Ally Bank Offers Up to $500 Bonus for New and Existing Customers
Ally Bank has launched a promotion that will earn you up to $500 when you transfer new money in. This offer works for new and existing customers, and gives you 1% of the amount you transfer to your Ally Bank account. Let’s look at the details.
Update 10/24/22: Offer extended until 10/26
The Offer
Get a 1% cash bonus when you move your money to an Ally Bank Online Savings Account. Plus earn an Annual Percentage Yield (APY) of 2.25%.
- Enroll by 10/26/2022 – Get things started by enrolling. Be sure to use the email address associated with the Ally Bank account you plan on transferring new money to.
- Put money in your account by 11/4/2022 – Move at least $1,000 from another financial institution to a new or existing eligible Ally Bank account (Online Savings Account, Money Market Account or a CD). Remember, transfers can take up to three business days.
- Keep the new money in your account through 1/15/2023 – Your new money must remain in your eligible Ally Bank account through 1/15/2023. Keep in mind, any withdrawals made during this time may reduce your bonus.
- Get your cash bonus on or by 2/15/2023 – Get a 1% bonus on the net new funds, up to $500.
Key Terms
- Cash bonus applies to new money added to an eligible Ally Bank account, not your total balance
- Your new money must remain in an eligible Ally Bank account: Online Savings, Money Market or a CD.
- Minimum cash bonus is $10 ($1,000 deposit), maximum is $500 ($50,000 deposit)
- Ally Bank’s Online Savings Account and Money Market Account have an Annual Percentage Yield (APY) of 2.25% on all balance tiers. No minimum balance is required to open.
- Full terms
Conclusion
This is a very good bonus. You can earn a great rate on up to $50,000, when you transfer that amount to your Ally Ban account. You need to keep the money in the account for a minimum of two and a half months, if you time it right. During that period, you will earn 1% back, plus a 2.25% APY.
With a $50K deposit, you would earn a total of about $734 including the interest and the bonus.
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