account after closing it?

Yes. You can open a new Ally savings account at any time after closure. However, you will be treated as a new customer and will need to go through the account opening process again, including identity verification.

What happens if I close my account but forget to withdraw my balance?

Contact Ally immediately. If you did not specify what to do with your balance during closure, Ally will hold it and wait for your instructions. You can request a check, a transfer to another bank account, or a refund. There is no time limit, but the sooner you contact them, the faster they can process your request.

Will closing my Ally savings account affect my credit score?

No. Closing a savings account does not appear on your credit report and does not affect your credit score. Savings accounts are not part of your credit history. Only loan and credit card accounts impact your credit.