Ally Invest is now offering a $200 bonus. Just transfer in $1,000 and keep it there for 90 days to qualify, which is very easy. Note that if the funding comes from an Ally bank account, the bonus is only $100, so be sure to transfer funds from another bank. Just choose the Self-Directed Invest account.
Ally Spending now has a $300 account opening bonus! This account works very well as a hub account for moving money around, and the interest rate is also decent. To earn the bonus, you need to receive an initial $1,000 DD within 60 days, and then have $1,000 in direct deposits for two consecutive months. After completing the requirements, the bonus will be paid within 30 days. The offer expires on November 18. If you want both the checking $300 bonus and the Saving $100 bonus, you need to open Saving first, then checking.
This is an excellent bonus, and we’ve also added it to our ranking:
If you’re interested in saving, you can also first use a referral link to open one and get a $100 bonus, then open the $300 Spending Account above. With the link below, both Spending and Saving are eligible for a $100 bonus, but you can only choose one. The Spending bonus here is easier: it only requires any one DD.
Contents [Hide]
About Ally Bank
Ally Bank is an online-only bank with no physical branches. It offers checking accounts, savings accounts, money market accounts, CDs, credit cards, mortgages, auto loans, and investment products. As of June 20, 2022, Ally had $176 billion in assets, ranking No. 22 among U.S. banks. If you already have another checking account with a physical bank, opening this one as an online complement is not a bad idea, especially since it sometimes comes with account opening bonuses.
Ally used to be grouped with Fidelity and Schwab as the “three mythical beasts” (probably because all three could more easily trigger fake Direct Deposit). It was once extremely popular in the MS community. Although it has cooled off in recent years, it still has many advantages. Ally’s current rate is 3.5%, which is still relatively high among major banks.
This bank is also FDIC insured, so your deposits have protection.
Account Summary
From DoC
- Bonus: See above
- Availability: Nationwide
- Direct deposit required: $1,000
- Additional requirements: None
- Hard/soft pull: Mixed DP
- ChexSystems: Yes
- Credit card funding: Unknown
- Monthly fee: None
- Early account closure fee: None
- Same-address limit: None
How to Open the Account and Earn the Bonus
Welcome bonus
See the beginning of this article.
About Direct Deposit
This usually means an official transfer from payroll, Social Security, government benefits, or another employer-initiated payment. Sometimes transfers from bank or investment accounts may also count. Based on reader data points, the following methods may also trigger DD:
For the Savings Account, to earn the $100 bonus, you need to:
- Open a savings account and set up one monthly automatic transfer (any amount) within 30 days of account opening
- Successfully complete one automatic transfer each month for three consecutive months
- The bonus will be paid within 30 days after the third transfer is completed
- The account must also remain open, active, and in good standing
Ally comes with built-in “Buckets” and “Recurring Transfers” features, making it very easy to set up automatic transfers.
Application Walkthrough
1. Visit the application link and enter your basic information
Start the application
2.Phone number is optional; it is not required.
3. Don’t have an Ally account? Choose “Don’t have an Ally Login.” Account type selection: this example uses Spending (checking account)
Worth noting: Ally checkbooks can be reordered for free with no limit, and overdrafts do not incur fees.
You can also choose to open a savings account or another type of account at the same time (this guide demonstrates only the checking account).
4. You can choose whether to open a savings account or another type of account at the same time (this guide demonstrates only the checking account).
5. Read the agreement and check the box to agree (this is required to continue). Proceed at your own risk.
6. Enter your personal information
7. Enter your tax status and choose based on your actual situation
8. Confirm your information
9. Submit your application
10. Approval is usually completed within a few minutes. Wait for the physical card to arrive, then activate it and start using it.
Key Benefits
1.No monthly fees: No monthly fees across Checking and Savings, and no minimum balance requirement.
2.Transfers used to be very fast: ACH transfers often posted within 1 business day (though that can no longer be fully guaranteed).
3.Very high ACH transfer limits: Daily limit of $150,000 and up to $600,000 within 30 days, beating many banks.
4.High Zelle transfer limits too: But not recommended!️ Real example: in 2022, the author initiated a $10,000 Zelle transfer. $3,000 arrived on the first day, and the rest took nearly a week, which was a terrible experience.
5. At the end of each month, Ally reimburses ATM withdrawal fees charged by other banks.
6. It used to be an MS powerhouse and was known for being quite tolerant. However, there are some online DPs of account closures due to frequent money order deposits, so caution is advised.
7. Both the website and app are smooth and easy to use.
8. 24/7 online and phone customer service, with relatively efficient issue resolution.
9. No overdraft fee, which is helpful for people who occasionally run short on balance. Those are basically all the key advantages that come to mind.
Application Links
Ally Bank currently has some solid account opening bonuses: open Spending for a $300 bonus, or Saving for a $100 bonus.