My Favorite Savings Account With Sub Accounts

One of my favorite financial tools is a savings account with sub accounts. It’s a nice way to give each dollar a job. It also helps to be able to see how much you have set aside and for what right from your bank account.

My favorite savings account with sub accounts, by far, comes from Ally Bank. I’ve been with them for more than a decade and I can’t imagine ever switching.

First, let’s cover what makes Ally such a good bank. Then we’ll look at the benefits of a savings account with sub accounts. I’ll wrap up by showing you some of my customized sub accounts.

Why Ally?

Ally is an online bank. There are no locations and I’ve never once spoken to someone who works there.

That might sound like a drawback, but I really don’t need to ever go to a bank or talk to anyone, I just need them to hold my money. Most of the money I earn gets deposited directly into my account. I deposit physical checks by taking pictures with my phone. If I need to withdraw cash, I can use my ally debit card at any ATM and they’ll reimburse the withdrawal fee.

So while Ally is not a “full service” bank, it has everything I need. And it destroys full service banks in one area that really counts: interest rates.