Round Ups, which helps customers turn their spare change into additional savings.Bucket Transfers, which enable the easy transfer of money between buckets and.Bucket Goals, which let customers add a dollar amount to their savings goals and then see their progress against those goals.In coming months, Ally Bank will further broaden its suite of digital savings tools with the addition of new capabilities including: In fact, those who use Surprise Savings, which finds safe-to-save funds and automatically transfers them from any checking account to an Ally Bank savings account, are saving 10 times more than they would on just interest rate alone. In addition to Buckets, tools like Surprise Savings and recurring transfers use the power of automation to make it exceptionally easy for people to save. In early 2020, Ally launched a suite of smart savings tools to help address America's savings crisis. adults find it difficult to save money 1 and 21% currently are not saving any amount of their income 2. "We've tapped into something fundamentally human: personalizing a goal makes us more likely to set a priority and work toward it."Īmericans have long struggled with getting on the path to building their savings: 56% of U.S. That's exactly why we developed Buckets, because seeing really is believing," said Anand Talwar, deposits and consumer strategy executive at Ally Bank. "When people visualize their savings goals, their motivation increases exponentially. Notably, Americans are not just saving for themselves but are also saving for others, with 'Charity' making a strong showing. Following the 'Make Your Own' category, 'Emergencies,' 'Vacations,' 'Home' and 'Vehicles' round out the top five. From 'Fur Baby' to 'Learn German' to "Hot Tub,' customers are actively engaged in personalizing their goals. Of the million Buckets created so far, the most popular is the one that lets customers name it themselves. Nearly a quarter of customers who've opened an Ally Bank Online Savings Account since February have created at least one Bucket. "We know we are on to something big with these tools, so we're pressing harder to deliver new enhancements and innovations that will make saving easier and more gratifying for each and every customer."Īmong Ally Bank's most popular savings tools are Buckets, digital envelopes that let customers personalize what they are saving for. "Ten months ago, we set out to tackle America's savings challenge by arming our customers with digital tools to help improve their savings behaviors, and it's clearly working," said Diane Morais, president of consumer and commercial banking products at Ally Bank. Since their introduction in February, more than one million digital Buckets have been created by Ally's online savings account customers, putting names to their goals and saving, on average, six times more than other savers. online bank and a division of Ally Financial Inc. 3, 2020 /PRNewswire/ - When people personalize their savings goals by naming them, they save more, according to customer data from Ally Bank, the largest U.S.
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