Ally Bank is one of my favorite banks in terms of user interface, practical features, customer service, and reliability. They were my primary checking account for years (the checking can auto-draft from the savings). Unfortunately, their savings account rates have been lagging the top rates by about 1{3da602ca2e5ba97d747a870ebcce8c95d74f6ad8c291505a4dfd45401c18df38} recently. Despite that, I still keep maintain active accounts there because I use them as my central hub connecting all my many different bank accounts with fast transfers and a clear schedule of exactly when the money will be withdrawn and deposited.
Ally is running a new $100 new account bonus by referral only (that’s mine). You must first enroll with your name and address, and then using the same e-mail address open one of three possible account types (Ally Spending, Ally Savings, Ally Invest) within 30 days of enrollment and make qualifying transfers to get the $100 bonus. You are not eligible if you are a current customer (with any Ally product), or has had any Ally account open since June 1, 2023.
Here are the details for each account type. Taken from full terms and conditions [pdf].
Ally Bank Savings Account
1. Once your Savings Account is open, setup (within your new account) a monthly automated recurring transfer of any amount and have it start within 30 days of account opening.
2. Complete an automated recurring transfer at least once a month for at least three months in a row.
3. Your $100 Welcome Bonus will be deposited within 30 days of receiving your third consecutive monthly recurring transfer. To be paid, make sure you keep your Savings Account open and in Good Standing
through the Payout Date.
What do they mean by “automated recurring transfer”? I tried it out in my Ally account it just means setting up as little as a $1 transfer every month into your savings account. You can connect an external bank account to fund the transfer.
Ally Bank Spending Account
1. Fund your new Spending Account, with any amount, within 30 days (otherwise it may automatically close).
2. Set up and receive a Qualifying Direct Deposit (QDD) within 60 days of account opening.
3. Your $100 Welcome Bonus will be deposited within 30 days of receiving your QDD. To be paid, make sure you keep your Spending Account open and in Good Standing through the Payout Date.
Ally Invest Self-Directed Account
1. Transfer a minimum of $1,000 within 60 days of opening your Self-Directed Account. Note: you can make multiple transfers to reach the minimum requirement of $1,000. Market activity that causes your portfolio value to rise above $1,000 will not qualify; also note that instances of market volatility causing your portfolio to drop below $1,000 will not disqualify you (but withdrawals that lower your aggregate deposit amount below $1,000 will).
2. Your $100 Welcome Bonus will be deposited within 30 days of your Self-Directed Account reaching $1,000 from incoming transferred funds. To be paid, make sure you keep your Self-Directed Account open and in Good Standing through the Payout Date.
Overall, the requirements are pretty easy for a $100 bonus.
