Checking and savings accounts are essential tools of everyday banking, so you want the experience to be as seamless and effortless as possible. So why not streamline your personal banking experience by combining them at the same bank? By opening both Ally Bank Spending and Savings Accounts, you can unlock more features and save precious time when managing your money.
Read more: How to use Ally Bank spending and savings buckets to organize your finances
While switching bank accounts might feel like a daunting task, it could be well worth taking that step to simplify your personal banking experience ... freeing you up for more of the good stuff in life.
How an Ally Bank Spending Account works
If you’re looking for a checking account designed for modern money management, an Ally Bank Spending Account could be the right choice for you. You get all the benefits of a traditional checking account — such as writing checks, using a debit card and making ATM withdrawals — combined with convenient tools to track your everyday expenses.
Key features and benefits of an Ally Bank Spending Account
Since checking accounts are primarily used for managing everyday finances, such as paying bills, making purchases and withdrawing cash, you’ll want a secure account that makes it easy to access your funds. An Ally Bank Spending Account does just that and more, with benefits like:
Access to online banking, including mobile check deposits
Early direct deposit up to two days sooner
ATM withdrawal access and fee reimbursement
Cash back at certain retailers when you make a purchase
No monthly maintenance fees
Overdraft protection and CoverDraftSM
In-account buckets tool to manage expenses
Free credit report access
Federal Deposit Insurance Corporation (FDIC) insurance up to the maximum allowed by law
Read more: 8 ways an Ally Bank Spending Account can simplify your finances
Keep in mind that CoverDraft isn’t a line of credit or a guarantee. If your purchase isn’t covered for any reason (for instance, if the transaction exceeds your CoverDraft limit), it will be declined — but we’ll never charge you an overdraft fee.
Ally Bank's Spending and Savings Accounts work together to help you pursue your goals faster and make your money work smarter.
How an Ally Bank Savings Account works
Similar to a checking account, a savings account is a safe place to store your cash while also earning interest. An Ally Bank Savings Account offers key tools and advantages to make your savings work smarter and go further.
Key features and benefits of an Ally Bank Savings Account
While working toward your financial goals, an Ally Bank Savings Account gives you access to features to optimize and maximize your savings, including:
Competitive interest rates and earnings
Easy online and in-app access
Minimal fees
In-account buckets and boosters tools
Federal Deposit Insurance Corporation (FDIC) insurance up to the maximum allowed by law
24/7 support
The benefits of having both accounts at one bank
Keeping your money in one place can help streamline your everyday banking tasks. At Ally Bank, we design our Spending and Savings Accounts to work with each other to help you pursue your goals faster and make your money work smarter.
1. Turn everyday spending into savings
Take advantage of smart in-account savings tools such as:
Spending and savings buckets: Think of buckets as digital envelopes where you can allocate funds for specific expenses and goals. Savings buckets help you separate different goals while spending buckets help you organize your upcoming expenses. While either bucket tool is helpful on its own, using both spending and savings buckets together can help you get a true picture of your finances — all within your Ally app.
Surprise Savings: When enabled, this booster analyzes your spending patterns for safe-to-save money to transfer to your Ally Bank Savings Account.
Round ups: When you enable the round up booster, we’ll track your Ally Bank Spending Account transactions, round to the nearest dollar, then transfer that money into your Ally Bank Savings Account once you’ve accrued at least $5.
2. Make transfers with ease
While you can set up external transfers from one bank to another fairly easily these days, moving money between banks often takes at least one business day. A transfer from your Ally Bank Spending Account to your Ally Bank Savings Account, or vice versa, is instantaneous, which makes it easier to access your money when you need it.
3. Earn more interest
While you want to keep a certain amount in your checking account to cover your bills, these accounts aren't known for paying high interest rates. When your checking and savings are both at Ally Bank, you can more easily and quickly optimize your interest earnings by moving any leftover funds into your high-yield Savings Account.
4. Stay on track with automatic transfers
If you really want to take convenience to the next level, consider setting up automatic, recurring transfers from your checking to your savings to keep your savings balance growing steadily. You can even set up multiple transfers to different accounts to help you accomplish your various savings goals.
Is my money safe in checking and savings accounts?
Yes, as long as you bank with a reputable financial institution that is FDIC-insured (like Ally Bank), your funds will be covered up to $250,000 per depositor per each qualifying account ownership category.
Combine and conquer
When you open a checking and savings account together, you give yourself the opportunity to reap timesaving and streamlining benefits, so you can focus on the more important things in life.
