Having access to your cash when you need it is important, and an online savings account like the one at Ally Bank is one way to access your money easily when you need it, while letting your balance earn interest when you don’t. Just keep in mind that a savings account is designed to help you save money, unlike a checking account, which is designed for everyday expenses.
With an online savings account, you access your money via electronic transfer. You can move money to other accounts, which can be at the same bank, another bank or a different financial institution at your own convenience. Transfers within a bank typically happen quickly, while transfers to other banks may take a little longer. At Ally Bank, transfers between two Ally Bank accounts take place immediately, while a transfer between an Ally Bank account and another institution may take several days.
It’s important to note that all savings accounts have federal transaction limits. If you find yourself needing to access your money more frequently than those limits allow, you can plan ahead to make fewer, larger transfers of funds to your checking account, and then write checks or use your debit card as needed. Online accounts let you easily schedule recurring transfers, which means that you can make transfers automatically in order to access your money and meet regular expenses.
Online savings accounts give you a safe place to save while still maintaining flexible access to your funds. If you’ve decided a savings account fits into your financial plan, check out the Ally Bank Online Savings Account. We offer consistently competitive rates, and you can open and fund an account with any amount. We don’t charge monthly maintenance fees.
Learn more by visiting AllyBank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.