1% Cash Bonus Promotional Offer: Terms & Conditions
If you’re reading this, you know we’re running a Cash Bonus. Exciting, right? Here’s how it works.
You can get a Cash Bonus of 1% of the new money you deposit into your eligible Ally Bank accounts, up to a maximum of $250 per person. The Cash Bonus is open to both new and existing Ally Bank customers. Here are the basic steps to qualify, which we’ll cover in more detail below:
- Enroll in this online-only offer here between 3/13/20 and 3/23/20 using an email address associated with your Ally Bank online access (or that you plan to use when enrolling in online banking)
- If you don’t already have an Ally Bank Online Savings account, Money Market account, or CD, open one (or more) and enroll in online banking at ally.com or on the Ally Mobile app
- Move at least $1,000 in new money from an account at another financial institution into your Online Savings account, Money Market account, or new CD by 3/31/20
- Keep the new funds you deposited in your Online Savings account, Money Market account, or CD through 6/30/20
- Keep at least one Ally Bank account open and in good standing until we deposit your bonus
We base your Cash Bonus calculation on net new money you deposit into your Online Savings account, Money Market account, or CD between 3/13/20 and 3/31/20 (and then keep in your account through 6/30/20). This means money you move out of Ally Bank and then back in won’t qualify for the bonus, and any withdrawals you make from an Online Savings account, Money Market account, or CD between 3/13/20 and 6/30/20 may reduce your bonus amount. Transfers from other Ally Bank accounts or from Ally Invest accounts won’t qualify for the bonus. Remember, check deposits and transfers from other financial institutions can take a few days to complete, so make sure to start any transactions well before the 3/31/20 deadline. We won’t pay out bonuses by check or by transfer to another financial institution.
We’re all about playing fair, so if we believe you’re trying to game or abuse this offer, you won’t be allowed to participate in this offer or any future offers.
The Details- Definitions
Eligible accounts –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.
Excluded accounts – 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.
Enrollment period – You can enroll for the Cash Bonus between 3/13/20 and 3/23/20. We may modify or shorten this timeframe without notice.
Funding period – You’ll have from 3/13/20 to 3/31/20 to make qualifying deposits to your eligible accounts. We may modify or shorten this timeframe without notice.
Qualifying deposits – You must deposit or transfer at least $1,000 in new money into your eligible accounts from an account at a financial institution outside the Ally Financial family of companies during the funding period. Transfers from an Ally Invest account won’t qualify. Any withdrawals from your eligible accounts after the beginning of the funding period may decrease your bonus amount.
To participate, you must enroll here during the enrollment period using an email address associated with your Ally Bank online access. This is an online offer only—there are no in-person, mail-in, call-in, or other offline methods to enroll. Failing to enroll here using an email address associated with your online banking access will disqualify you from receiving the Cash Bonus.
The maximum Cash Bonus any person can receive is $250. We reserve the right to refuse to open an account or pay out a Cash Bonus at any time and for any reason.
You must open your eligible account AND make qualifying deposits of at least $1,000 in new money by 3/31/20. All new deposits and transfers must be posted in your eligible accounts by that date to qualify for the Cash Bonus. Deposits and transfers that are still pending or in process on 3/31/20 or that your other financial institution returns unpaid won’t qualify. We’ll calculate your bonus using the net new deposits—the total of any qualifying deposits minus any withdrawals you make—in your eligible accounts during the funding period. (In other words, transferring funds out of Ally Bank and then back in won’t increase your bonus amount.) Your net new deposits must remain in your eligible account continuously through 6/30/20—any withdrawals from an eligible account before then may reduce your bonus. We’ll round your Cash Bonus payout amount up to the nearest dollar.
If you’ve followed the enrollment and eligibility requirements, we’ll pay your Cash Bonus within 30 calendar days after 6/30/20 to an Ally Bank account you own. You must have an Ally Bank account open and in good standing at time of the bonus payout to receive your bonus. If you have more than one Ally Bank account, we’ll pick one of your accounts to receive the Cash Bonus using the following logic:
- Online Savings account with the highest balance
- If no Online Savings account: Money Market account with the highest balance
- If no Online Savings or Money Market account: Interest Checking account with the highest balance
- If no Online Savings, Money Market, or Interest Checking account: CD with the highest balance. We’ll pay the Cash Bonus as interest during the term of the CD
We won’t pay your bonus by check or by transfer to another financial institution.
We’ll treat the Cash Bonus as interest for tax reporting purposes. You should talk to your tax advisor about potential impacts to your 2020 tax liability.