For more information, visit our Terms & Conditions page.
What accounts are eligible?
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.
What accounts are not eligible?
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.
What do I need to do to get the cash bonus?
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.
How will my cash bonus be calculated?
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.
Is there a minimum deposit amount required to get the cash bonus promotion?
Yes. 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.
How long do I need to keep net new funds in my account?
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.
What if I have a joint account?
If you are a joint account holder and both (or all) owners wish to participate, you must both have signed 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.
What if I convert my account into a trust or IRA during the cash bonus promotion?
You will no longer be eligible for the cash bonus for the converted account.
Will current economic conditions impact my deposit account interest rates or cash bonus?
Your cash bonus will not be impacted by economic conditions. Our deposit account rate(s), on the other hand, may be impacted, as our rates can change at any time. If you want to lock in a fixed rate, consider opening one or multiple CDs. With a CD, you’ll get a fixed rate for the length of the product that won’t vary with economic conditions.
Will my deposit account rate(s) be affected by the recent Fed rate cut?
Recently, the Fed announced multiple emergency rate cuts in response to market volatility brought on by the coronavirus. The Fed’s interest rate impacts everything from loans to CDs to savings accounts, which means our deposit account interest rates may fluctuate. You can rest assured, though, that we’re committed to keeping our rates competitive and have a 10-year track record of offering great rates. Want to learn more? Read more about the Fed’s recent rate cut.