Ally Bank: 1% Bonus (up to $250) on Deposits to New and Existing Accounts

Ally Bank: 1% Bonus (up to $250) on Deposits to New and Existing Accounts
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https://www.ally.com/go/bank/bonus

Minimum $1000 deposit.
Must make deposit by 3/31/20
Must stay in account until 6/30/20

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I wonder if this is indicative of either outflows, bad investments on their part, or seeing their stress formulae come under pressure.

Decent deal. Per doctorofcredit:

“…Best case scenario with this promotion you need the funds in the account for three months, making it an additional 4% APY. I think it’s better to assume you’ll have the funds in there for a total of 4 months (lets you fund a bit earlier and gives you time to withdraw funds etc), making it an additional 3%. Basically works out to be 4.5% APY during that period. With interest rates dropping across the board and a lot of uncertainty at the moment this going to be an attractive bonus…”

Looks like you can get the bonus with a no-penalty CD too, making for a total of up to 4.75% APY

CD APY:
1.70% w/ $5,000 minimum opening deposit
1.75% w/ $25,000 minimum opening deposit

2 Likes
  1. Deposit $25,000 to savings. Fine.
  2. Deposit $25,000 to checking. Does not count.
  3. Transfer $25,000 from checking to savings. Does not count.
  4. Withdraw $25,000 from savings.

Based on the rules, net deposit to savings for this bonus program is $0. Doesn’t make sense.

Available until 3/23 through this link:
https://www.ally.com/go/bank/cdbonus/

Nevermind. It’s the same. The one through email has expiration date of 3/20.