Ally Bank Smart Savings with Buckets and Boosters

Posted on:  02/24/2022
Ally Bank Smart Savings with Buckets and Boosters

Ally Bank has Buckets and Boosters to assist in optimizing savings. Buckets are digital envelopes. You can have 10 buckets in your savings account. You can have buckets for emergencies, vacations, wedding, bill payments, car repairs, education, pet needs, and other buckets. You can even create your own bucket and set goals and target dates. Boosters are how you fund your buckets. Do you get paid every week or twice a month? Set up boosters so funds automatically flow into your buckets. 

Ally Bank - Buckets

Ally Bank - Buckets

Ally Bank Buckets live inside your Saving account. You can fund your buckets with your checking or saving account, but ideally, you would fund buckets with your checking account. I fund my buckets on my pay dates. 

Ally Bank Buckets

  1. Emergencies
  2. Home
  3. Vacations
  4. Wedding
  5. Retirement
  6. Vehicles
  7. Occasions
  8. Tax Payments
  9. Education
  10. Bill Payments
  11. Family
  12. Pets

You can even make your own bucket.

YouTube video

Other Personal Finance articles

Setting up Buckets

  1. Sign into Ally Bank. Ideally, you have a checking and saving account, but you can do this with just a saving account.
  2. Click your saving account.
  3. Click Optimize using Buckets
  4. Click Done
  5. Set Target Amount  - not required but suggest you do. For example, I need $500 for vacation bucket.
  6. Set Target Date - not required but suggest you do. For example,I need the Target Amount by August 31st

 

Ally Bank Buckets - Target Amount and Date

Ally Bank Buckets - Target Amount and Date

Ally Bank Boosters (Recurring Transfers)

Boosters are how you fund your buckets. You set up Boosters to automatically take money from your checking account, usually on a payday, and move it to your buckets. Boosters are Recurring Transfers. There are a total of three boosters, but I use Recurring Transfers. The other two are to round up your debit card spending and move to savings or buckets, and let Ally bank determine if you have excess funds in your checking, and automatically move money. I'm not too fond of the last option, but it is available. 

Ally Bank - Recurring Transfers

Ally Bank - Recurring Transfers

Recent Excel articles

April 6, 2024 - Excel Training for MBA Students from the University of Georgia

April 6, 2024 - Excel Training for MBA Students from the University of Georgia

Excel - Advanced Filters

Excel - Advanced Filters

Excel 3D Reference - easily reference data on another worksheet

Excel 3D Reference - easily reference data on another worksheet

What is the Middle Class and Are You in the Middle Class?

What is the Middle Class and Are You in the Middle Class?

Chris Menard

Chris Menard is a certified Microsoft Trainer (MCT) and works as a full-time Trainer at BakerHostetler - one of the largest law firms in the US. He runs a YouTube channel with 900+ technology videos that cover various tools such as Excel, Word, Zoom, Teams, Gmail, Google Calendar, and Outlook. To date, the channel has helped over 18 million viewers. Menard also does 2 to 3 public speaking events every year, presenting at the Administrative Professional Conference (APC), the EA Ignite Conference, the Support Staff Conference, the University of Georgia, and CPA conferences. You can connect with him on LinkedIn at chrismenardtraining.com/linked or watch his videos on YouTube at chrismenardtraining.com/youtube.

Categories