Today Is the Last Day to Enroll for up to $500 with Ally Bank’s Savings Bonus

Ally Bank logo photo to accompany a story about Ally's new bonus offer Getty Images
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Note: Previously the deadline to enroll for this bonus offer was Oct. 21, with a funding deadline of Oct. 31. Ally updated the offer, extending the enrollment deadline to Oct. 26 and allowing funding through Nov. 4. The dates below are accurate as of publish.

Today is the last day to enroll in Ally’s new bonus for a 1% boost on new savings.

Ally Bank‘s most recent bonus offer could be worth up to $500 for some new and existing customers.

When you enroll, you can get a 1% bonus on any money you deposit now through Nov. 4 into an eligible high-yield savings account, CD, or money market account with Ally. If you have more than one account with Ally, you’ll be credited for eligible deposits across those accounts combined, up to the $500 limit.

Here’s more about who the offer could be most interesting for, along with the benefits of banking with Ally. 

How to Get Up to a $500 Bonus with Ally Bank

To get started, you’ll need to enroll in the new offer before the end-of-month deposit deadline — the last day to enroll is today, Oct. 26, 2022.

If you’re an existing Ally customer, check your email for a link and more information about enrolling. If you’re new to Ally, you can enroll by using the code GETPAID when you open your account. When you enroll, make sure you use the email address associated with your Ally bank account.

After enrolling, earn the bonus by depositing at least $1,000 in “new” money into your eligible Ally account. New money requires transferring funds from a different financial institution; money moved from one Ally account to another won’t qualify. You’ll get a 1% bonus on every dollar you deposit, for a minimum $10 ($1,000 minimum deposit) and up to $500 ($50,000 in new deposits). 

You can spread the money across different Ally accounts if you’d like, but eligible accounts include only Ally’s high-yield online savings account, money market account, or a CD account.

Finally, you’ll need to make sure the money stays in your account at least through Jan. 15, 2023. Once you qualify after that date, Ally says you can expect your bonus money to be deposited into your account by Feb. 15, 2023.

Important dates to remember

  • Oct. 26: Deadline to enroll via Ally Bank’s website
  • Nov. 4: Deadline for eligible funds to be deposited into your Ally account
  • Jan. 15: Funds must remain in your account until this date to qualify for the bonus
  • Feb. 15: Receive bonus cash

How to Decide if Ally’s Offer Makes Sense for You

While most people don’t have an extra $50,000 lying around to cash in the $500 maximum bonus, you can still benefit with a smaller sum.

For example, maybe you already have an emergency fund you’ve been keeping in a standard savings account earning little to no interest. Between this cash bonus offer and Ally’s ongoing high-yield on balances (currently 2.35% APY), now could be the time to switch to an online bank

Pro Tip

Contributing to your balance regularly using automated transfers is another great way to increase your savings over time. Even just a few dollars each month can add up quickly.

Or even if you already have money in another high-yield savings account, consider opening an additional account with Ally and transferring your money to earn the bonus. It may take a bit of extra work on your part, but you can determine whether the amount you would earn is worth it depending on how much you have saved. 

For example, transferring $1,000 would net you just $10 in bonus money. On the other hand, if you already have a fully stocked emergency fund with $15,000, you could earn a $150 bonus just for moving it to Ally. 

While it’s not for everyone, this could be a great offer for someone who’s looking to capitalize on money they already have saved elsewhere. 

Ally offers one of our favorite high-yield savings accounts and has a competitive 2.35% APY, no fees, and no minimum balance requirements. If you’re already considering opening a high-yield account and like Ally’s features and benefits, this bonus offer only sweetens the deal.