There’s a wide variety of banking promotions out there, from scoring a free toaster to earning hundreds of dollars in cash when you sign up for a new account. While one-time perks shouldn’t overly influence your financial decisions — after all, a higher interest rate will likely matter more in the long run — you should get as much as possible out of your new banking relationship. If you’ve decided that Ally Bank is the best option for your finances, make sure you know about all the extras that can come with your new account.
While Ally appears to be more focused on honing the quality of its online products rather than marketing them with bells and whistles, it’s still worth digging up Ally’s current promotions to potentially pick up some free money along the way.
- Ally Bank Promotions and Offers at a Glance
- Current Ally Bank Promotions and Offers
- Reasons To Bank With Ally
- How To Open an Ally Bank Account
- Look To Ally Invest for the Best Promotion
If you’re looking to score perks from a new checking or savings account with Ally Bank, you might be a little disappointed. Ally is currently running one promotion for its investment accounts:
|Best Ally Bank Promotions and Offers for February 2020|
|Account||Offer Expiration Date||Bonus||Qualifying Deposit|
|Ally Invest Self-Directed||March 31, 2020||$50||$10,000 to $24,900|
|$200||$25,000 to $99,900|
|$300||$100,000 to $249,900|
|$600||$250,000 to $499,900|
|$1,200||$500,000 to $999,900|
|$2,500||$1 million to $1.99 million|
|$3,500||$2 million or more|
Read More: 16 Best New Bank Promotions and Bonuses
Here’s a closer look at the one promotion that Ally is offering right now: up to $3,500 in cash available to new customers signing up for its online brokerage.
Ally Invest: Up to $3,500 for Opening a Self-Directed Account
As a new customer, you’ll receive bonus cash for qualifying deposits into an Ally Invest Self-Directed account. While the bonuses can go as high as $3,500, it takes a very large deposit to unlock this amount. The minimum deposit — $10,000 — will garner just $50 in bonus cash.
- Minimum deposit to qualify: $10,000
- Expiration date: March 31, 2020
- How to get it: Open a Self-Directed trading account with Ally Invest and fund your account with at least $10,000 in the first 60 days. The account will be reviewed after 60 days to determine the size of your qualifying deposit.
- When you’ll get it: Cash bonuses are awarded within 10 business days of the 60-day review.
- Terms and conditions: You’re not allowed to withdraw your bonus and your qualifying deposit — sans any losses incurred while trading — for 300 days after receiving the bonus. Also, keep in mind that the $3,500 bonus is only available to people who deposit $2 million or more. The lowest tier grants just $50 for deposits of $10,000 to $24,900. From there, the bonus amounts continue to increase in tiers, but you’ll need to deposit at least $500,000 before you’ll clear $1,000 in free money.
- Monthly fees: $0 in monthly fees and $0 commissions on stock, exchange-traded fund and option trades
- Promotion page: Ally Invest Self-Directed account offer
Related: Here’s Your Ally Bank Routing Number
At the end of the day, few things about your account will matter more than the interest rate you’re getting and the fees you are — or aren’t — getting charged.
Because it’s an online institution, Ally Bank tends to offer interest rates that exceed those of brick-and-mortar banks. For example, Ally’s Online Savings Account offers an annual percentage yield of 1.60%. Meanwhile, the national rate is just 0.09% for the week of Jan. 20, according to the Federal Deposit Insurance Corp. Throw in options for CDs, auto loans, mortgages and more, and Ally Bank could become a one-stop shop for your financial needs.
Ally Bank Review: Competitive Rates for Online Customers
The easiest way to open an account with Ally is to sign up online. Simply go to Ally.com, navigate to the type of account that you want, click on the “open account” button and follow the prompts.
Need Help? How To Find and Use Your Ally Bank Login
Other options include opening an account over the phone by calling 877-247-2559, which is the number for Ally’s customer service line. You can also mail in your application by visiting the “forms” section of Ally’s website, downloading and printing out the right application and then mailing it to the address listed on the form.
The only promotion that Ally Bank offers at the moment is with its brokerage platform: up to $3,500 for funding a new Ally Invest Self-Directed account. While you might find better bonuses at other financial institutions, make sure you’re comparing the important details — like interest rates and fees — between all of your options before you make a final choice. If the basic product is more suitable for your needs, don’t let a short-term promotion entice you elsewhere.
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This content is not provided by Ally Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Ally Bank. Rates are subject to change. All other information on accounts is accurate as of Jan. 20, 2020.