Update 7/28/20: Bonuses posted today.
Extended until March 23rd, 2020
Offer at a glance
- Maximum bonus amount: $250
- Availability: Nationwide, new and existing customers
- Direct deposit required: No
- Additional requirements: $1,000+ in new money
- Hard/Soft Pull: YMMV (perhaps savings is soft and checking is hard)
- ChexSystems: Unknown
- Credit Card Funding: None
- Monthly fees: None
- Early account termination fee: None
- Household limit: None listed
- Expiration date: March 20th, 2020
- Insurance: FDIC
The Offer
- 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 new money moved to a new or existing account (must move at least $1,000).
- Must sign up by 3/20/20
- Funds need to be moved by 3/31/20
- Funds must be maintained until 6/30/20
The Fine Print
- 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. New money you add to these accounts, or money you move from these accounts to your eligible accounts, won’t qualify for the bonus.
- To qualify for the cash bonus, you need to sign up by 3/20/20. Once you have signed up, move at least $1,000 from an account at another financial institution to a new or existing eligible Ally Bank account by 3/31/20. You will then need to maintain the funds in your account through 6/30/20. 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.
- We’ll calculate your cash bonus based on new money moved to your account during the funding period, minus any withdrawals you make during that time. Funds deposited after 3/31/20 will not be eligible for the bonus. Your net new deposits must remain in your eligible account continuously through 6/30/20. Keep in mind, transferring funds out of Ally Bank and then back in won’t increase your bonus amount. We’ll round your cash bonus payout amount up to the nearest dollar.
- 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.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
The savings account and CDs have no monthly fees to worry about.
Early Account Termination Fee
Funds need to be kept in the account until 6/30 to receive the full bonus. There will be early exit fees on the CDs as well (forfeited insurance)
Our Verdict
Online savings account earns 1.5% APY, CD yields are 1.75% (18 months). Best case scenario with this promotion you need the funds in the account for three months, making it an additional 4% APY. I think it’s better to assume you’ll have the funds in there for a total of 4 months (lets you fund a bit earlier and gives you time to withdraw funds etc), making it an additional 3%. Basically works out to be 4.5% APY during that period. With interest rates dropping across the board and a lot of uncertainty at the moment this going to be an attractive bonus. Because of that I’ll be adding this to our list of the best savings account bonuses. Ally has offered a similar bonus in the past, the maximum was $1,000 in that instance.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications
- Bank Bonus Posting Times
The post [Bonus Posts] Ally Bank Bonus – Earn Up To $250 (1% Of Deposit) – New & Existing Customers appeared first on Doctor Of Credit.
Written by Doctor Of Credit @ https://www.doctorofcredit.com
Written by Doctor Of Credit @ https://www.doctorofcredit.com