Update 2/8/23: Payments just went out for this bonus
Update 1/16/23: Funds needed to be kept until 1/15/23, so you can now remove the funds (into a high yield account). But account must be kept open until 2/15/23.
Update 11/4/22: There’s also an Ally no-penalty CD with a higher rate which works well with this promotion.
Update 10/20/22: They’ve extended the enrollment date to October 26th and the funding date to November 4, 2022.
Offer at a glance
- Maximum bonus amount: $500
- Availability: Nationwide
- Direct deposit required: No
- Additional requirements: See below
- Hard/soft pull: Mixed DP but most likely soft for savings accounts
- ChexSystems: Unknown
- Credit card funding: Unknown
- Monthly fees: None
- Early account termination fee: None, but must hold until 1/15/2023
- Household limit: None
- Expiration date:
10/21/202210/26/22
Contents
The Offer
- Ally Bank is offering a cash bonus of up to $500 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 enroll by
10/21/202210/26/22 - Put money in your account by
10/31/202211/4/22 - Keep the new money in your account through 1/15/2023
- Get your cash bonus by 2/15/2023
- Must enroll by
The Fine Print
- Full fine print here
- 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. - All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly 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 1/15/2023 to receive the full bonus. There will be early exit fees on the CDs as well (forfeited insurance)
Our Verdict
They have offered similar bonuses in the past but with a lower maximum cap of $250 in bonuses. You need to tie money up for 2 and half months but I’d say 3 months to be safe. This works out to be an additional 4% APY and the account already earns at 2.25% bringing the total to 6.25% and making this is a very good short term deal. We will add it to our list of the best savings bonuses.
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
