Ally Financial is perhaps most well known for Ally Bank, a full-service bank that offers checking and savings accounts, credit cards, mortgages and loans, but minimizes overhead by operating only online, without physical branches. Those savings are passed along to account holders through competitive interest rates and other perks.
Financial institutions, like Ally, often run promotions to attract new customers. They are willing to pay you for your business, and you can earn hundreds of dollars when you open a new account.
Ally Bank Promotions
Ally is not currently offering any special promotions on its products and services, but that doesn’t mean it’s not worth considering if you’re looking for a new bank. Ally has consistently high APYs on its accounts and offers a wide range of financial services.
Benefits of Banking With Ally
Even though there are no Ally Bank bonuses offered at the moment, other benefits are available by banking with Ally. Checking and savings accounts have no maintenance fees or minimum balance requirements. The Interest Checking account earns up to APY, substantially higher than the national average of 0.06% APY.
The rate difference is even higher on other products. An Ally Online Savings account earns APY, compared to the national average of 0.37% APY.
Ally’s money market account has an APY of . The national average for a money market account is 0.48% APY. Over time, these Ally Bank interest rate differences can really add up.
How To Open an Ally Account
Ally Bank has no physical branches, so you’ll have to open a new account online, over the phone or through the mail. Here’s how to open an account online:
- Find the type of account you want to open and click the corresponding “Open New Account” button.
- Provide the requested personal information, which includes:
- Full legal name
- Social Security number or tax identification number
- Residential street address in the U.S.
- Date of birth
- Contact information
- Submit the application. The bank will notify you through email about the status of the account.
- Fund the new account. You can transfer money from a linked account, deposit a check in the mobile app, submit a wire transfer or mail a check to the bank.
- Enroll in online banking.
Alternatively, you can call 877-247-2559 to open an account over the phone. You can also download an application from the bank’s website by navigating to the Forms section. Complete the application and mail it to:
Ally BankP.O. Box 951Horsham, PA 19044
Are Ally Bonuses and Offers Right for You?
Keep in mind that bonuses shouldn’t be the only deciding factor when you’re choosing a new bank. They’re great to have, but the cash may not be worth it if the bank doesn’t offer the products and services you need to reach your financial goals. However, if you’re looking for a full-service financial institution that offers competitive rates and a variety of banking, borrowing and investing products, Ally is worth a second look.
More on Ally Bank
- Ally Bank Review
- How To Open an Ally Bank Account
- How To Avoid Ally Bank’s Monthly Maintenance Fees
- Ally Bank Holiday Hours
- Ally Bank Interest Rates
- Ally Bank Routing Number
- Ally High-Yield Savings Account Review
- Ally vs. Capital One 360
- Ally vs. SoFi
Julia Gordon contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on promotions is accurate as of April 5, 2023. Additional requirements may apply. Offers and terms are subject to change.
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- Federal Deposit Insurance Corporation. 2023. "National Rates and Rate Caps."