You can close an Ally savings account by phone, online, or in writing — the process takes a few minutes and your money moves to another bank within one to three business days

Ally has no branch locations, so you cannot walk in and close an account in person. Instead, you contact them by phone, through your online account, or by mail. The bank will not charge you a fee to close the account. Before you initiate the closure, decide where your remaining balance should go — Ally will ask for the receiving bank's routing number and your account number there, or they can mail you a check.

The account closes when ready once you request it, but the actual movement of money takes time. If you have pending transactions or scheduled transfers, those may still process after closure, so check your account for a few days afterward to make sure everything cleared as expected.

Key Takeaways

  • You must contact Ally by phone, online portal, or mail to close a savings account — there are no physical branches.
  • Have the routing and account number of your destination bank ready, or ask Ally to send a check instead.
  • The account closes right away, but transferred funds arrive in one to three business days depending on the receiving bank.
  • Check your Ally account for a few days after closure to confirm any pending transactions have finished processing.
  • Ally charges no fee to close a savings account at any time.

Closing by phone

Call Ally customer service at 1-877-247-2559. Have your account number ready. The representative will confirm your identity by asking for your Social Security number, date of birth, or other verification details. Tell them you want to close your savings account.

The representative will ask where your money should go. If you have another bank account, provide that bank's routing number and your account number at that bank. Ally will initiate an electronic transfer, which typically arrives within one to three business days. If you do not have another account ready, you can ask Ally to mail a check to your address on file — this takes longer, usually five to seven business days.

Once you confirm the destination, the account closes. You will receive a confirmation number. Write it down or take a screenshot. The representative may also email you a confirmation, but having the number in hand is useful if you need to follow up.

Closing through your online account

Log into your Ally account at ally.com. Go to the account settings or account management section — the exact location varies slightly depending on whether you are on desktop or mobile, but it is usually under a menu labeled "Settings" or "Account." Look for an option that says "Close Account" or "Account Closure."

The system will ask you to confirm your identity and will show you your current balance. You will then specify where the balance should go: either to another bank account (you will need that bank's routing number and your account number there) or as a check mailed to your address. Complete the form and submit.

The online closure is when ready, and you will see a confirmation message with a reference number. Keep this number. The funds will transfer or the check will be mailed according to your choice, following the same timelines as a phone closure.

Closing by mail

Write a letter to Ally requesting account closure. Include your full name, account number, date of birth, and the last four digits of your Social Security number. State that you want to close your savings account and specify where your balance should be sent — either to another bank (include that bank's routing number and your account number) or as a check to your current address.

Mail your letter to Ally Bank, P.O. Box 25286, Milwaukee, WI 53225. Ally recommends sending it via certified mail so you have proof of delivery. The bank will process the closure once they receive and verify your letter, which can take one to two weeks depending on mail time and processing speed.

This method is slower than phone or online closure, so use it only if you cannot access the other options. Keep a copy of your letter for your records.

What happens to pending transactions and automatic payments

If you have automatic transfers or bill payments set up from your Ally savings account, cancel them before you close the account. Log into your account and remove any scheduled transfers or payments. If you close the account while transfers are still pending, they may fail or bounce, which could trigger overdraft fees at the receiving institution.

If you have a pending deposit or transfer coming into the account, it may still process after closure. Check your account for a few days after you request closure to see if any transactions clear. If a deposit arrives after the account is closed, Ally will typically return it to the sender, so contact the sender to resend it to your new account if needed.

Moving your money before closure

You do not have to wait for Ally to transfer your balance during closure. You can move the money yourself before you close the account. Log into your Ally account, set up a transfer to your other bank, and wait for it to complete — usually one to three business days. Once the transfer is done, your Ally account will have a zero balance, and you can then close it with no money to move.

This approach gives you more control and lets you confirm the money arrived at your destination before the account is gone. It also simplifies the closure process because Ally will not need to handle the transfer themselves.

After your account closes

Once the account is closed, you cannot reopen it under the same account number. If you change your mind and want to save with Ally again, you will need to open a new account, which takes a few minutes online. There is no penalty for this — Ally does not charge to open or close accounts.

You will stop earning interest on the day the account closes, even if funds are still in transit. Keep your confirmation number and any documentation from the closure for your records. If you need a statement or tax information (like 1099 interest forms) after closure, contact Ally and they can provide it.

Frequently Asked Questions

Can I close my Ally savings account if I have a negative balance?

No. You must bring your account to zero or positive before closure. If you owe money, contact Ally to discuss payment options. Once the balance is settled, you can proceed with closure.

Will closing my Ally account hurt my credit score?

Closing a savings account does not affect your credit score. Savings accounts are not reported to credit bureaus. Your credit is only impacted by credit products like loans and credit cards.

How long does it take to close an Ally savings account?

The account closes when ready when you request it by phone or online. The transfer of your balance to another bank takes one to three business days. A mailed check takes five to seven business days. Mail-in closure requests take one to two weeks to process.

What if I forgot to cancel automatic payments before closing?

Contact Ally right away. If the account is still open or very recently closed, they may be able to stop the payment. If it already failed, contact the company that was receiving the payment and update your payment method with them to avoid service interruptions.

Can I close my account if I have a linked checking account with Ally?

Yes. Closing your savings account does not affect your checking account. They are separate and can be managed independently. You can close one without closing the other.