So I just recently learned about high yield savings account & I knew immediately that I had to make a change! I made an account on Ally & I’m so excited to see my savings grow throughout the years to come. THANK YOU!🙂
you just saved me from researching an online savings account by doing a video on this very online bank! 🏦 I am so excited to share this with my husband.
I’m so glad! I hope it’s helpful. Here’s a more recent video in ally’s buckets: th-cam.com/video/EG2WH1NM0Qc/w-d-xo.html Sofi is also a great online bank option. Let me know if you have any questions!!
i have been getting emails from ally advertising this but im so busy i can't really sit there and read it all with my other priorities, thanks for this vid. you the real MVP!
Thanks & great review!! I know the all info in your video but i was stuck at how to transfer $$ to specific buckets only. Now looking back I'm like how did i miss the link right under the payment amount 🙄🤦🏾😂. Thanks I've been playing with the website a lot until i decided to YT it 😁❤
What are the requirements to open a high yield savings account, for example, ally? Also, in case I need to use the money, right away, am I be able to access that money??? How much rate does it pay, monthly, quarterly, or annually??? How many transfer can I do per month??? I know I have so much question, but please, be patient. Thank you very much. I subscribed button and hit the thumbs up 👍 for TH-cam algorithm. Have a great day.
Great questions. In order to open an online savings account you'll need to provide: SSN, US address, name, date of birth. You get paid interest monthly. The rate is .5% (for Ally and Marcus) and .4% for CapitalOne. You can link this savings account to your other bank accounts. It takes 1-3 business days to transfer money from the savings account. You can deposit money into the account as often as you would like. You can only make 6 withdraws (or transfers out of your account) per month. That is a US government rule, so it will be the same for any online savings account. I hope that answered your questions!
I'm so glad it was helpful! To delete a bucket on the computer: open up your savings account, select the bucket you want to delete. On the top left it will have the name of your bucket...just below that is the option to edit or to delete the bucket.
Do we need a checking account with them to get the best APY? Do they pay the same APY to all balance tiers? I can’t find this information on their website.
No checking account needed - I don't have one. There are no tiers - so everyone get's the same APY. Currently, I believe it's 3.3%. If you have any other questions let me know!
Hi Brittany. I just want to open a high yield savings account with Ally to save for a car. Is there a minimum balance needed to open an account? Also question about atms and online banks some locations seem to be Walgreens or target. The Walgreens near me seems to be a qualifying location but I’ve never seen an atm there. Does this mean like asking for a cash back at the register in the Walgreens?
There is no minimum balance for the savings or checking account. The savings account doesn’t come with a debit card, but the checking account does. I’ve never tried using the atm at a location like Walgreens- I’m guessing it does mean going to the cashier, but I’m not positive.
I have had Ally savings for years (since 2012) but I don’t have buckets. I guess it’s because I have Money Market Savings? I think that used to be the only savings option when I opened my account.
Good question. This is for the ally online savings account, not the checking account. If you use the buckets and want to withdraw money you can specify which bucket you want it to come out of. Or you can set it up to automatically withdraw from a specific bucket every time. Its all 1 account, just visually/virtually separated. Ally checking is a completely separate account. They also have a brand new spending buckets feature. They let you create up to 30 buckets. I haven't tried it yet, but you can set up to 30 spending buckets in your checking account. You can link specific stores to specific buckets. For example...Costco could be setup to automatically come out of your grocery bucket whenever you use your card at costco. Like I said - I haven't tried it yet....I just read about it and will be trying it out soon. If that doesn't answer your question let me know.
I feel like this might increase my transaction usage which could potentially get me to 6 transactions rather quickly. Let's say I have a Gift bucket and a Home bucket. I may pull more frequently from the Gift bucket which would add up in 6 transactions very quickly against ALL my Savings. Whereas if I had a separate Gift Savings account, it would be isolated from the other transaction limits. The only thing I'd miss out on is a small amount of interest. The only way this could really work for me is if the buckets had their own transaction limits.
Yes - that's a good point. Ally has a 10 transaction limit rather than 6, but that's still not very high. You can transfer from multiple buckets at once and it only counts as one transfer. For example...say I'm transferring $500 out. $300 for vacation and $200 for gifts. I can to 1 transfer, specify which buckets its coming out of, and it will only count as 1 transfer. I hope that makes sense. I personally just do a transfer for each bucket at the end of the month.
Do you have any thoughts on "Smarty Pig" by Sallie Mae? I've been a member for years but none of my financial gurus ever talk about it. I'm wondering if I should move on to Ally or SoFi.
I just checked it out. Overall it looks very simple, but the same as any basic online savings account. The interest rate is competitive at 3.5% and you can set up automatic recurring actions. The only reason I would switch is if another account has features you like. For example ally has buckets and sofi has vaults so you can visually separate the money in your account. Or if you’re interested in another product from ally/sofi and want it all in 1 spot.
They only one I know of is SoFi. It uses vaults. You can have up to 20 vaults. They currently have 4% interest, but you must have direct deposit to qualify for the 4% interest, otherwise it's 1.2%. I've got a video on my favorite online savings accounts here: th-cam.com/video/VnGDO-mBrr0/w-d-xo.html
Hmmm...When you open up your app you click on your savings account. You should see the option to 'organize using buckets'. It should give you the option to add buckets. Here's an updated video on buckets for 2023: th-cam.com/video/EG2WH1NM0Qc/w-d-xo.html. It's mostly on the website and not the app, but it should be very similar. If you're not seeing buckets when you log on at all, the other thing I can think of is maybe you have an ally money market account as opposed to an online savings account.
I haven't actually tried doing that. You could....except all online savings accounts have a limit of 6 withdrawals per month. You have unlimited transfers into the account and between buckets, but can only transfer money out 6 times. So, it's possible, but you'd have to be very careful. I hope that helps answer your question.
I don't know what the potential feature is. I've never heard of it and didn't come up with anything when I looked on their website. Is it a different product of theirs other than their online savings account? I'm sorry I'm not much help!!
Good question. You can link a different account to it and transfer that way. Or you can have paychecks directly deposited into it. I don’t currently have an ally checking account so I can’t do a video to show you, but I do have online savings if you need me to show you anything with that.
I wonder the same thing!!! I had an account at a credit union years ago with this feature. I’ve looked for it at every bank since then….but Ally and sofi are the only ones I know if that have the feature. Here’s a newer video for ally’s buckets: th-cam.com/video/EG2WH1NM0Qc/w-d-xo.html and sofi’s vaults: th-cam.com/video/vmTnlDnlg1k/w-d-xo.html
Yes, you can definitely do that. But I like the visual. It’s less complicated. We use all 10 buckets and it’s easier for me to keep track that way than having it all lumped together. Just personal preference!!
Here’s an updated video on ally’s buckets: th-cam.com/video/EG2WH1NM0Qc/w-d-xo.html They’ve also started using spending buckets for their online checking account. I’m testing it out now
Here's an updated tutorial on Ally's Savings Buckets: th-cam.com/video/EG2WH1NM0Qc/w-d-xo.htmlsi=lfV9wZLysmLYmEF0
I just recently opened Ally savings because I was sold on that buckets features 😀 Thanks for the step-by-step tutorial
Yes! I LOVE the bucket feature. I hope you like it as well!!
@@BrittanyFlammer i will play around with it
I LOVE the buckets feature with Ally! So easy to prioritize different savings goals
Yes! Yes! Yes! My favorite feature ever!!
Mine too I love round ups too
Yes! It’s such a simple savings technique!!
I wish OTHER high yield savings accounts has the option . Because there’s more accounts out there that have higher APY
@@se2664 Wealthfront's cash account earns 4.30% APY and has categories!
It works the same way as Ally's buckets system
I just started w ally.. for my online only savings account. And so far I love it! Especially the bucket feature!
Yes!!!
So I just recently learned about high yield savings account & I knew immediately that I had to make a change! I made an account on Ally & I’m so excited to see my savings grow throughout the years to come. THANK YOU!🙂
Yes!!!! That’s awesome! Way to go. Good luck!
you just saved me from researching an online savings account by doing a video on this very online bank! 🏦 I am so excited to share this with my husband.
I’m so glad! I hope it’s helpful. Here’s a more recent video in ally’s buckets: th-cam.com/video/EG2WH1NM0Qc/w-d-xo.html
Sofi is also a great online bank option. Let me know if you have any questions!!
Going to open one today. Thanks for the info
I hope you like it!
i have been getting emails from ally advertising this but im so busy i can't really sit there and read it all with my other priorities, thanks for this vid. you the real MVP!
I know- I knew about their buckets but it took me a while to actually start using them for the same reason! I’m glad it was helpful!!
Love the buckets i also like the round up and transfer booster
Yes!!! They are both great!!
I just opened an account for Marcus and Ally. Thank you so much for this, it's so helpful! you earned a subscriber.
Wahoo!! I hope you like them. Their interest rates are on the rise!!
Thanks & great review!! I know the all info in your video but i was stuck at how to transfer $$ to specific buckets only. Now looking back I'm like how did i miss the link right under the payment amount 🙄🤦🏾😂. Thanks I've been playing with the website a lot until i decided to YT it 😁❤
I’m so glad it helped you figure it out!
Enjoy your buckets!!
FYI: buckets are NOT availalbe on money market savings account, it needs to be a regular savings account as of Oct 2022
Yep- only for the savings accounts.
What are the requirements to open a high yield savings account, for example, ally? Also, in case I need to use the money, right away, am I be able to access that money??? How much rate does it pay, monthly, quarterly, or annually??? How many transfer can I do per month??? I know I have so much question, but please, be patient. Thank you very much. I subscribed button and hit the thumbs up 👍 for TH-cam algorithm. Have a great day.
Great questions. In order to open an online savings account you'll need to provide: SSN, US address, name, date of birth. You get paid interest monthly. The rate is .5% (for Ally and Marcus) and .4% for CapitalOne. You can link this savings account to your other bank accounts. It takes 1-3 business days to transfer money from the savings account. You can deposit money into the account as often as you would like. You can only make 6 withdraws (or transfers out of your account) per month. That is a US government rule, so it will be the same for any online savings account.
I hope that answered your questions!
I primarly use ally. i love the no fees. yet sometimes i need a pysical bank so use chase and keybank with my ally accounts
Yes!! I love ally and not having to worry about fees!! But, it is nice to have a physical bank too. Thanks for sharing!!
@@BrittanyFlammer thanks.
Thanks - this was very helpful. Do you know how I can delete a bucket? I created two for the same thing by accident.
I'm so glad it was helpful!
To delete a bucket on the computer: open up your savings account, select the bucket you want to delete. On the top left it will have the name of your bucket...just below that is the option to edit or to delete the bucket.
"Here are the limits you can transfer...[laughs]...I'm not too worried about those." Ha. Same here. 🙂
😂😂😂 Some day!
update now they let you do up to 25 buckets which has been a new feature. i use key for when i need to do my laundry and all
Oh - that's good to know. Thank you for sharing!!
Do we need a checking account with them to get the best APY? Do they pay the same APY to all balance tiers? I can’t find this information on their website.
No checking account needed - I don't have one. There are no tiers - so everyone get's the same APY. Currently, I believe it's 3.3%. If you have any other questions let me know!
Hi Brittany. I just want to open a high yield savings account with Ally to save for a car. Is there a minimum balance needed to open an account? Also question about atms and online banks some locations seem to be Walgreens or target. The Walgreens near me seems to be a qualifying location but I’ve never seen an atm there. Does this mean like asking for a cash back at the register in the Walgreens?
There is no minimum balance for the savings or checking account.
The savings account doesn’t come with a debit card, but the checking account does.
I’ve never tried using the atm at a location like Walgreens- I’m guessing it does mean going to the cashier, but I’m not positive.
I have had Ally savings for years (since 2012) but I don’t have buckets. I guess it’s because I have Money Market Savings? I think that used to be the only savings option when I opened my account.
I’m not sure- I don’t have a money market savings account with them. I will look into this, because the buckets are awesome!!!
So do the buckets separate the money from the rest. Meaning if I spend money will it come out of reg checking and not my buckets?
Good question. This is for the ally online savings account, not the checking account. If you use the buckets and want to withdraw money you can specify which bucket you want it to come out of. Or you can set it up to automatically withdraw from a specific bucket every time. Its all 1 account, just visually/virtually separated.
Ally checking is a completely separate account. They also have a brand new spending buckets feature. They let you create up to 30 buckets. I haven't tried it yet, but you can set up to 30 spending buckets in your checking account. You can link specific stores to specific buckets. For example...Costco could be setup to automatically come out of your grocery bucket whenever you use your card at costco. Like I said - I haven't tried it yet....I just read about it and will be trying it out soon.
If that doesn't answer your question let me know.
I feel like this might increase my transaction usage which could potentially get me to 6 transactions rather quickly. Let's say I have a Gift bucket and a Home bucket. I may pull more frequently from the Gift bucket which would add up in 6 transactions very quickly against ALL my Savings. Whereas if I had a separate Gift Savings account, it would be isolated from the other transaction limits. The only thing I'd miss out on is a small amount of interest. The only way this could really work for me is if the buckets had their own transaction limits.
Yes - that's a good point. Ally has a 10 transaction limit rather than 6, but that's still not very high. You can transfer from multiple buckets at once and it only counts as one transfer. For example...say I'm transferring $500 out. $300 for vacation and $200 for gifts. I can to 1 transfer, specify which buckets its coming out of, and it will only count as 1 transfer.
I hope that makes sense. I personally just do a transfer for each bucket at the end of the month.
Another option is SoFi - they have unlimited transfers out of their vaults.
Do you have any thoughts on "Smarty Pig" by Sallie Mae? I've been a member for years but none of my financial gurus ever talk about it. I'm wondering if I should move on to Ally or SoFi.
I haven’t tried it personally. But I can look into it and let you know my thoughts.
@@BrittanyFlammer I would love that! Thanks!
I just checked it out. Overall it looks very simple, but the same as any basic online savings account. The interest rate is competitive at 3.5% and you can set up automatic recurring actions.
The only reason I would switch is if another account has features you like. For example ally has buckets and sofi has vaults so you can visually separate the money in your account.
Or if you’re interested in another product from ally/sofi and want it all in 1 spot.
It's awesome that the interest is now 2.00%
Yes!! The higher interest rates are great if you’re saving money and not borrowing it!!
What are some other savings accounts instead of ally that has this buckets feature?!?
They only one I know of is SoFi. It uses vaults. You can have up to 20 vaults. They currently have 4% interest, but you must have direct deposit to qualify for the 4% interest, otherwise it's 1.2%. I've got a video on my favorite online savings accounts here: th-cam.com/video/VnGDO-mBrr0/w-d-xo.html
I can't see the buckets on my iphone app. Am I missing something?
Hmmm...When you open up your app you click on your savings account. You should see the option to 'organize using buckets'. It should give you the option to add buckets.
Here's an updated video on buckets for 2023: th-cam.com/video/EG2WH1NM0Qc/w-d-xo.html. It's mostly on the website and not the app, but it should be very similar.
If you're not seeing buckets when you log on at all, the other thing I can think of is maybe you have an ally money market account as opposed to an online savings account.
Can you use this as a digital envelope system?
I haven't actually tried doing that. You could....except all online savings accounts have a limit of 6 withdrawals per month. You have unlimited transfers into the account and between buckets, but can only transfer money out 6 times.
So, it's possible, but you'd have to be very careful. I hope that helps answer your question.
Can someone explain the potential feature and how accurate it is?
I don't know what the potential feature is. I've never heard of it and didn't come up with anything when I looked on their website. Is it a different product of theirs other than their online savings account? I'm sorry I'm not much help!!
Does Ally offer 2FA?
Yes. If you try to sign in on an unrecognized device, it requires 2 factor authorization.
Great video, thanks so much!
I hope it’s helpful! I LOVE their buckets!!
Is this a high yield savings?
Yes it is.
How can I add money onto my ally checking account!!??
Good question. You can link a different account to it and transfer that way. Or you can have paychecks directly deposited into it.
I don’t currently have an ally checking account so I can’t do a video to show you, but I do have online savings if you need me to show you anything with that.
Is this FDIC insured ?
Yes, FDIC insured to $250,000
What buckets would you use???
Vacation, emergency funds, bills ect
All great ones!!!!
Why doesnt every bank have this?
I wonder the same thing!!! I had an account at a credit union years ago with this feature. I’ve looked for it at every bank since then….but Ally and sofi are the only ones I know if that have the feature. Here’s a newer video for ally’s buckets: th-cam.com/video/EG2WH1NM0Qc/w-d-xo.html and sofi’s vaults: th-cam.com/video/vmTnlDnlg1k/w-d-xo.html
What's the point? It's still in the same account. If you want $1000 for a vacation, just take out $1000. 🤔
Yes, you can definitely do that. But I like the visual. It’s less complicated. We use all 10 buckets and it’s easier for me to keep track that way than having it all lumped together. Just personal preference!!
Surprise savings seems pretty sketch. The rest sounds good.
Haha. Yes- that’s how I feel. I’ve never turned that one on, but I use the other boosters.
Here’s an updated video on ally’s buckets: th-cam.com/video/EG2WH1NM0Qc/w-d-xo.html
They’ve also started using spending buckets for their online checking account. I’m testing it out now
Great video thanks!
Yes- I hope it’s helpful!