Savings goals can range from the short-term, such as saving for an appliance upgrade, to the long-term, such as buying your dream home. While working toward your financial goals, a savings account can be a safe place to store your cash while earning more interest on your money than a checking account alone.
Most financial institutions have savings accounts. The Ally Bank Savings Account offers key features, tools and advantages to make your savings work smarter and go further.
Read more: Ally Bank's buckets and boosters can help you organize and visualize your money.
7 key features of an Ally Bank Savings Account
When it comes to savings goals, it never hurts to have a little help along the way. With the Ally Bank Savings Account, you get access to features that optimize and maximize your savings.
Interest rates and earnings: This is how much money you’ll earn on your savings. As an online bank, Ally Bank offers a more competitive rate than brick-and-mortar banks. Calculate how much interest you’ll earn in a year.
Compounding interest: Savings accounts accrue compound interest, which allows you to earn interest on both your principal and your interest, boosting your balance growth. Ally Bank compounds interest daily to help maximize your savings.
Minimal fees: Ally Bank’s Savings Account has no monthly maintenance or overdraft fees, so your savings are yours to keep.
Online access: To manage your Savings Account, Ally offers easy online bank management with mobile access. Keep in mind, with a savings account, there’s typically a withdrawal limit per statement cycle (with an Ally Bank Savings Account, the limit is 10).
Federal Deposit Insurance Corporation (FDIC) insured: As an FDIC member, deposits at Ally Bank are insured by the FDIC up to $250,000 per depositor, per qualifying account ownership category, so you can rest assured that your savings are safe.
Annual percentage yield (APY): An account’s APY is the interest rate earned over a year.
In-account tools: Within your account, savings buckets and boosters are customizable tools to help you visualize your savings goals and even motivate you to save more. More on these below.
Tools to maximize your savings
Within an Ally Bank Savings Account, you can organize, optimize and analyze your savings with our buckets and boosters tools.
Savings buckets
With Ally Bank’s savings buckets, you can divide your savings into different categories to easily track financial goals. For example, you can dedicate one bucket to your wedding and another to your first home. By organizing your money in various buckets, you can track your progress visually and achieve your goals faster.
Keep in mind: Even though your savings are divided into different buckets, you still earn interest on the total balance of the account (so you’re still taking full advantage of compound interest).
Savings boosters
You can use savings boosters to accelerate your savings growth and automatically optimize your money with:
Recurring transfers: Automatically transfers your money between your Ally Bank accounts on a schedule that makes sense to you.
Surprise savings: Analyzes your linked checking account to find areas where you could be saving more and moves safe-to-transfer money for you.
You can use savings boosters to accelerate your savings growth and automatically optimize your money.
How does Ally compare with other banks?
Saving with Ally offers competitive advantages, including:
Higher interest rates compared to many traditional banks
No minimum deposit requirements for opening an account
An extensive ATM network with fee reimbursements
User experience and support
When managing your online account, Ally Bank offers:
User-friendly interface for easy navigation
Access to account information and transactions 24/7
AllPoint® and MoneyPass® ATM access nationwide and $10 ATM fee reimbursement at other ATMs across the United States
Comprehensive online support resources
Responsive customer service
Saving made easier
Your next vacation abroad, home improvement project or car purchase is within reach when you open an Ally Bank Savings Account. By taking advantage of your account’s key features and tools, you can start building better financial habits and achieving your goals faster.
