You can close an Ally savings account online, by phone, or by mail — the fastest way is a phone call to their customer service line
Ally does not charge a fee to close a savings account, and you can do it without visiting a branch because Ally has no physical locations. The process takes a few minutes if you call, or a few days if you use their online banking portal or send a written request. Before you close, make sure any pending transfers or automatic deposits have cleared, and decide where you want remaining funds sent.
You will need your account number and the last four digits of the Social Security number on file. If you have a linked checking account at Ally, closing the savings account does not affect it — they operate independently.
Key Takeaways
- Ally charges no fee to close a savings account at any time, and the process can be completed by phone, online, or mail.
- Call Ally customer service at 1-855-925-2559 to close your account the same day; online closure through your account dashboard may take one to two business days to process.
- Confirm that all automatic transfers and deposits have stopped before you request closure, or they may fail after the account closes.
- You must specify where remaining funds should be sent — either to another bank account or by check mailed to your address on file.
Closing by phone is the fastest option
Call Ally customer service at 1-855-925-2559. Have your account number and the last four digits of your Social Security number ready. A representative will verify your identity, ask why you are closing (this is optional to answer), and confirm the balance in your account.
Tell them where you want the remaining balance sent. You can direct them to transfer it to another bank account — you will need to provide the routing number and account number — or request a check mailed to your address on file. The representative will process the closure immediately, and funds typically arrive within one to three business days depending on the destination.
Phone lines are open Monday through Friday, 9 a.m. to 8 p.m. Eastern Time, and Saturday 10 a.m. to 6 p.m. Eastern Time. Sunday hours are 11 a.m. to 6 p.m. Eastern Time.
Closing through online banking takes longer but requires no phone call
Log into your Ally account on their website or mobile app. Navigate to the account settings or account management section — the exact location varies slightly between the website and app, but it is usually labeled "Account Services" or "Manage Accounts." Select the savings account you want to close.
Look for an option to close the account. Ally's online portal will ask you to confirm the account balance and specify where remaining funds should go. You can transfer to another bank account or request a check. Submit the request, and Ally will process it within one to two business days. You will receive a confirmation email once the account is closed.
Closing by mail works if you prefer written documentation
Write a letter to Ally requesting account closure. Include your full name, account number, the last four digits of your Social Security number, and your current address. State clearly that you want to close the account and specify where remaining funds should be sent — either a bank account (with routing and account numbers) or a mailed check.
Mail the letter to Ally Bank, P.O. Box 25286, Salt Lake City, UT 84125-0286. Ally recommends sending it via certified mail so you have proof of delivery. Processing typically takes five to seven business days from the date Ally receives your letter, plus additional time for mail transit.
Stop automatic transfers and deposits before closure
If you have set up automatic transfers from another account into this savings account, or if direct deposits go to this account, cancel those arrangements before you request closure. Ally will close the account on the date you specify, and any automatic activity scheduled after that date will fail.
Log into your Ally account and review the "Transfers" or "Scheduled Transactions" section. Cancel any recurring transfers or deposits linked to this savings account. If you have automatic transfers set up through another bank that sends money to Ally, contact that bank and update or cancel the arrangement on their end.
What happens to your money after closure
Ally will not hold your funds. On the closure date, your remaining balance will be sent to the destination you specified — either transferred to another bank account or mailed as a check. If you chose a bank transfer, funds typically arrive within one to three business days. If you chose a check, it will be mailed to your address on file and may take five to ten business days to arrive, depending on postal service timing.
Once the account is closed, you will no longer earn interest on any balance. If you have not received your funds within the timeframe Ally provided, contact customer service with your closure confirmation number.
Frequently Asked Questions
Do I lose interest if I close my account mid-month?
Ally pays interest monthly, typically on the last day of the month. If you close before that date, you will not earn interest for the partial month. The interest you have already earned will be included in your final balance when funds are sent to you.
Can I reopen the same account after closing it?
No. Once you close an Ally savings account, that specific account cannot be reopened. If you want to save with Ally again, you would need to open a new account. There is no waiting period to do so.
What if I have a negative balance when I try to close?
Ally will not close an account with a negative balance. You must deposit funds to bring the balance to zero or positive before closure is processed. Contact customer service if you are unsure of your current balance.
Will closing my Ally savings account affect my Ally checking account?
No. Savings and checking accounts are separate products. Closing one does not affect the other. You can close your savings account and keep your checking account active without any impact.
How do I know my account is actually closed?
Ally will send you a confirmation email or letter depending on how you requested closure. The account will no longer appear in your online banking dashboard once it is fully closed. If you need written proof of closure for your records, you can contact customer service and request a closure confirmation letter.