Ally Financial is likely best known for Ally Bank, a full-service bank that offers checking and savings accounts, mortgages, and loans but operates exclusively online, with no physical branches. Account holders benefit from these savings through competitive interest rates and other benefits.
Financial organizations, such as Ally, frequently offer discounts to entice new consumers. They are prepared to compensate you for your business, and you can earn hundreds of dollars when you create a new account – money that can come in handy during the pandemic’s economic downturn.
Ally is providing up to $3,000 in bonuses this month for creating accounts through its online brokerage business, Ally Invest.
Ally Invest Self-Directed Account: Up To $3,000 Bonus
New trading and investing customers who make qualifying deposits into an Ally Invest Self-Directed trading account are eligible for a cash bonus. Bonuses for this deal can reach $3,000, however the maximum amounts need a substantial deposit. Here’s a quick recap:
$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
$1,000,000-$1.99 MILLION: $2,000 bonus
$2 million or more: $3,000 bonus
These accounts include financial tools such as a mobile app created exclusively for trading and charts that display studied data regarding stock performance. Your bonus amount is determined on your minimum deposit and account balance. There are no Ally bank coupons required to qualify.
$100-$3,000 in cash
The qualifying deposit is $10,000.
Date of expiration: September 30, 2022
How to obtain it: Open an Ally Invest Self-Directed trading account and fund it with at least $10,000 in the first 60 days.
When you will receive it: Ally provides cash bonuses. Cash bonuses are distributed within 10 business days of the completion of the 60-day qualification period.
Terms and conditions: You must wait 300 days before you may withdraw your bonus cash. If you do not complete the requirements or close your account before the deadline, you will forfeit the bonus.
Fees: Ally Invest accounts provide zero commissions on stocks, ETFs, and listed options. Equity option trades cost $0.50 each.
Ally Invest bonus offer promotion page.
Benefits of Banking With Ally
Even if there are no further Ally Bank perks available at the present, banking with Ally provides other benefits. There are no maintenance fees or minimum balance requirements for checking and savings accounts. The Interest Checking account has an APY of up to 0.25%, which is much higher than the national average of 0.03%.
On other products, the rate differential is significantly greater. In comparison to the national average of 0.06% APY, an Ally Online Savings account earns 1.85% APY. The APY on Ally’s money market account is 1.85%. The national average for a money market account is 0.09% annual percentage yield (APY). These Ally Bank interest rate variances can build up over time.
How To Open an Ally Account
Because Ally Bank has no physical locations, you must open a new account online, via phone, or by mail. Here’s how to open an online account:
- Find the account type you wish to open and click the “Open Account” button.
- Please provide the following personal information:
- Complete legal name
- Tax identification number or Social Security number
- Residential street addresses in the United States
- The birthdate
- Send in your application. The bank will tell you of the account’s status through email.
- Create a new account. Money can be sent from a connected account, deposited via the mobile app, wire transferred, or mailed to the bank.
- Sign up for internet banking.
You can also open an account over the phone by calling 877-247-2559. You can also get an application from the bank’s website, fill it out, and mail it to:
Are Ally Bonuses and Offers Right for You?
If you want to open a self-directed investment account and have a large sum of money to deposit, the current Ally Invest promotion is a fantastic alternative. Ally Invest provides access to exchange-traded stocks, exchange-traded funds, and option trading in the United States, as well as digital tools for analyzing and tracking stock performance. However, you must deposit at least $2 million to receive the maximum bonus and at least $10,000 to receive the lowest. If you don’t have that much money to deposit into a new investment account, you should pass on this Ally offer.
Remember that bonuses should not be the primary deciding factor when selecting a new bank. They’re useful, but the money may not be worth it if the bank doesn’t provide the products and services you require to meet your financial objectives. However, Ally is worth a second look if you’re searching for a full-service financial institution with affordable rates and a wide range of banking, borrowing, and investing products.