Whether you’re booking a dream vacation or buying groceries, it’s important to have easy access to your money. Choosing the right bank can help you unlock the full potential of your money, and the best accounts should make managing your money easier. Here’s what to consider when finding a checking account that will simplify your finances.
What is an Ally Bank Spending Account?
An Ally Bank Spending Account is a checking account designed for modern money management. It offers more than the traditional checking account, such as convenient tools to track your everyday expenses. You can still write checks, use a debit card, make ATM withdrawals, and request cashier’s checks and wire transfers. Plus, you’ll earn interest on your balance. Here are some extra things to keep in mind as you’re searching for the right checking account for you.
1. Access to online banking
Unlike traditional brick-and-mortar banking, there’s no need to try and get to the bank before it closes. Online-only banks like Ally can be available around the clock for your financial needs, including:
Deposits
Bill pay
ACH transfers at no charge
Debit card retail cash back
Read more: Easily open an Ally Bank Spending Account online today.
2. No monthly maintenance fees
With some banks, you may be charged just for having a checking account. Monthly maintenance fees can add up over time and eat into your hard-earned money. Choosing an account without these fees can remove the need to consistently budget for them.
Ally Bank doesn’t believe in unnecessary fees, so you won’t need to worry about maintaining a minimum balance or dealing with recurring maintenance charges.
3. ATM access and fee reimbursement
Online banking offers a lot of convenience, but sometimes you need access to your money. If you need cash quickly, make sure to look for a checking account that offers easy access to ATMs. The Ally Bank Spending Account also allows you to use Allpoint® and MoneyPass® ATMs free of charge. You’ll be reimbursed up to $10 per statement cycle for fees charged at other ATMs nationwide.
4. Overdraft protection and CoverDraftSM
Overdraft protection enables you to choose another account to withdraw from if you spend more than your available balance. Different banks may or may not charge you for overdrafting your account.
At Ally, you won’t pay for overdrafts or overdraft protection. To provide our customers with affordable ways to manage overdrafts, we offer CoverDraft: a fee-free temporary protection of up to $250 for Ally Bank Spending Account overdrafts. Keep in mind, CoverDraft isn't a line of credit or a guarantee. If your purchase isn't covered for any reason (let's say the transaction exceeds your CoverDraft limit, for example), it will be declined — but we'll never charge you an overdraft fee.
To help you maintain a budget, look for a checking account that provides tools to make tracking your spending easier.
5. Direct deposit
Direct deposit means your paycheck goes straight to your bank account, which gives you quicker access to your money. You could get your money two days early when you set up direct deposit with your Ally Bank Spending Account.
6. Tools to track your finances
To help you maintain a budget, look for a checking account that provides tools to make tracking your spending easier. The Ally Bank Spending Account offers a free feature to easily organize your money in a way that makes sense for you and your financial goals. Learn how to use buckets to help keep your finances on track.
7. Automate your savings
Not only is it convenient to have both your checking and savings accounts at one bank (for example, needing only one login, one mobile app and having access to easy transfers), but you also can look for features that put your money to work. An Ally Bank Savings Account offers automated tools like Surprise Savings that can identify money that can be safely transferred to your savings to help you reach your financial goals.
Read more: How to earn more interest by having a checking and savings account at the same bank.
8. Mobile check deposit
For the smoothest check-deposit experience, you may want to search for a bank that provides mobile check deposit. Typically, you’ll be able to open your bank’s mobile app, take photos of the check and enter the amount for speedy deposit.
Get set up to spend
It can be overwhelming to choose where you should put your money, but Ally works hard to provide accounts that work for you. Whether you’re just getting started on your financial journey or looking for some new ways to optimize your money, an Ally Bank Spending Account could be right for your financial toolkit.
