Update November 2022: Ally has raised the rates on their CDs and savings accounts, but notably the 11-month No Penalty CD is now at 3.10% APY, which isn’t amazing, but if you are already committed to this deposit bonus, it is a way to raise your effective interest rate while both still qualifying for the deposit bonus and maintaining liquidity. Note the terms state “Your new money must remain in an eligible Ally Bank account: Online Savings, Money Market or a CD.”
Original post (offer is now expired):
Ally Bank has a new
- Open an account and/or enroll by 10/21/2022. You must enroll or you won’t get the bonus. New customers use the promo code GETPAID. Existing customers must enroll with the same e-mail as linked to their Ally bank account.
- Fund your account by 10/31/2022. This means your account has to be approved, opened and funded by this date. Move at least $1,000 from another financial institution to a new or existing eligible Ally Bank account. Remember, transfers can take up to 3 business days.
- Keep 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 money you moved, up to $500.
Ally had a similar bonus in 2018 and
- 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).
Here’s an example:
1. Take your 10/11 end of day balance total across all eligible accounts. Ex. $5,000.
2. Take your 10/31 end of day balance total across all eligible accounts. Ex. $15,000.
3. Your max possible bonus is 1% of $10,000 = $100. If your total balance across all eligible balance ever goes below 15,000, then your bonus goes down as well. Let’s say your total balances from 10/31 onward through 1/15 varies from $12,000 to $18,000. Your bonus will only be 1% of $7,000 = $70.
Rough math. The current rate on the Ally Online Savings account is 2.25% APY (variable, likely to rise again soon, but who knows what the future holds) as of 10/12/22. Given that you can an additional 1% bonus in roughly 3 months, the bonus itself works out to the equivalent of a 4% annualized yield. 2.25% + 4% = 6.25% total annualized yield over 3 months (no guarantee, this is just an example estimate). You could also open a CD to lock in an even higher rate.
Should I move money out of Ally and back in to qualify? No, it won’t make any difference as Ally has already thought of that. Basically, your comparison point is your balance as of the end of day on 10/11/22. From the full
We base your Cash Bonus calculation on the New Money you deposit into an eligible Online Savings account, Money Market account, or CD at Ally Bank between 10/12/2022 and 10/31/2022 (and then keep in your account through 1/15/2023). 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 10/12/2022 and 1/15/2023 may reduce your bonus amount. Transfers of funds between existing Ally Bank accounts won’t qualify for the bonus. Remember, check deposits and transfers from other financial institutions can take a few or more days to complete, so make sure to start any transactions well enough before the 10/31/2022 deadline for those transactions to clear by or before 10/31/2022.
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.
Existing customers. As a longtime Ally accountholder, I’m happy again to see that this offer includes existing customers, even if it has to be new money.
Bottom line. Ally Bank has a new promotion to attract new money (or bring back old money). You get a 1% cash bonus (up to $500) on new deposits on top of their existing interest rates. At the current rates for their savings account, this works out to a 3-month holding period paying roughly 6.25% annualized interest. You must enroll soon by 10/21/22 and your account must be opened and fully funded by 10/31/22 at the very latest.
Looks like I will be scraping up all the idle cash from my various accounts in the hopes of maximizing this bonus.
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