The three ways to deposit money into Ally
You can move money into your Ally savings account through a bank transfer from another bank, a direct deposit from your employer or benefit payer, or a wire transfer if you need the money to arrive the same day. Bank transfers are the most common route and usually take one to three business days. Direct deposit is the easiest if your employer or benefit payer already supports it — the money lands automatically on a schedule you set. Wire transfers cost money and are usually only worth it if you need funds urgently.
Ally does not accept deposits by mail, check, or cash at a physical location, because Ally is an online-only bank with no branches. This is why they can offer higher interest rates than banks with physical locations — they have lower costs to pass along to you.
The method you choose depends on where the money is coming from and how fast you need it. If you are moving savings from another bank, a transfer works fine. If you are receiving a paycheck, direct deposit is simpler. If you need money today or tomorrow, a wire transfer is the only option, though it will cost you a fee.
Key Takeaways
- Bank transfers from another account take one to three business days and are free, making them the standard way to move money into Ally.
- Direct deposit from an employer or benefit payer is automatic and free, but you need to provide your Ally account and routing number to the payer first.
- Wire transfers arrive the same business day but cost a fee (usually $10 to $25) and require you to provide your account details to the sending bank.
- Ally does not accept cash, checks, or deposits at physical locations because it operates online only.
- You will need your Ally account number and routing number to receive money from any source outside Ally.
Setting up a bank transfer from another account
A bank transfer (also called an ACH transfer or external transfer) moves money from your account at another bank into Ally. Log into your Ally account online or through the mobile app, go to the Transfers section, and select "Transfer from another bank." Ally will ask you to enter the name of the bank you are transferring from and your login details for that bank.
Ally uses a service called Plaid to connect securely to your other bank without storing your password. You enter your credentials once, Ally verifies the connection, and then you can choose which account to transfer from and how much to move. The transfer usually shows up in your Ally account within one to three business days, though some banks take longer.
If you prefer not to give Ally your login details for your other bank, you can instead add your Ally account as an external account at your other bank and initiate the transfer from there. This takes a bit longer because your other bank may require you to verify the Ally account with small test deposits first, but it gives you more control over the process.
Setting up direct deposit from your employer or benefits
Direct deposit is the easiest deposit method because the money arrives automatically on a regular schedule — usually every two weeks if you are paid by an employer, or monthly if you receive Social Security or another benefit. You do not have to do anything after the first setup except wait for the money to land.
To set up direct deposit, you need your Ally account number and your routing number. You can find both in the Ally app under Account Details, or by logging into your account online. Give these two numbers to your employer's payroll department or to the agency that sends your benefits (such as Social Security Administration). They will enter this information into their system, and your next payment will go directly to Ally instead of to your old account.
The first direct deposit usually takes one to two pay cycles to start, so do not close your old account right away. Once you see the first deposit land in Ally, you can safely move any remaining money out of the old account and close it if you want to.
Using a wire transfer for same-day deposits
A wire transfer moves money from another bank to Ally on the same business day, but it costs a fee. Your sending bank typically charges $10 to $25 to send a wire, and Ally may charge a small fee to receive it (though many banks waive the receiving fee). Wire transfers are useful if you need money urgently, but they are expensive for routine deposits.
To send a wire to Ally, contact your other bank and tell them you want to wire money to an Ally savings account. They will ask for Ally's routing number (which is the same for all Ally customers) and your Ally account number. Your bank will confirm the details, charge the fee, and send the money. The money should land in your Ally account the same business day, usually within a few hours.
Wire transfers are final — once the money leaves your other bank, you cannot cancel it. Make sure you have the correct account number before you authorize the wire, because mistakes are difficult to reverse.
Finding your account number and routing number
Your account number is unique to your Ally savings account. Your routing number is the same for all Ally customers and identifies Ally Bank as the receiving institution. You need both pieces of information to receive money from outside Ally.
To find both numbers, log into your Ally account online or open the mobile app. Go to Account Details or Account Information (the exact name varies slightly by app version). Your account number and routing number will be displayed there. You can also find your routing number on Ally's website under "Customer Service" or "Contact Us."
Some banks print your account and routing numbers on the bottom left of your checks, but Ally does not issue checks for savings accounts, so you will need to look them up online. Write down both numbers or take a screenshot so you have them ready when you set up a transfer or give them to your employer.
What to do if a deposit does not arrive
If you sent a bank transfer and it has been more than three business days, log into your Ally account and check the Transfers section to see the status. If it shows as pending, wait another day or two — some transfers take the full three days. If it shows as failed or cancelled, the money should return to your sending bank within one to two business days.
If the transfer failed, the most common reasons are a typo in your account number, insufficient funds in your sending account, or a security hold at your other bank. Contact your other bank to ask why the transfer was rejected, fix the problem, and try again.
If you sent a wire transfer and the money has not arrived the same day, contact Ally customer service right away. Wire transfers should land within hours, so a delay may mean the wire was sent to the wrong account. Ally can help you track it down, but the sooner you call, the better your chances of recovering the money.
Frequently Asked Questions
Can I deposit cash into my Ally account?
No. Ally is an online-only bank with no physical branches, so you cannot walk in and deposit cash. If you have cash, you will need to deposit it into another bank account first, then transfer the money to Ally from there.
How long does a bank transfer take?
Most bank transfers take one to three business days. Weekends and bank holidays do not count as business days, so a transfer you send on Friday may not arrive until Tuesday. You can check the status in your Ally account under Transfers.
Do I have to pay a fee to deposit money into Ally?
Bank transfers and direct deposits are free. Wire transfers cost a fee (usually $10 to $25) charged by your sending bank. Ally does not charge you to receive money, but your other bank may charge you to send it.
What if I give my employer the wrong account number?
Contact your employer's payroll department right away and give them the correct account number and routing number. They can usually update your direct deposit information before the next pay cycle. If a deposit already went to the wrong account, contact that bank to ask them to reverse it.
Can I set up a recurring transfer to Ally?
Yes. When you set up a bank transfer through your Ally account, you can choose to make it a one-time transfer or a recurring transfer on a schedule you set (weekly, biweekly, monthly, etc.). This is useful if you want to move money to savings automatically without thinking about it each time.