Update 4/13/21: Bonuses have been reduced, maximum bonus is now $3,000 instead of $3,500.
- Ally Invest is offering commission free trading for 90 days and a bonus of up to $3,000. Bonus you receive depends on how much you deposit or transfer
The Fine Print
- The minimum qualifying deposit to receive a cash bonus is $10,000.
- Cash bonus levels are identified above.
- Accounts will be reviewed 60 days after account opening to determine the total qualifying deposit.
- Corresponding cash bonus will be credited to the account within 10 business days
- . Once the bonus is credited to the account, the bonus and qualifying deposit (minus any trading losses) is not available for withdrawal for 300 days.
- If the qualifying deposit is withdrawn, the bonus may be revoked.
So you need to keep the funds in there for 60 days to trigger the bonus and then keep them in there for a total of 300 days to avoid the bonus being clawed back. We have seen the $200 bonus before, but the other levels are new as far as I’m aware and there is no targeted language this time. Comission free trading is becoming more common with things like Robinhood and Chase’s You Invest. Personally I like to keep my investments as set and forget type deals, but I know some people like to move them around for these types of bonuses.