Newest Ally Bank Promotions, Bonuses, Offers and Coupons: May 2021
Ally is a full-service bank that offers checking and savings accounts, mortgages, loans and investment vehicles 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.
Banks, 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 — cash that can be helpful during the pandemic-hit economy.
This month, Ally is offering bonuses of up to $3,000 for opening accounts through its online brokerage subsidiary, Ally Invest.
Ally Invest Self-Directed Account: Up To $3,000 Bonus
New trading and investment customers are eligible to receive a cash bonus for making qualifying deposits into an Ally Invest Self-Directed trading account. Bonuses for this offer can be as high as $3,000, but it takes a very large deposit to earn the highest amounts. Here’s a quick rundown:
- $10,000-$24,999: $100 bonus
- $25,000-$99,999: $250 bonus
- $100,000-$249,999: $300 bonus
- $250,000-$499,999: $600 bonus
- $500,000-$999,999: $1,200 bonus
- $1 million-$1.99 million: $2,000 bonus
- $2 million and up: $3,000 bonus
These accounts feature financial tools such as a mobile app specifically designed for trading, as well as charts that present analyzed data about stock performances. Bonus amounts are based on your minimum deposit and account balance. No Ally bank coupons are required to qualify.
- Cash value: $100-$3,000
- Minimum deposit to qualify: $10,000
- Expiration date: Sept. 30
- 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.
- When you’ll get it: Ally pays cash bonuses. Cash bonuses are awarded within 10 business days after the 60-day qualification period.
- Terms and conditions: You have to wait 300 days before you can withdraw the bonus cash you earn. If you fail to meet the requirements or close the account early, you forfeit the bonus.
- Fees: Ally Invest accounts feature $0 commissions on stock, exchange-traded funds and listed options. Equity option trades are $0.50 per trade.
- Promotion page: Ally Invest bonus offer
Benefits of Banking With Ally
Even if there are no other 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 0.25% APY, substantially higher than the national average of 0.03% APY.
The rate difference is even higher on other products. An Ally Online Savings account earns 0.50% APY, compared to the national average of 0.06% APY. Ally’s money market account has an APY of 0.50%. The national average for a money market account is 0.06% APY. Over time, these Ally Bank interest rate differences can 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 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
- 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 also can download an application from the bank’s website, complete it and mail it to:
P.O. Box 951
Horsham, PA 19044
Are Ally Bonuses and Offers Right for You?
The current Ally promotion is a good option if you’re interested in a self-directed investment account and have a substantial amount of money to deposit. With Ally Invest, you get access to U.S exchange-listed stock, exchange-traded funds and option trades as well as digital tools to analyze and track stock performance. But you’ll have to deposit at least $2 million to earn the highest bonus and a minimum of $10,000 to earn the lowest. If you don’t have that kind of money to put into a new investment account, then you’re better off skipping this Ally offer.
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 bank that offers competitive rates and a variety of banking, borrowing and investing products, Ally is worth a second look.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on promotions is accurate as of April 22, 2021. Additional requirements may apply. Offers and terms are subject to change.
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.
This article has been updated with additional reporting since its original publication.