Ally Bank: 1% Cash Bonus For New & Existing Customers

Ally Bank is offering new and existing customers a 1% cash bonus for all new funds being transferred to an Ally savings account, money market account, or Certificate of Deposit (CDs).

They’re one of our favorite online banks and offers a massive bonus of up to $3,000 for new customers of their Ally Invest account. It pairs nicely with other Ally bank products and services to offer a one-stop shop for your banking needs.

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Ally Bank 1% Cash Bonus Offer

Here’s everything you need to know about this Ally Bank promotion; who qualified, how to enroll, the offer details, and the terms and conditions:

Who qualifies for the bonus?

This is open nationwide for everyone and includes both new and existing customers.

The bonus is tied to the email address you have connected with Ally Bank if you’re an existing customer. If you’re a new customer, use the same email address you use to enroll in the promotion.

Related:

Where do I enroll?

Enrollment Link

Ally Bank is an online bank so it’s not possible to sign up at a local branch.

For those not familiar with online banks, Ally Bank has been around for a long time and are FDIC-insured. They’re the 19th biggest bank in the United States.

Ally Bank $250 deposit bonus promotion
(Image from Ally Bank)

What are the details?

Ally Bank is offering a cash bonus of up to $250 to both new and existing customers. You’ll earn a 1% cash bonus on all new money deposits and transfers (minimum $1,000 deposit/transfer).

  • Must sign up by 3/23/2020
  • Funds need to be moved by 3/31/2020
  • Funds need to be maintained until 6/30/2020
Ally Bank bonus steps
(Image from Ally Bank)

Availability: Nationwide
Expiration: 03/23/2020
Household Limit: None (everyone in your family can get the bonus!)
Direct Deposit Required: No
Soft/Hard Pull: Unknown (reader feedback point towards a soft pull)
Early Account Termination Fee: No

Make sure you sign up using an email address that is associated with your Ally Bank account, or that you plan on using when opening your new eligible account. The bonus is tied to your email address.

Avoiding Fees

Monthly Fees

There are no monthly fees for Ally Bank’s savings account, money market account, or CDs.

Early Termination Fee

No early termination fees for the savings account or money market account, but to receive the full bonus, you need to keep the account open until June 30.

CDs that are closed early have exit fees (forfeited insurance).

Terms & Conditions

  • New or existing Ally Bank Online Savings Accounts, Money Market Accounts, and CDs are eligible for the cash bonus. If you have more than one of these accounts, we’ll consider all of them when calculating your bonus. Remember, the total maximum bonus you can receive is $250.
  • Interest Checking accounts, Individual Retirement Accounts (IRAs), accounts owned by a trust, custodial accounts, Uniform Gift to Minors Act (UGMA) accounts, and Uniform Transfers to Minors Act (UTMA) accounts aren’t eligible for the cash bonus.
  • You must deposit or transfer at least $1,000 in net new funds from an account at another financial institution into your Online Savings Account, Money Market Account, or CD by 3/31/20.
  • To receive the cash bonus, you must keep your net new funds in your Online Savings Account, Money Market Account, or CD through 6/30/20. Any withdrawals from your account before then may reduce your bonus amount.
  • You must sign up using the same email address that is associated with your Ally Bank account, or that you plan on using when opening your new eligible account.
  • If you are a joint account holder and both (or all) owners wish to participate, you must both (or all) sign up with an email address that is associated with your profile. Each owner will receive one bonus based on the total net new funds moved into the joint account.

The Bottom Line

This is a great opportunity to get a cash bonus at a trusted online bank. With interest rates on bank accounts heading towards an all-time low due to the fall out of the coronavirus, you’ll be happy to know that Ally Bank has consistently offered one of the highest interest rates available for your savings.

As of this writing, their online savings account and 12-month CDs have a 1.50% APY. The money market only has a 0.75% APY.

I recommend the savings account since it has the highest interest rate and doesn’t have the 12-month holding period that the CD does (the 18-month CD does offer a 1.75% APY if you want to hold it for a longer period).

About John Pham

John Pham is a personal finance expert, serial entrepreneur, and founder of The Money Ninja. He has also been fortunate enough to have appeared in the New York Times, Boston Globe, and U.S. News & World Report. John has a B.S. in Entrepreneurship and a Masters in Business Administration, both from the University of New Hampshire.

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