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Ally Bank Offers Up to $500 Bonus for New and Existing Customers

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Ally Bank $500 Bonus for New and Existing Customers

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


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.

Disclosure: Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers.

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Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.
Based in NYC. Points/miles enthusiast for years and actively writing about it for the last 6+ years at Danny the Deal Guru. I'm always looking out for deals. Making a few bucks is always nice, but the traveling is by far the best part of this business.

Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.


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