Maximize Your Savings with Ally Bank's Savings Buckets

Maximize Your Savings with Ally Bank's Savings Buckets: A Review and Funding Guide

Are you looking for a new and innovative way to save money? Look no further than Ally Bank's savings buckets. This new feature from the popular online bank allows you to allocate your funds easily into different categories, making it easier to reach your saving goals.

In this article, we will review what Ally Bank's savings buckets are all about and how you can fund them to start your savings journey.

What are Ally Bank's savings buckets?

Ally Bank's savings buckets are a new feature that allows you to divide your savings into different categories or "buckets." 

These buckets can be anything from emergency funds to vacation savings or even for specific goals like paying off debt or saving for a down payment on a house. 

With the ability to create up to 10 buckets, you have the flexibility to customize your saving strategy to best suit your needs.

How do you fund your Ally savings buckets?

Funding your Ally savings buckets is a simple and straightforward process.

1. First, you will need to create and name your buckets. This can be done through the Ally Bank website or mobile app.

2. Once you have your buckets set up, you can start funding them by distributing money from your core savings account.

Your core savings account is essentially the same as your regular savings account, and all of your funds will first go here.

3. To distribute money into each of your buckets, simply go to the "Organize" tab on the Ally Bank website and click on "Distribute money." From there, you can input the amount you want to put into each bucket and click "Save." You can also do this through the mobile app by going to "Manage" under the specific bucket and clicking on "Distribute."

What are Ally Savings boosters?

Boosters are a tool within Ally's savings buckets feature that allows you to automatically distribute funds into your buckets with every deposit. 

This can be especially helpful for those who have a specific saving goal in mind, as you can set the percentage of each deposit that you want to go into each bucket. For example, if you want 50% of every deposit to go into your emergency fund bucket, you can set it up through boosters and let Ally do the work for you.

What are the withdrawal and deposit processes for Ally savings buckets?

Many may have concerns about how withdrawals and deposits work with this new system. Ally Bank has made it easy and convenient for customers to access their funds while still utilizing the savings buckets feature. 

When withdrawing money, it will first come out of your core savings account and then from your most recently created bucket unless you specify otherwise. You can prioritize your buckets by changing the order in which they are listed on the website or app.

Similarly, when making a deposit, the money will automatically go into your core savings account unless you have set up boosters to distribute it directly into your buckets. This way, you can ensure that your savings goals are always being met with every deposit.

Maximizing interest earned in Ally savings buckets

One of the best parts about these savings buckets is that they all earn interest, just like your core savings account. However, the interest earned will only accumulate in your core account unless you specify otherwise. 

This means that you can potentially earn even more interest by distributing funds into your various buckets rather than keeping them all in your core account.

In conclusion, Ally Bank's savings buckets are a game-changer for those looking to save money in a more organized and efficient way. With the ability to create up to 10 buckets and customizable boosters, you have complete control over your saving strategy.