Whether you’re booking a trip online or stopping for gas, it’s important to have easy access to your money. The right bank can help you unlock the full potential of your money and make managing it easier. Here’s what to consider when looking for a checking account that will simplify your finances.
Read more: How to keep your expenses on track with spending buckets
What is an Ally Bank Spending Account?
An Ally Bank Spending Account is a checking account designed for modern money management. You can write checks, use a debit card, add cash to your account, make ATM withdrawals, access Bill Pay, make Zelle® transfers and request official/cashier's checks' and wire transfers. Plus, you’ll earn interest on your balance and could use convenient tools to track your everyday expenses.
Key checking account benefits
1. Access to online banking
Unlike traditional brick-and-mortar banking with set operating hours, online-only banks like Ally are available around the clock for your financial needs, including:
Deposits
Bill pay
ACH transfers at no charge
Debit card retail cash back
2. Fast, reliable direct deposit
With direct deposit, every paycheck goes straight to your bank account, giving you quicker access to your money. When you set up direct deposit with your Ally Bank Spending Account, you could get your money up to two days early.
3. ATM access and fee reimbursement
Online banking is convenient, but sometimes you need your money quickly. For those moments, look for a checking account that offers easy access to ATMs. With the Ally Bank Spending Account, you have access to more than 75,000 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. Add cash to your account at over 4,500 locations
To add cash to your Ally Bank Spending Account, you can visit any Walmart Customer Service Desk or Money Center nationwide and show the associate the unique barcode generated in your Ally app. Hand the associate your cash and the cash should appear in your account within minutes.
To help you maintain a budget, look for a checking account that provides tools to make tracking your spending easier.
5. Tools to track your spending
To help you maintain a budget, look for a checking account with tools that make it easy to track your spending. The Ally Bank Spending Account offers a free feature which helps 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.
6. 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.
7. Overdraft protection and CoverDraftSM
Some banks may charge you for overdrafting your account. Overdraft protection allows you to choose another account to withdraw from in the event you spend more than your available balance.
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.
8. Security and protection
Keeping your accounts and personal information secure is our top priority. Ally Bank uses a combination of cutting-edge technology, including 24/7 active fraud monitoring and secure mobile banking technology, as well as industry best practices, to ensure the security and safety of your personal and financial information.
Ally Bank (Member FDIC) guarantees that you will not be liable for any unauthorized Online or Mobile Banking transaction as long as you report the unauthorized transaction by calling us at 1-877-247-2559 within 60 days from when your statement is made available.
9. Mobile check deposit
For the smoothest check-deposit experience, consider searching 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.
10. No minimum balance requirements
Some banks charge monthly maintenance fees simply for having a checking account. These can add up over time and eat into your hard-earned money. Choosing an account without these charges 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.
Get set up to spend
Your checking account should match your lifestyle, whether you just started your financial journey or want to optimize your money. Ally works hard to provide accounts that work for you. Consider adding an Ally Bank Spending Account to your financial toolkit.
