Posted by Chuck on October 20, 2018
Bank Account Bonuses

Published on October 20th, 2018 | by Chuck


[Expired] Ally Bank Deposit Bonus of up to $1,000, Existing Customers INCLUDED [Last Days]

This deal has now expired, click here to view the best current checking bonuses.

Update 10/20/18: Reposting as you need to sign up before 11:59 p.m. EST on 10/21/18.

Offer at a glance

  • Max Bonus Amount: 1% of deposit, up to $1,000
  • Minimum: Minimum $1,000 deposit of new money
  • Maximum Balance: $100,000 deposit gets max $1,000 bonus
  • Direct Deposit Required: No
  • Additional Requirements: No
  • Hard/Soft Pull: YMMV (perhaps savings is soft and checking is hard)
  • Credit Card Funding: None
  • Monthly Fees: None
  • Availability: Nationwide, new or existing users
  • Expiration Date: October 21, 2018
  • Insured: FDIC

The Offer

Direct Link to offer

  • Ally Bank is offering a 1% bonus on your deposit to a checking, savings, money market, or CD account, up to $1,000. Offer available to new customers and existing customers who bring new money in.

For example, if you deposit $10,000 in new funds, you’ll get $100 bonus. If you deposit $100,000 in new funds, you’ll max out the bonus of $1,000.

The Fine Print

  • New or existing Ally Bank account customers who 1) Enroll for the Cash Bonus through the designated website during Enrollment Period AND 2) Deposit new funds into their eligible account(s) between 10/08/18 and 11/05/18 will receive a Cash Bonus of 1% of their new deposit, up to a maximum of $1,000.
  • New deposits must remain in the eligible account(s) through 1/15/19 in order to qualify for the Cash Bonus.
  • Withdrawals made during the Retention Period may reduce the Cash Bonus amount.
  • Cash Bonus payout will occur within 30 calendar days following fulfillment of these requirements.
  • Eligibility – This offer is only valid for new or existing personal Ally Bank Online Savings, Money Market, Interest Checking, and CD accounts.
  • Account(s) must be open, funded, and in good standing from the time the new funds are deposited into the account(s) until the time of Cash Bonus payout.
  • Minimum new deposit amount to receive a Cash Bonus is $1,000 into the eligible account(s).
  • Limit one Cash Bonus per customer of no more than $1,000.
  • Ally Bank reserves the right to refuse to open an account or pay out the Cash Bonus, at any time, for any reason.
  • Deposit Retention Period – Qualifying funds must remain in the eligible account(s) from 11/05/18 until 1/15/19. Any withdrawals prior to 1/15/19 may reduce the qualifying funds total, thereby reducing Cash Bonus payout.
  • Eligible Account(s) – Includes any single or combination of Ally Bank Online Savings, Money Market, Interest Checking, and CD accounts.
  • Excluded Account(s) – Individual Retirement Accounts (IRAs), Trust Accounts, Custodial Accounts, Uniform Gift to Minors Act Accounts (UGMA), and Uniform Transfers to Minors Act Accounts (UTMA), Ally Invest accounts.
  • Enroll – To participate, the customer must enroll at our website on during the Enrollment Period and must submit the email address linked to the Ally Bank account that the new funds are deposited to. This is an online offer only. There are no in-person, mail-in, call-in, or other offline methods to enroll for this bonus. Failure to enroll through or failure to provide an email address linked to the account will disqualify the customer from eligibility for the Cash Bonus.
  • Enrollment Period – The timeframe in which a customer can enroll for the Cash Bonus begins at 12:01 a.m. Eastern Standard Time (EST) on 10/15/18 and continues through 11:59 p.m. EST on 10/21/18. These timeframes can be modified or shortened at any time, without any notice to customers.
  • Account Opening & Funding – Accounts must be approved, opened AND funded by 11/05/18 to qualify. New deposit of funds must be posted in the eligible Account(s) by 11/05/18. Pending deposits, transfers “in-flight”, or returns on or after the funding deadline will not qualify for the Cash Bonus. Cash Bonus is calculated using the total deposit of new, external funds received into any eligible account(s) between 10/08/18 and 11/05/18. The new funds deposited into the account(s) must be from outside the Ally Financial family of companies. Transfers from other banks can take multiple days to complete, so be sure to initiate any transfers well in advance of 11/05/2018.
  • Cash Bonus – Eligible customers that fulfill required enrollment and eligibility requirements will be paid the Cash Bonus within 30 calendar days to an account held by the enrolled customer. If the enrolled customer has more than one account with Ally Bank, the account that receives the Cash Bonus will be determined using the following logic:
    • Online Savings Account with highest balance
    • If no Online Savings Account: Money Market Account with highest balance
    • If no Online Savings or Money Market Account: Interest Checking Account with highest balance
    • If no Online Savings, Money Market, or Interest Checking Account: CD with highest balance. The Cash Bonus will be paid as interest during the term of the CD.
  • The Cash Bonus payout amount will be rounded up to the nearest dollar. The maximum Cash Bonus payout amount per customer is $1,000. The minimum Cash Bonus payout amount is $10.
  • Ally will treat the Cash Bonus as interest for tax reporting purposes. Please consult your tax advisor for potential impacts to your 2019 tax liability.

Our Verdict

Terms are conflicting about whether the funds need to remain there until January 15th or until payout (which may not be until February 15th) so worth waiting until payout. Also some conflict whether funds need to be deposited by 10/31 or 11/5. (I believe it means that there must be some initial funding by 10/31, but you can continue adding funds until 11/5. Maybe worth doing it all by 10/31 out of caution.)

Terrific deal and very nice that they include existing Ally customers too. If your funds are tied up for 3 months, the bonus amounts to a 4% bump on top of their regular competitive interest rates – their savings rate is currently 1.9% APY which would give you 5.9% for those months. Even if we’ll be more generous and give 4 months of tied up funds, you’ll still get a 3% bump, and a total APY of 4.9% on those months.

I don’t have an Ally account, but thinking of opening one up for this deal. Debating whether to open a savings account with 1.90% rate or do the 11-month no penalty CD with 2.10% rate. Just keep in mind, you have to empty out the CD all at once if you decide to break it. 

Note (update): a lot of people are asking about taking money out of Ally and then sending it back. That probably won’t work since the qualification date already began on October 8th so your balances won’t have increased from that date.

As always, check our page for Best Savings Rates here. 

Hat tip to reader Ryan

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“Ally Bank reserves the right to refuse to open an account or pay out the Cash Bonus, at any time, for any reason.”

For the legal people that follow, does this even get them out of paying out? I love Ally, but what’s the point of this term, could they really decide not to payout the entire promo and so be it?

For people that move out all their money today and move it back in after signing up for this deal?

It says in the terms that the bonus will be calculated based on net deposits between 10/08/18 and 11/05/18 so cashing your money out today and redepositing wont do you any good.

Legally they have a right, but PR-wise they don’t have a leg to stand on if you follow their rules. They would probably only refuse the bonus for those people who serially abuse them (open too many accounts for this bonus or something).

Make your own decision but this is a stretch to be concerned about in my opinion.

Am a lawyer, don’t claim to be a good one.

This type of blanket language is pretty common in most promotions and frequent flyer programs. I wouldn’t expect it to come up .

1. They’re probably going to pay out if you adhere to the terms and don’t do something funky.

2. Not paying our for literally ANY reason would probably not be upheld in court. As a judge I’d probably read in a good faith requirement, as an offer that really could be reneged on for truly any reason would render the other terms nonsensical and also constitute a deceptive offer, or some other similar justification.

3. You’re probably not taking this to court anyways, so you’d be relying on bad press to make them cough it up.

TLDR; Don’t worry about it. Not going to be invoked in all likelihood.

Can you please expand on the legalese term “something funky”? I have an ongoing complaint with Citibank and they invoked their bogus “did you include the offer code” excuse? Does funky and offer code fall into the same category?

You should have an e-mail from Ally stating you were enrolled. Just follow the rules and get your bonus.

I would assume he means funky, as in you had your assets frozen, or were breaking laws (IRS? Terrorism? Laundering?).

For those with funds already at Ally, I hope if we push $ out and then enroll it’ll still work.

I’m in the same boat…wondering if pushing out to BoA and then re-depositing will work.

Dan - Legal Bank Robber
Dan - Legal Bank Robber

Unfortunately I do not think that will work. It says “NET DEPOSITS” i.e. pulling out 20k putting 25k back in would only net you 5k, not 25k.

Can’t find ‘net deposits’ anywhere in the terms. Says ‘Cash Bonus is calculated using the total deposit of new, external funds received into any eligible account(s) between 10/08/18 and 11/05/18.’

Dan - Legal Bank Robber
Dan - Legal Bank Robber

In the confirmation email they send you about the bonus. Johnz

Not in my confirmation email. Closest statement to that is ‘Cash bonus applies to new external funds added to an eligible Ally Bank account, not your total balance.’

Dan - Legal Bank Robber
Dan - Legal Bank Robber

You are right, another commenter said net deposits and I coulda swore I saw it in my confirmation email as well. Weird. So I would now agree with you that you should be good. Thanks for quick replies and glad I was wrong!

On that net deposits question, I asked CSR yesterday whether withdrawals during and after funding period were from First-deposited-first-out or Last-deposited-first-out and answer was neither: withdrawals were from my account’s qualifying new money last, first withdrawing from pre-Oct8-balance, over-$100K-new-money deposits or after-Nov4-deposits. So withdrawals reduced my new money bonus only after exhausting my account’s non-qualifying funds.

So you’re saying you can deposit 100k on top of your Oct 8 balance and then after Nov 5 withdraw your Oct 8 balance leaving you with 100k in the account and that full 100k will qualify for the bonus? That’s great if its true but I’m a little skeptical. These CSR’s seems to be giving out a lot of contradicting information.

Yes that’s true, according to the CSR I chatted with last night.

I agree with you, one CSR contradicts the other, it’s a crapshoot what the terms mean and you won’t find out for sure until your expected bonus, if any, posts by 2/15/19

Any word on multiple accounts getting separate benefit on this deal, such as a person and separately their spouse in the same household (could someone max out on 2 $1,000 bonuses or only 1)?

Dan - Legal Bank Robber
Dan - Legal Bank Robber

One per customer is the language. So no household limitations in their terms.

fk… just opened the chase 25k savings. Dont have enough to make this worthwhile :/ Anyone want to loan me 100k? 😉

amex, citi, discover, chase will let you pay 0% on your purchases on certain cards for the first months of card opening

i mean that might help temporarily, but id have to pay it off pretty soon after that. this is a 4 month hold i believe.

chase slate, bankamericard, and amex everyday have an intro $0 balance transfer fee and 15 months of no interest

How do you transfer a balance from one of these credit cards to an Ally savings or CD account? I thought this only works between credit cards.

Some credit cards provide “balance transfer checks” and/or give the same introductory offer on cash advances as balance transfers.

How much interest you paying? Gotta make it worth my while. 😉

Two questions:

1. Does this apply to the first deposit or all deposits received on the Ally account during the eligibility period?
2. Do direct deposits from work count towards the bonus?

Chuck can you explain the 3% extra bump? Don’t understand that math.

annualize the 1% bonus

Never mind, I think you meant if you multiply the bonus amount in 4 months time over to a 1 year APY

1% for 4 months equals 3% annually (for 12 months)

By my math, this deal is actually slightly better…. If you transfer at the end of this month to meet the Oct 31 deadline and then withdraw as soon as requirements are met on Jan 16, then you actually make the bonus for less than one quarter, meaning the bonus is over 4% annualized plus the 1.9% regular interest… so something like 5.9%.

he probably annualized the 1% bump for 4 months

its an extra 1% over 4 months, which is only 1/3 of a year, then you can move your money elsewhere and gain more interest on top of the 1% gained during the 1/3 of the year. Annualized, it would be 1%*3=3%

My enrollment confirmation email has these comments:

– Move money to a new or existing eligible Ally Bank account (Online Savings, Money Market, Interest Checking or CD account) by 10/31/2018.
– Cash bonus applies to new external funds added to an eligible Ally Bank account, not your total balance.
– Minimum cash bonus is $10 ($1,000 deposit) maximum is $1,000 ($100,000 deposit).

A little bit confused about the 10/31/2018 inclusion here. From how I am understanding this, all net deposits – withdrawals from 10/8/18-11/5/18 that are not from Ally accounts should be summed up to figure out funds eligible for the bonus?

Cavin, do you need to decide if you want to open new CD/Savings account during the enrollment process? Or it’s just a registration of your email? Thanks.

Join the discussion…You get to decide during the enrollment process what account you’d like to open, if you don’t already have a qualifying account with Ally.

Where I was uncertain related to the mandate that the email provided at enrollment MUST match that associated with the account. I took that to mean that at the time of enrollment, they’ll cross reference to your account and the emails must match. Thus, you must apply for the account and await your approval of its opening before you can come back and enroll in this offer.

Turns out, I was over thinking it. It’s still true that the email addresses during enrollment and on your account must match, but you may create the account as part of the enrollment process itself. So you needn’t create and wait for the account to be approved first, after all. Small detail, but I make a living off of watching out for small details and how someone might exploit such to escape their obligations…..

Out of curiosity, how do you make a living off of exploiting small details? (Serious question, I am considering a career change.)

Initiated $100,000 pull request from other bank to Ally!

nice, when youre done send it to me and ill split the 1k bonus with you!


I’m confused about how withdrawals affect the bonus.

– If I make withdrawals from 10/8/18-11/5/18, will that get subtracted from the amount I deposited?
– If I make withdrawals after 11/5/18, but also deposit more funds than I withdraw after 11/5/18, does that affect the bonus?

On the actual link page it says fund the account by 10/31/2018. On the terms attached here it says fund by 11/5/2018. To be safe I would make sure to fund it completely by 10/31..

This what it says in their confirmation email:
“Move money to a new or existing eligible Ally Bank account (Online Savings, Money Market, Interest Checking or CD account) by 10/31/2018.”

Soft pull?

Any thoughts on whether or not this would work with their IRA CD?

Talked to them earlier about this. IRAs and trust accounts are not eligible. However, they opened up a new savings account for me on the spot, and that one DOES count. 🙂

Most of my parked money are stored in accounts that are at 2-3% APY, i am wondering is it worth it to transfer for this deal. Ally is my hub account. Maybe for the 2% account

3% is on top of the return you would get from parking the money into one of their accounts.

so it sounds like even with the 3% accounts, it’s worth to move it to Ally

Where did you find all that fine print?
I don’t see all of it at

Excellent! A while back I moved a chunk of money to AMEX savings to stay under the FDIC limits, but now I’ll gladly move it back.

Good problem to have, Rick.

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