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When it comes to managing your money, a diverse toolkit can make all the difference in staying on track and reaching your goals. If you bank with Ally, our Buckets and Boosters (features of Ally Bank’s Online Savings Account), along with other banking features like Overdraft Transfer Service and CoverDraftSM— all work together to help you manage your money and reach your financial goals.

Our latest addition, CoverDraft, offers a safety net if you accidentally overdraw your checking account. Together with the other tools in your kit, it can help provide a safety net where you need it most, so you can stay focused on those money goals.

Multiple layers of protection work together

Ally eliminated overdraft fees to relieve some of the stress of accidental overdrafts, but we know that overspending can still happen (and can still be a source of anxiety). CoverDraft can serve as a helpful (free!) safety net in these instances. Say you shop for your weekly groceries (not realizing your paycheck hasn’t yet hit your checking account), and your total purchase ends up costing more than you have in your account—putting you in the red. CoverDraft helps alleviate some of the stress by temporarily covering life’s most common transactions up to $250. You then have 14 days to raise your account above $0, and your next deposit automatically applies to the negative balance.

You’re enrolled automatically into CoverDraft, so if you have an Ally Bank Interest Checking Account, you’re likely already protected. (Note that in most cases, you’ll qualify for CoverDraft 30 days after depositing $100 into your checking account.) Checking accounts with qualifying direct deposits are eligible for CoverDraft protection up to $250. And if you don’t have direct deposit, you’re still covered and are eligible for up to $100. CoverDraft acts as a safety net. Keep in mind, it’s not 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. And if you don’t love CoverDraft, you can opt-out of the service any time.

Overdraft Transfer Service is another helpful, complementary tool that can provide a financial cushion in an emergency. With this feature, your Ally savings account is your backup. If you accidentally overspend, money is moved in $100 increments to your checking account to cover an overdraft. Anyone with an Ally Bank Online Savings or Money Market Account is eligible.

Accidents are a reality of life but knowing someone has your back can make all the difference. To use these tools together, start by setting up Overdraft Transfer Service by linking your Ally Bank Interest Checking Account to your preferred Ally savings account. Then if you have an overdraft, Overdraft Transfer Service will kick in first, and if that’s not enough to cover the transaction, CoverDraft can kick in. With the one, two punch of Overdraft Transfer Service and CoverDraft you always have a double line of defense.

Keep your toolbox stocked

If you have multiple, targeted savings goals (like a wedding and a new car)  smart savings tools within the Ally Bank Online Savings Account can help you stay organized and save faster. Buckets help you stay on track and organized with digital envelopes designed to help you save for multiple goals at once. And when paired with boosters, you can automate your savings to reach those goals even faster. Get started with up to 10 buckets in one savings account and try our boosters including recurring transfers, surprise savings, and roundups. (Plus, you’ll still earn interest on the total balance of your account.) By using all your tools in concert, you can make the right money moves for you and your financial future.

Ally’s features aim to help customers in all phases of their financial journey. Whether you need extra protection from the impacts of overspending (hello Overdraft Transfer Service and CoverDraft!), or you’re looking to level up your savings (welcome buckets and boosters!), these features are designed to help you develop a strategy to work toward all your goals.

Make your money work for you.

Open an Ally Bank Interest Checking Account Today.