Ally Bank Help Center: Savings & Money Market Accounts FAQs | Ally Bank (2023)

• Buckets are tools within your Online Savings and Interest Checking Account that help you organize your money into different categories.

  Savings buckets

  Savings buckets are great for visualizing and organizing your savings goals. Create up to 10 for things like Christmas gifts and emergencies. Savings buckets aren't individual accounts, and you'll still earn interest on the account's total balance.
  

  See how savings buckets work

  FDIC insurance doesn’t apply to individual savings buckets, however, your deposits are insured up to the maximum allowed by law. Beneficiaries can’t be added to individual buckets–they’re listed at the account level.

  Spending buckets

  You don’t need multiple bank accounts and spreadsheets to manage your spending.

  We created spending buckets to help you reserve money within your checking account for anything you have coming up.

  Once you start spending the money you’ve set aside, we’ll automatically take it out of your bucket to help you stay organized. Best of all, it’s totally free.

  See how spending buckets work

• Of course! You’ll earn interest on all the money in your Online Savings or Interest Checking Account, whether you use buckets or not.

  Savings Buckets

  You’ll see the interest paid to your savings account in your core savings unless you choose a different bucket.

  To change the savings bucket that gets your interest paid, log in to your savings account and go to Organize. Then select Settings and choose Interest Paid. From there, you can select any bucket you want.

  Spending Buckets

  Interest paid to your checking account will first hit your unbucketed balance and then get distributed to your buckets if you set up automatic distribution.

• Absolutely. To add a recurring transfer to a savings bucket, log in to your Online Savings Account, go to 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.

  To edit your bucket distribution, select View Your Recurring Transfers. Select Edit to change your distribution.

  Want to learn more about this booster? Watch this quick video

• 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.

• Nope.

• We'll add all your interest paid to your core savings unless you choose a different bucket. To change the bucket that gets your interest paid, log in to your Online Savings Account and go to Organize. Then select Settings and choose Interest Paid. From there, you can select any bucket you want.

  Keep in mind, you're still earning interest on all the money in this account, no matter what bucket you put it in.

• Log in to your Online Savings Account and select Organize using buckets to get started. You can then choose from popular savings categories, or make your own. You can add up 10 buckets.

  Want to learn more about buckets? Watch this quick video

• Go to your Online Savings Account and select the bucket you want to delete. Choose Edit Bucket, then Delete Bucket to finalize your edits.

  When a bucket is deleted, the bucket's balance returns to your core savings.

• To move money from your core savings to your savings buckets, log in to your Online Savings Account and go to Organize using buckets. Then select Settings and choose Distribute.

  Your money will go into your core savings by default. To change this default setting, select Settings, choose How money comes in, and then select Update Settings. Any new money coming in will be automatically deposited into your buckets according to the percentages you set.

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• Go to your Online Savings Account and select the bucket you want to update. Choose Edit Bucket, then Update to finalize your edits.

• Log in, select Transfers and then select the Online Savings Account you want to transfer money from. Once that's selected, you'll see a Select bucket amounts link pop up under the amount field. Enter the total amount you want to transfer and then choose that link. You can then enter the amount you want transferred from each of your buckets.

• Nope. You can change how money comes in, goes out or how interest is paid to your account without it affecting your boosters.

  If you want to edit a booster that you have set up for your bucket, choose that bucket in your Online Savings Account, and then select Edit.

• There's no transaction limit on how often you can move money between your buckets. This is the great thing about having buckets instead of separate savings accounts. With buckets, you can move money from one savings bucket to another whenever you like. If these were separate savings accounts, you would be limited to six withdrawals or transfers per statement cycle.

  Keep in mind, while you can make unlimited bucket-to-bucket transactions, you're still limited to six account withdrawals or transfers from your Online Savings Account per statement cycle.

• Any existing recurring transfers you have set up to go into your Online Savings Account will continue and show as a booster. By default, your existing recurring transfers will go into your core savings bucket. To divvy up your recurring transfer into multiple buckets, go to Optimize with boosters and select View Your Recurring Transfers. Select Edit to choose how you want it distributed to your buckets.

• Yes and no. Each account holder of a joint Online Savings Account can view its buckets and boosters.

  Each account holder may also edit or delete buckets. However, a booster can only be edited or stopped by the account holder who created it. That account holder will also be the only person who can see round up activity.

• When you move money out of your savings account, we’ll move money from your core savings first. If you have savings buckets set up, you can adjust the bucket order whenever you like, but we’ll always take money out of the core savings first. We recommend moving the buckets (like Emergencies) you’re using for long-term savings to the last position.

  To update your withdrawal settings, log in to your savings account and go toOrganize. Then selectSettings, chooseHow money goes out, and then selectUpdate Settings.

  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

• You can set deposit percentages for your savings buckets. Then, any money coming in will automatically be divvied up into different buckets, according to the percentages you set.

  To update your deposit settings, log in to your Online Savings Account and go to Organize using buckets. Then select Settings, choose How money comes in, and then select Update Settings.

  If you don't manually set percentages, your money will go into your core savings bucket by default. Then you can move money from your Core Savings into your buckets using the Distribute feature.
  

  Want to learn more about how money comes in? Watch this quick video

• Once you log in to online banking, 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.

• Choose the round up you want to edit in your Online Savings Account and then choose Edit. You can only edit the savings bucket your round ups go into.

• No, choosing how you want your recurring transfer distributed won't affect your savings bucket settings for how money comes in.
  

  Want to learn more about how money comes in? Watch this quick video

• 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 Online 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.

• You can change the savings bucket that gets your Surprise Savings transfers. Log in to your Online 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.

• You can add multiple checking accounts for us to analyze for Surprise Savings. Keep in mind, while you can set up multiple Surprise Savings boosters, you can't use the same checking account twice.

  To add a checking account, log in to your Online 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.

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• Not at this time. Right now, you can only track transactions made with your Ally Bank Interest Checking account.
  

• No, you can't cancel a transfer while it's in process. But you can always transfer the money back to your Interest Checking Account if you need it.

  You can stop round ups in your Online Savings Account at any time, and we'll stop tracking your account the following business day.

• You should receive your round ups transfer within 1-2 business days after you've accrued at least $5 in round ups.

• Not at this time. Each round up transfer to your Online Savings Account will between $5 and $20.

• 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 Online Savings Account, we’ll resume tracking. We won't round up any transactions that occurred while tracking was paused.

• We'll send you an alert after each round ups transfer has occurred. You can't cancel the transfer while it's in process.

• If you want to know how much you've saved with round ups, log in to your Online Savings Account. The total amount saved will appear in the round ups area.

• 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.

• We'll do a balance check on your Ally Bank Interest Checking account before transferring your accrued round ups. If your account balance is too low, we won’t transfer the money. We'll also reset your round ups progress tracker to $0.

• Yes, examples of transactions we'll round up include, but are not limited to: debit card purchases, electronic payments, and paper checks written from your Ally Bank Interest Checking account.

• It depends on how often you use the Ally Bank Interest Checking account we're tracking. We start processing your transfer once you've accrued at least $5 in round ups.

• Yes, select the round up you want to stop in your Online Savings Account and choose Edit. Then select Stop tracking this account.

• No, if we identify a savings opportunity in your tracked checking account, we'll move $1 to $100 for Surprise Savings 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 Online Savings Account.

• No, we don't charge a fee to transfer money to your Online Savings Account.

• 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 Online 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.

• No, you can't pause round ups, but you can stop them.

  To stop this booster, select the round up you want to stop in your Online Savings Account and choose Edit. Then select Stop tracking this account.

• 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.
  

• Round ups are one of the savings tools we offer with our Online 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 Online Savings Account once you've accrued at least $5.

  Want to learn more about how round ups work? Watch this quick video

• Log in to your Online Savings Account, select the round up you want to track, choose View details, and then select View activity.

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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.

• We keep track of your spare change until you've accrued at least $5 in round ups. Then we transfer the round ups you've accrued from your Interest Checking Account to your Online Savings Account.

  You can keep track of your round up progress by logging in to your Online Savings Account at any time.

• We want to help you save in a meaningful way, and $5 makes a bigger impact on your savings than say five cents.

  To view the transactions we rounded up, log in to your Online Savings Account, select your round ups, choose View details and then select View activity.

• You can view your progress at any time within your Online Savings Account.

  To view your recent transactions and previous round up transfers, select the round up you want to track, choose View details, and then select View activity.

• Since we don't transfer round ups on weekends or holidays, you can easily accrue more than $5 in rounds ups by the time the next business day comes along.

  Keep in mind, each round ups transfer will be between $5 and $20.

• 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.

• You need to have an Ally Bank Online Savings account and an Interest Checking Account with us.

• The service we use to aggregate your account information has a strong security program to ensure the confidentiality, privacy, and protection of your accounts.

• Log in and select your Online Savings Account, choose Optimize, and then select Start Rounding.

  Want to learn more about how round ups work? Watch this quick video

• Sometimes the process of getting a response from your other institution can take extra time.

• It rounds up what you spend to the nearest dollar and then automatically transfers the money from your Ally Bank Interest Checking account into your Online Savings Account once you've accrued at least $5.

  Want to learn more about how round ups work? Watch this quick video

• The amount of money we'll move from your tracked checking account to your Online 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.

• No, if we identify a savings opportunity in your tracked checking account, we'll move $1 to $100 for Surprise Savings 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 Online Savings Account.

  We'll send you an alert after each Surprise Savings transfer has occurred.

• Yes and no. You can track checking accounts you have at any institution for Surprise Savings. But you need an Ally Bank Interest Checking account if you want to use our round ups booster.

  You can transfer money from linked checking or savings accounts you have at Ally Bank or other institutions for recurring transfers.

• Yes, you can stop Surprise Savings whenever you want. Log in to your Online Savings Account, go to Optimize, and then select Edit in the Surprise Savings booster tile. Then choose Stop Surprise Savings for good. Your cancelation will take effect the following business day.

• A booster is an automated money-saving tool, available in your Online Savings Account, that you can set up to help you reach your goals even faster. At the moment, we offer these three boosters:

  1. Recurring transfers:Recurring transfers are a great way to reach your savings goals without having to constantly remind yourself to set money aside. Want to learn more about our recurring transfers booster? Watch this quick video

  2. Surprise Savings:This booster 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 Online Savings Account.

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     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.

     Want to learn more about our Surprise Savings booster? Watch this quick video

  3. Round ups:This booster rounds up what you spend with your Ally Bank Interest Checking account to the nearest dollar and then automatically transfers the money into your Online Savings Account 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.

     Want to learn more about how round ups work? Watch this quick video

     To add boosters to your account, go toOptimize.

• Once you turn on Surprise Savings and we identify a savings opportunity in your tracked checking account, we’ll start moving money into your Online Savings Account. We'll move $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 Online Savings Account.

  We'll send you an alert after each Surprise Savings transfer has occurred.

• We'll send you an alert after each Surprise Savings transfer has occurred, but not before. You can't cancel the transfer while it's in process.

  We'll do our best to make sure none of your Surprise Savings transfers leave the balance too close to $0 in the checking account we're analyzing.

  You can cancel Surprise Savings in your Online Savings Account at any time, and your cancelation will take effect the following business day.

• 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 Online 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.

• You can only use your checking accounts, including those at other institutions, for the Surprise Savings booster.

  This booster is available for Online Savings Accounts only.

• You can make six withdrawals and transfers per statement cycle from your Online Savings Account.

  Federal law permits limiting certain types of withdrawals and transfers from savings accounts. 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.

• You can withdraw money in 4 ways:

  • Online funds transfer
    
  • Outgoing wire transfer
  • Telephone transfer
  • Check request

  Federal law permits limiting certain types of withdrawals and transfers from savings accounts to a combined total of 6 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 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.

  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.

• 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.
  

• 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.
  

• 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 .

• We move money from your tracked checking account to your Online 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 Online Savings Account.

  If you’re tracking your Ally Bank Interest Checking Account, 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.

• 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 Online 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, 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.

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