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Should you open a checking and savings account at the same bank?

What we'll cover

  • Benefits of both saving and checking accounts

  • How saving and checking can earn more interest

  • How to use automatic transfers to stay on track

Some things are just better together: Popcorn and a movie, chocolate and peanut butter … checking and savings . Each type of account works great on its own but combined they make a personal banking dynamic duo. Opening checking and savings accounts can make your financial life a little bit easier.

Simplify with both accounts in one place

Between credit cards, streaming subscriptions, online shopping and more, you have plenty of digital assets — along with their passwords and usernames — to keep track of. Having your checking and savings accounts in one place can help streamline your everyday banking tasks.

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.

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. The ability to easily move money from your checking to your savings helps you optimize your interest earning by keeping as much of your money in savings as you can. After all, every little bit counts .

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.

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