Ally Bank does not offer a feature called "buckets" in the same way some other budgeting tools or banks might. Ally Bank uses a feature called "Boosts" and "Buckets" within their Spending & Saving Tools (which are essentially different ways to categorize and organize your money within your existing Ally Bank accounts, primarily the spending and savings accounts).
It seems there might be a slight misunderstanding, as "buckets" in Ally Bank are integrated into their budgeting and savings tools rather than being standalone accounts you create like a separate savings account. They're more about virtual organization within your existing accounts.
Since the user specifically asked for "how to create buckets in Ally Bank" and the current information indicates they are likely referring to the categorization features, I will provide a comprehensive guide on how to effectively use Ally's features to achieve a "bucket" like organization for their money.
Here's a very lengthy and detailed guide on how to effectively create and use "buckets" within Ally Bank's features to manage your money, even though they aren't standalone "bucket accounts."
Mastering Your Money: How to Create and Utilize "Buckets" in Ally Bank
Are you ready to take control of your finances and make your money work harder for you? Do you find yourself wondering where all your money goes, or struggling to save for specific goals? If so, you've come to the right place! While Ally Bank doesn't have a feature explicitly named "buckets" that are separate accounts, they offer powerful tools within their online banking platform that allow you to achieve the exact same effect of virtual "buckets" for your spending and savings goals.
Let's dive into how you can transform your Ally Bank accounts into a highly organized and efficient financial system!
 |
| How To Create Buckets In Ally Bank |
Step 1: Understanding Ally's Approach to "Buckets"
Before we start, let's clarify what "buckets" mean in the context of Ally Bank. Unlike some budgeting apps or banks that allow you to create completely separate sub-accounts for each goal (which some people refer to as buckets), Ally integrates this functionality differently.
Instead of creating new accounts, you'll be utilizing Ally's Spending & Saving Tools and their Boosts feature within your existing accounts, primarily your Ally Bank Online Savings Account and your Ally Bank Spending Account (checking). This approach allows for immense flexibility and ease of management without the need to open and juggle multiple accounts.
Think of it this way: Imagine your Ally Online Savings Account as one big jar. Within that jar, you can mentally (and digitally!) divide your money into smaller, labeled sections – these are your "buckets." Ally's tools help you automate and visualize these divisions.
Ready to get started? Let's unlock the power of organized money management!
Step 2: Accessing Your Ally Bank Accounts and Tools
The first step is to log in to your Ally Bank account. You'll need access to either their website or their mobile app.
Tip: Take a sip of water, then continue fresh.
2.1: Logging In to Your Account
Via Web Browser:
Open your preferred web browser (Chrome, Firefox, Safari, Edge).
Navigate to the official Ally Bank website: www.ally.com
Click on the "Log In" button, usually located in the top right corner of the page.
Enter your Username and Password.
Click "Log In" or press Enter. You might be prompted for a multi-factor authentication step (like a code sent to your phone or email).
Via Mobile App:
Open the Ally Bank mobile app on your smartphone or tablet. If you haven't downloaded it yet, search for "Ally Bank" in your device's app store (App Store for iOS, Google Play Store for Android) and install it.
Enter your Username and Password or use biometric login (fingerprint, face ID) if you have it enabled.
2.2: Navigating to Spending & Saving Tools
Once logged in, you'll need to find the "Spending & Saving Tools" section.
On the Website: Look for a menu item or a prominent link that says "Spending & Saving" or similar. It's usually found in the main navigation bar or within a "Tools" or "Services" section.
On the Mobile App: Tap on the menu icon (often three horizontal lines, sometimes called a "hamburger menu") or look for a "Tools" or "Spending & Saving" option in the bottom navigation bar or within the main menu.
Clicking on this will take you to a dashboard where you can see an overview of your spending and savings habits. This is where the magic of "bucketing" with Ally truly begins!
Step 3: Creating Savings Buckets with Ally's "Boosts" Feature
Ally's "Boosts" are the primary way to create virtual "buckets" within your Online Savings Account. Boosts allow you to automate transfers and set specific goals for different savings objectives. While they aren't separate accounts, they help you allocate and track money towards specific purposes.
3.1: Understanding Boosts for Savings
Boosts are essentially automated savings rules or goals. They help you save for specific things like a down payment on a house, a new car, a vacation, or an emergency fund. You can create multiple Boosts, each acting as a distinct "bucket" for a particular savings goal.
3.2: Setting Up a Boost (Your First Savings Bucket)
From the "Spending & Saving Tools" dashboard, locate the section related to your Online Savings Account.
Look for an option like "Set up a Boost," "Add a new savings goal," or "Manage Boosts." Click on it.
You'll likely be presented with different types of Boosts. Choose the one that best suits your "bucket" goal. Common types include:
Recurring Transfers: For regular, automated contributions to your bucket.
Round Ups: Automatically rounds up your debit card purchases to the nearest dollar and transfers the difference to savings. (Great for a "found money" bucket!)
Surprise Savings: Analyzes your spending habits and finds money to safely transfer to savings without you noticing.
Buckets (Within Savings): This is the key! Ally has recently introduced "Buckets" within the savings account. This allows you to visually divide your savings into different categories.
If you see a "Buckets" option directly within your savings account:
Click on "Manage Buckets" or "Create a Bucket."
Give your bucket a clear and descriptive name. For example, "Emergency Fund," "Dream Vacation," "New Car Down Payment," "Home Renovation."
Optionally, set a target amount for this bucket. This helps you visualize your progress.
Optionally, set a target date to achieve your goal.
Allocate funds to this bucket. You can manually move money into it, or set up recurring transfers that specifically go to this bucket.
If you are primarily using Boosts (older interface or specific Boost types):
Select the type of Boost you want to use (e.g., "Recurring Transfer").
Name your Boost (e.g., "Vacation Fund Transfer," "Emergency Savings Auto-Deposit"). This name will act as your "bucket" label.
Choose the frequency of the transfer (weekly, bi-weekly, monthly).
Specify the amount you want to transfer to this "bucket" each period.
Select the source account (usually your checking account or another Ally account).
Confirm and activate the Boost.
Pro Tip: Create a separate Boost (or Bucket) for each major savings goal you have. This will give you a clear overview of your progress towards each specific objective.
Tip: Train your eye to catch repeated ideas.
Step 4: Managing Your Savings Buckets (Boosts/Buckets)
Once your Boosts (or Buckets within savings) are set up, managing them is straightforward.
4.1: Viewing Your Progress
Back on the "Spending & Saving Tools" dashboard, you'll see an overview of your savings account.
If you're using the newer "Buckets" feature within savings, you'll see a visual breakdown of how your total savings are allocated among your different buckets. This is incredibly helpful for at-a-glance tracking.
If you're primarily using Boosts, you'll see a list of your active Boosts, their next transfer dates, and how much has been transferred to each over time.
4.2: Adjusting and Modifying Buckets/Boosts
Life happens, and your financial goals might change. Ally makes it easy to adjust your "buckets."
From the "Spending & Saving Tools" section, find the Boost or Bucket you wish to modify.
Click on it. You'll typically see options to:
Edit the amount of recurring transfers.
Change the frequency of transfers.
Adjust the target amount or date for a bucket.
Pause a Boost/Bucket temporarily.
Delete a Boost/Bucket if the goal is no longer relevant or completed.
Manually transfer funds into or out of a specific bucket (if using the dedicated "Buckets" feature).
Important Note: Remember, even though you see distinct "buckets" or Boosts, the money is still technically within your single Ally Online Savings Account. Ally's tools simply provide a visual and automated way to organize and track it. When you need to access funds from a specific "bucket," you'll simply transfer from your main savings account to your spending account, knowing which "bucket" that money was intended for.
Step 5: Creating Spending Buckets with Ally's Spending Tools (Categories)
While the term "buckets" is more commonly associated with savings, you can effectively create "spending buckets" by utilizing Ally's robust transaction categorization features within your Spending Account (checking). This helps you track where your money goes and stay within your budget for different spending areas.
5.1: Understanding Spending Categories
Ally automatically categorizes many of your transactions. However, you can also manually categorize them or create custom categories to perfectly match your "spending buckets" (e.g., "Groceries," "Utilities," "Entertainment," "Transportation").
5.2: Reviewing and Categorizing Transactions
Tip: Read mindfully — avoid distractions.
From the "Spending & Saving Tools" dashboard, navigate to the section for your Ally Bank Spending Account.
You'll see a summary of your recent transactions.
Click on "View Transactions" or a similar option to see a detailed list.
For each transaction, Ally will try to assign a category. If it's incorrect or uncategorized:
Click on the transaction.
Look for an option to "Categorize" or "Change Category."
Select an existing category from the list (e.g., "Food & Dining," "Shopping," "Bills & Utilities").
If no suitable category exists, look for an option to "Create New Category" or "Add Custom Category." This is where you create your custom spending buckets!
Name your custom category clearly (e.g., "Monthly Takeout," "Pet Supplies," "Kids Activities").
Save the new category.
5.3: Setting Up Budgets (Spending Buckets in Action)
Once your transactions are categorized, you can set up budgets for each category, effectively creating your spending "buckets" with limits.
Within the "Spending & Saving Tools" dashboard, look for a "Budgets" or "Spending Habits" section.
Click on "Create New Budget" or "Manage Budgets."
You can choose to create a budget for specific categories. For example:
Select the "Groceries" category.
Set a monthly limit for this "bucket" (e.g., $400).
Repeat for other categories you want to track as spending buckets (e.g., "Entertainment" - $150, "Utilities" - $200).
Helpful Tip: Ally's budgeting tools will show you how much you've spent in each category compared to your budget. This real-time feedback is crucial for staying within your self-imposed spending "bucket" limits.
Step 6: Automating and Optimizing Your Buckets
The true power of "bucketing" comes with automation. Ally offers several ways to automate your savings and spending.
6.1: Scheduling Recurring Transfers
This is the most straightforward way to fund your savings buckets.
From your Ally account, go to "Transfers" or "Move Money."
Set up recurring transfers from your Spending Account to your Online Savings Account.
If you're using the newer "Buckets" feature within savings, you can often direct these recurring transfers directly to a specific bucket.
If not, simply transfer to your main savings and then manually allocate to your Boost-driven "buckets" if needed (though the Boosts themselves automate this).
6.2: Using Round Ups for Passive Saving
Activate the "Round Up" Boost for your Online Savings Account.
Every time you use your Ally Bank Debit Card for a purchase, the amount will be rounded up to the nearest dollar, and the difference will be automatically transferred from your Spending Account to your Savings Account.
This is an excellent way to passively contribute to a "general savings" or "rainy day" bucket without even thinking about it.
6.3: Leveraging Surprise Savings
Enable the "Surprise Savings" Boost.
Ally analyzes your spending and identifies small amounts of money that can be safely transferred to your savings without impacting your budget.
This is another fantastic way to grow a "found money" or "opportunity fund" bucket without conscious effort.
Step 7: Regular Review and Adjustment
Creating "buckets" is not a one-time task. For them to be effective, you need to regularly review your progress and make adjustments as needed.
QuickTip: Treat each section as a mini-guide.
7.1: Monthly Review
Set aside time once a month (e.g., the first weekend of the month) to review your Ally Bank accounts.
Check your savings buckets (Boosts/Buckets): Are you on track for your goals? Do you need to increase or decrease contributions?
Review your spending buckets (categories and budgets): Did you stay within your limits? Were there any unexpected expenses? Did your categories accurately reflect your spending?
7.2: Making Adjustments
If your income changes, adjust your recurring transfers to your savings buckets.
If a spending category is consistently over budget, either adjust the budget amount or find ways to cut back on spending in that area.
As you achieve a savings goal, "close out" that bucket (by deleting the Boost/Bucket or transferring the funds for use) and create a new one for your next goal!
By diligently following these steps, you will effectively create and manage "buckets" within your Ally Bank accounts, giving you unparalleled clarity and control over your finances. Remember, consistency is key!
How To: Frequently Asked Questions About Ally Bank Buckets
Here are 10 common questions you might have about using "buckets" in Ally Bank, with quick answers:
How to create a new savings bucket in Ally Bank? You can create a new savings bucket by going to "Spending & Saving Tools," navigating to your Online Savings Account, and looking for the "Buckets" feature (if available) or by setting up a new "Boost" like a recurring transfer or a specific savings goal.
How to move money into a specific bucket in Ally Bank? If you're using the dedicated "Buckets" feature within your savings account, you can manually transfer funds into a specific bucket. Otherwise, set up Boosts (like recurring transfers) that automatically contribute to a designated savings goal, which acts as your bucket.
How to see how much money is in each bucket in Ally Bank? Navigate to "Spending & Saving Tools" and view your Online Savings Account. If using the "Buckets" feature, you'll see a visual breakdown of funds per bucket. If using Boosts, you'll see the progress and amounts contributed to each specific Boost.
How to rename an existing bucket in Ally Bank? Go to "Spending & Saving Tools," find the specific Boost or Bucket you wish to rename, click on it, and you should find an option to "Edit" or "Modify" its details, including the name.
How to delete a savings bucket in Ally Bank? To delete a savings bucket (Boost or dedicated Bucket), go to "Spending & Saving Tools," select the relevant Boost or Bucket, and look for an option to "Delete" or "Deactivate" it. Remember that the money will remain in your main savings account.
How to set a target goal for a savings bucket in Ally Bank? When setting up a new Boost or a dedicated Bucket within your savings account, you'll usually have the option to set a target amount and/or a target date for your savings goal.
How to use Ally's spending categories as "spending buckets"? Go to "Spending & Saving Tools," view your Spending Account transactions, and manually categorize or re-categorize them. You can also create custom categories to represent your unique spending "buckets."
How to set a budget for a spending bucket in Ally Bank? Within "Spending & Saving Tools," navigate to the "Budgets" section. Here you can create new budgets for specific spending categories (your spending buckets) and set monthly limits.
How to automatically fund my savings buckets in Ally Bank? Utilize Ally's "Boosts" like "Recurring Transfers," "Round Ups," and "Surprise Savings." These features automate the transfer of funds from your Spending Account to your Online Savings Account (and sometimes directly to specific savings buckets).
How to transfer money from a savings bucket to my spending account in Ally Bank? Since the money is all in your main Online Savings Account, you'll simply initiate a transfer from your Online Savings Account to your Spending Account. You'll need to know which "bucket" the funds are coming from based on your tracking and goals.
 |
💡 This page may contain affiliate links — we may earn a small commission at no extra cost to you.
