Savings & Money Market Accounts FAQs
FAQs
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See how savings buckets work
Buckets are tools within the Ally Bank Savings and Interest Checking Accounts that help you organize the money in your account into different categories.
Savings buckets
Available with our Savings Account, you can create up to 10 buckets for savings goals like vacations and emergencies.
See how spending buckets workSpending buckets
Spending buckets, available with our Interest Checking Account, are a great way to set money aside for ongoing expenses. You can track your spending across different categories by adding businesses or moving individual transactions to your buckets.
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Yes, you can. To set up recurring transfers, select Optimize with boosters, and then select Start Saving in the recurring transfers booster tile. From there, you can select the amount, set the frequency, and choose how you want it distributed to your buckets. You can also edit any recurring transfers you’ve already set up.
Any existing recurring transfers you have set up to go into your Savings Account will continue and show as a booster. By default, your existing recurring transfers will go into your core savings bucket.
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Of course. You can do this whether it’s a savings bucket or a spending bucket. And you can give these buckets a nickname to stay organized.
To nickname your bucket, choose the bucket in your Online Savings or Interest Checking Account you want to rename. Then select Edit Bucket.
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Nope.
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Go to your Savings Account and select Organize using buckets to get started. You can then choose from popular savings categories, or make your own—up to 10 buckets total.
Want to learn more about buckets? Watch this quick video
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Select the bucket you want to delete, then choose Edit Bucket and then Delete Bucket.
When a bucket is deleted, the bucket's balance returns to your core savings.
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You can distribute money between your buckets using the Distribute tool in your Savings Account.
Keep in mind, any money deposited into your account goes into your core savings by default. To change your deposits setting or to distribute money, select Settings, choose How money comes in, and then select Update Settings.
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Log in, select Transfers and then select the Savings Account you want to transfer money from. Once you enter the amount you want to transfer, a Select bucket amounts link will pop up under the amount field. You can then enter the amount you want transferred from each of your buckets.
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No.
Keep in mind, while you can make unlimited bucket-to-bucket transactions, you're still limited to six account withdrawals or transfers from your Savings Account per statement cycle.
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They determine which buckets your money withdraws from first. You can adjust the bucket order whenever you like, but we'll always take money out of the core savings first.
To update your withdrawal settings within your account, select Organize. Then select Settings, choose How money goes out, and then select Update Settings.
We recommend moving the buckets you're using for long-term savings (like Emergencies) to the last position.
If you only want money to be withdrawn from your Vacation bucket, for example, you should prioritize that bucket above all your other buckets and zero out your core savings.
Want to learn more about how money goes out? Watch this quick video
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Once you log in, choose Transfers. Select the account you want to transfer money from and the savings account you want the money transferred to, enter the amount you want to transfer, and then Select bucket amounts if you want to move money to specific savings buckets.
Otherwise, your money will be automatically deposited into your savings buckets according to the percentages you set in your How money comes in settings.
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Choose the round up you want to edit in your Savings Account and then choose Edit. You can only edit the bucket your round ups go into.
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No, you can add checking accounts you have at other institutions for us to analyze and transfer money from for Surprise Savings. But the transfers can only go into your Ally Bank Savings Account.
To add a checking account, log in to your Savings Account, go to Optimize with boosters, and then select Get Started in the Surprise Savings booster tile. Then, if you set up savings buckets, you can select any bucket you want for your Surprise Savings transfers to go into.
Keep in mind, while you can set up multiple Surprise Savings boosters, you can't use the same checking account twice.
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You can change the savings bucket that gets your Surprise Savings transfers. Log in to your Savings Account, go to Optimize with boosters, and then select Edit in the Surprise Savings booster tile. From there, you can select any bucket you want.
You can also cancel Surprise Savings whenever you want.
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You can withdraw money by online electronic funds transfer, telephone transfer, check, check card point-of-sale transactions, and ATM machine.
Keep in mind, federal law permits limiting the number of most electronic, telephone and check transactions from all U.S. money market accounts to six per statement cycle. There's a $10 excessive transaction fee for each transaction that exceeds this limit. However, we're temporarily refunding this fee to help those of you impacted by COVID-19.
ATM withdrawals are unlimited. To find a nearby ATM, use the Ally ATM & Cash Locator.
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Our savings account includes buckets and boosters, designed to help you organize and optimize your savings. Like digital envelopes, savings buckets help you organize whatever you're saving for without needing multiple accounts. Boosters like Surprise Savings and Round ups are money-saving tools to help you reach your goals faster.
Our money market account doesn't have buckets and boosters, but does offer a debit card and checks.
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You need to take some sort of action to help us finish adding them. Select the account from your Snapshot and follow the prompts to fix the issue.
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We use information from your other accounts to provide you with valuable insights about your money, your habits, and your goals.
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If you're certain that all of the account information you provided is correct, try contacting your other institution to make sure they allow external connections. Some institutions don't.
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Sometimes the process of getting a response from your other institution can take extra time.
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Not at this time. Right now, you can only track transactions made with your Ally Bank Interest Checking account.
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No. We check your balance before transferring any money you accrue with round ups. If your account balance is too low, we won't transfer the money. Additionally, overdraft fees are never charged to your Ally Bank Interest Checking account, for any reason.
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The service we use to aggregate your account information has a strong security program to ensure the confidentiality, privacy, and protection of your accounts.
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You can withdraw money in a few ways:
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Online funds transfer
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Outgoing wire transfer
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Telephone transfer
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Check request
Federal law permits limiting certain types of withdrawals and transfers from savings accounts to a combined total of six per statement cycle. These limited transactions include things like Online and Mobile Banking transfers, transfers from your account to any of your accounts with us, or to a third party.
There's usually a $10 excessive transaction fee for each transaction over this limit, but we’re continuing to refund the fee on savings accounts for now.
Some transactions are unlimited. For example, you can make as many deposits as you like, and you can call us any time to request a check made out to you.
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You can make six withdrawals and transfers per statement cycle from your Savings Account .
Federal law permits limiting certain types of withdrawals and transfers from savings accounts. There's usually a $10 excessive transaction fee for each transaction over this limit, but we’re continuing to refund the fee on savings accounts for now.
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You can only use your checking accounts, including those at other institutions, for the Surprise Savings booster.
You can only transfer this booster to an Ally Bank Savings Account.
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We don't round up account fees or interest charges.
We'll pause tracking your account if you’ve reached $20 in round ups. Once we transfer the $20 to your Savings Account, we’ll resume tracking. We won't round up any transactions that occurred while tracking was paused.
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A booster is an automated money-saving tool, available in your Savings Account, that can help you reach your goals even faster. At the moment, we offer these three boosters:
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Recurring transfers are a great way to reach your savings goals without having to constantly remind yourself to set money aside.
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Surprise Savings finds money in your linked checking account that could be earning more value in your savings. You can link your checking accounts at Ally Bank or at another institution to use for Surprise Savings.
Once you turn on Surprise Savings, our advanced analytics will compare what you normally spend in your linked checking account and identify any extra money to transfer to your savings.
To make sure your Surprise Savings transfers don't cause you to overdraft or get too close to $0, we'll only move money on Mondays, Wednesdays and Fridays, but not on bank holidays, and never move more than $100 at a time. We'll send you an alert after each Surprise Savings transfer has occurred. You can stop Surprise Savings whenever you want.
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Round ups round up what you spend with your Ally Bank Interest Checking Account to the nearest dollar and then automatically transfers the money to your savings once you've accrued at least $5. For example, if you spend $40.72 at a restaurant, you'll be $0.28 closer to getting a round ups transfer.
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Yes, you can select accounts at other financial institutions for Surprise Savings and recurring transfers.
Just not round ups. Right now, you need a checking account with us to use the round ups booster in your Savings Account.
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The amount of money we’ll move from your tracked checking account to your Savings Account will be variable in the range of $1 to $100. We’ll only move money on Mondays, Wednesdays and Fridays, but not on bank holidays. Some weeks, we may find a little more, and some weeks, you may not get any Surprise Savings transfers at all. We’ll send you an alert after each Surprise Savings transfer has occurred.
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Once you turn on Surprise Savings, our advanced analytics will compare what you normally spend in your linked checking account and identify any extra money to transfer to your Savings Account.
To make sure your Surprise Savings transfers don’t cause you to overdraft or get too close to $0, we’ll only move money on Mondays, Wednesdays, and Friday, but not on bank holidays, and never more than $100 at a time.
If you’re tracking your Ally Bank Interest Checking Account and have spending buckets, Surprise Savings transfers may end up pulling money from your spending buckets if the transfer amount is greater than your unbucketed balance.
We’ll send you an alert after each Surprise Savings transfer has occurred. You can stop Surprise Savings whenever you want.1
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Once you turn on Surprise Savings, our advanced analytics will compare what you normally spend in your linked checking account and identify any extra money to transfer to your Savings Account.
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Round ups are one of the savings tools we offer with our Savings Account.
This booster rounds up what you spend to the nearest dollar and then automatically transfers the money from your Ally Bank Interest Checking Account into your Savings Account once you've accrued at least $5.
Examples of transactions we'll round up include, but are not limited to: debit card purchases, electronic payments, and paper checks written from your checking account.
Want to learn more about how round ups work? Watch this quick video
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Sure—you can stop Surprise Savings whenever you want. Just go to Optimize, and then select Edit in the Surprise Savings booster tile. Then choose Stop Surprise Savings for good.
Your cancellation will take effect the following business day.
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We want to help you save in a meaningful way. That’s why each round ups transfer is between $5 and $20.
When your round ups hit $20, we’ll pause tracking your account until we transfer the $20 you've accrued.
To view the transactions we rounded up, select your round ups, choose View details and then select View activity.
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The total amount saved will appear in the round ups area in your Savings Account.
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It’s simple. Just choose Optimize and then select Start Rounding.
Want to learn more about how round ups work? Watch this quick video
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Yes, select the round up you want to stop in your Savings Account and choose Edit. Then select Stop tracking this account.
You can’t cancel a transfer while it’s in process, and you can’t pause round ups.
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Once you turn on Surprise Savings, our advanced analytics will compare what you normally spend in your linked checking account and identify any extra money to transfer to your Savings Account.
To make sure your Surprise Savings transfers don't cause you to overdraft or get too close to $0, we'll only move money on Mondays, Wednesdays and Fridays, but not on bank holidays, and never move more than $100 at a time. We'll send you an alert after each Surprise Savings transfer has occurred. You can stop Surprise Savings whenever you want.
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We pause tracking your account until we're able to transfer the $20 you've accrued in round ups from your Interest Checking Account to your Savings Account. Once we transfer the $20, we'll resume tracking your account.
We won't round up any transactions that occurred while tracking was paused.
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No, because the two account types include different features, and utilize different ways of accessing funds. Instead, a new Money Market Account must be opened. Then, you can choose to keep both accounts, or request to close the account you no longer want.
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We move money from your tracked checking account to your Savings Account in the range of $1 to $100 on Mondays, Wednesdays, and Fridays, but not on bank holidays. Some weeks, you may not get any Surprise Savings transfers at all. It all depends on when we find money in your linked checking account that could work harder in your savings.
We’ll send you an alert after each Surprise Savings transfer has occurred.