Checking and savings accounts work great on their own, but combined they make a personal banking dynamic duo, not to mention connecting them can unlock more features to help you manage your money.
Simplify with both accounts in one place
Having your checking and savings accounts in one place can help streamline your everyday banking tasks. You no longer have to remember multiple passwords or toggle back and forth between apps or tabs. When your checking and savings are at the same institution, it’s a lot easier to connect the two, whether that’s automating your savings, making transfers or using special features your bank offers, such as savings boosters in an Ally Bank Savings Account.
What's more, when you can take a look at the accounts you access most in one step, you're more likely to keep a closer eye on your finances, making it another strategy to stay on track.
Tip: Make sure you choose the right bank for your accounts. A reputable financial institution is always FDIC-insured. And take note of the terms and conditions of each account you consider, like opening deposit or minimum balance requirements and service fees.
Make transfers with ease
While it's fairly simple to set up external transfers from one bank to another these days, moving money between banks often takes at least one business day. But nothing beats the convenience of transferring between your accounts at the same bank.
A transfer from one account to another at the same bank is instantaneous, which makes it easier to access your money when you need it.
Some banks let you link your savings to your checking account as overdraft protection. At Ally, we never charge overdraft fees on our Savings Account or Spending Account.
If you really want to take convenience to the next level, consider setting up automatic transfers.
Earn more interest
You want to keep a certain amount in your checking account to cover your bills. However, checking accounts aren't known for paying high interest rates and often don't pay interest at all. When your checking and savings are at the same bank, you can more easily and quickly optimize your interest earning by moving any leftover funds into your high-yield savings account.
With Ally Bank Spending and Savings Accounts, you can choose to enable savings boosters to identify and move your safe-to-save funds from checking to savings automatically.
Stay on track with automatic transfers
If you really want to take convenience to the next level, consider setting up automatic transfers. You know you should pay yourself first, but sometimes the money is gone before you have a chance to set that savings aside.
Set up automatic, recurring transfers from your checking to your savings and you'll have one less thing to worry about. Your savings balance will grow steadily, and you can even set up multiple transfers to different accounts to help you accomplish your various savings goals.
Combine and conquer
Few pairs are as financially influential as your checking and savings accounts. When you open them together, you give yourself the opportunity to reap time-saving and wealth-building benefits.
