{"id":19442,"date":"2025-01-09T15:38:23","date_gmt":"2025-01-09T15:38:23","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/finance\/ally-bank-referral-bonus-step-by-step-guide\/"},"modified":"2025-01-09T15:38:23","modified_gmt":"2025-01-09T15:38:23","slug":"ally-bank-referral-bonus-step-by-step-guide","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=19442","title":{"rendered":"Ally Bank Referral Bonus – Step By Step Guide"},"content":{"rendered":"


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Of all the banks out there, Ally is, without a doubt, my favorite. It\u2019s been my primary checking account for well over a decade and the main place I put my short-term and medium-term savings<\/a>, meeting all the requirements I need for a good bank account. Over the years, whenever anyone has asked me what bank to use, I always say Ally.<\/p>\n

If Ally had any downsides, it\u2019s that they never (or at least very rarely) gave signup bonuses to new customers. Recently though, I\u2019ve noticed that they are offering new customers a signup bonus if they open a new account using an Ally Bank referral link<\/a>.<\/p>\n

So, in this post, I wanted to share the process of how to earn your Ally Bank referral bonus, as well as briefly explain why Ally is the main bank I use and recommend.<\/p>\n

Ally Bank Referral Bonus \u2013 Step-By-Step Guide<\/h2>\n

At the moment, Ally is offering $100 to customers who open an eligible Ally account and meet the requirements<\/strong>. Here are the step-by-step directions to earn your Ally Bank referral bonus.\u00a0<\/p>\n

1. Open An Eligible Ally Account.<\/h3>\n

Your first step is to open an eligible Ally account through a referral link<\/a>. Ally has three accounts that are eligible for the bonus (1) an Ally savings account, (2) an Ally checking account, or (3) an Ally Invest account.<\/p>\n

When you click on an Ally referral link<\/a>, you\u2019ll see the three choices. You can only earn the bonus with one account, so you should pick the account that is easiest for you to meet the requirements (as Ally says, \u201cYou\u2019re only eligible for one welcome bonus, so choose wisely\u201d).<\/p>\n

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Of the three Ally accounts, the Ally savings account will probably be the easiest for most people to meet the requirements. The main reason is that the Ally savings account only requires you to make 3 monthly automated transfers into your Ally Savings account.<\/p>\n

The Ally checking account, on the other hand, requires you to complete a qualifying direct deposit into your checking account. This could be more difficult because Ally requires a payroll direct deposit to qualify, which can be difficult to do if you don\u2019t have an easy way to change your direct deposit at work. I\u2019ll discuss this more in the next section.<\/p>\n

For most people, I\u2019d recommend opening an Ally savings account to qualify for the bonus since it will be easy to automate 3 monthly transfers into your savings account. If you have an easy way to switch your direct deposit at work, then going with the Ally checking account would be better.<\/p>\n

You could also open an Ally Invest account, which only requires transferring $1,000 into the account. It doesn\u2019t look like you have to leave the money in the account, so this actually might be the easiest way to meet the bonus requirements. One thing to know is that I don\u2019t use Ally Invest and don\u2019t recommend the account, so of the three eligible accounts, I only personally recommend and use the Ally checking and savings accounts.<\/p>\n

2. Meet The Requirements For The Account You Choose.<\/h3>\n

After you pick which Ally account you want, you\u2019ll then need to meet the requirements for the account to qualify for your bonus. We\u2019ll look at the requirements for each one:<\/p>\n

Ally Checking Account<\/h4>\n

If you open the Ally checking account, you\u2019ll need to do the following:<\/p>\n

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  1. Open a new, eligible Ally Bank Spending Account within 30 days of enrollment and fund within 30 days of opening your new account.<\/li>\n
  2. Set up and receive a qualifying direct deposit within 60 days of account opening.<\/li>\n<\/ol>\n

    The big challenge with the checking account is meeting the qualifying direct deposit requirement. Ally states that a qualifying direct deposit needs to be an electronic deposit from an employer payroll, payroll provider service, or benefits payer (such as Social Security or Military Pay) and must be clearly identifiable by Ally as such. While there may be ways around this requirement, it looks like, for the most part, you\u2019ll need to do a real payroll deposit to meet the direct deposit requirement.\u00a0<\/p>\n

    If you have an easy way to meet the direct deposit requirement, then I\u2019d recommend getting your bonus via the checking account since that will probably be the fastest and easiest way for you to earn your bonus.<\/p>\n

    Ally Savings Account<\/h4>\n

    Another option is to open an Ally savings account to earn the bonus. To meet the requirements for the savings account, you\u2019ll need to do the following:<\/p>\n

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    1. Open a new Ally savings account.<\/li>\n
    2. Once your Savings Account is open, set up (within your new account) a monthly automated recurring transfer of any amount and have it start within 30 days of account opening.<\/li>\n
    3. Complete an automated recurring transfer at least once a month for at least three months in a row.<\/li>\n<\/ol>\n

      Essentially, once you open your Ally savings account, you\u2019ll need to set up a monthly automated transfer into the account for three months in a row. The automated transfer can be for any amount, so you could set up a transfer of $1 per month and earn the bonus that way if you wanted.\u00a0<\/p>\n

      For most people, this might be the easiest option. The downside is that it\u2019ll take at least 3 months to qualify for the bonus since you need three monthly automated transfers.<\/p>\n

      Ally Invest Account<\/h4>\n

      The final option is to open an Ally Invest account. The Ally Invest account is not an account I use or recommend, but for bonus purposes, it could make sense to open this account just for the bonus.<\/p>\n

      To earn the bonus with an Ally Invest account, you\u2019ll need to do the following:<\/p>\n

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      1. Open an Ally Invest account.<\/li>\n
      2. Transfer a minimum of $1,000 within 60 days of opening your Ally Invest account.<\/li>\n
      3. Note: you can make multiple transfers to reach the minimum requirement of $1,000. Market activity that causes your portfolio value to rise above $1,000 will not qualify; also note that instances of market volatility causing your portfolio to drop below $1,000 will not disqualify you (but withdrawals that lower your aggregate deposit amount below $1,000 will).<\/li>\n<\/ol>\n

        If you have $1,000 that you can deposit into this account, that would be an easy way to earn the bonus. Ally also makes clear that you don\u2019t need to transfer $1,000 in one lump sum, but can instead do multiple transfers so that the aggregate amount transferred into the account is $1,000 or more. However, if you withdraw money from your Ally Invest account, that will count against your transfer total, so be aware of that.<\/p>\n

        It\u2019s also important to note that while Ally Invest is an investment account, the money you deposit into the account doesn\u2019t have to be invested. So, you can deposit money into the account to qualify for the bonus, but leave it as cash in the account so you don\u2019t have to worry about the value of your deposit going down due to market fluctuations.<\/p>\n

        3. Your Bonus Will Post Within 30 Days of Meeting The Requirements.<\/h3>\n

        Whichever account you choose, your bonus will post in your account within 30 days of meeting the requirements. That means you\u2019ll earn your bonus fastest with the Ally checking or Ally Invest accounts since those require just a single qualifying deposit.<\/p>\n

        The savings account will take longer since you have to do 3 monthly automated transfers into the savings account.<\/p>\n

        Which Account Should You Choose For Your Ally Referral Bonus?<\/h2>\n

        For most people, the Ally Savings account will make the most sense. All you have to do is open a savings account using a referral link<\/a>, then automate a transfer of $1 each month for 3 months. This will be pretty hands-off once you set up your transfers. The main downside is you\u2019ll have to wait three months to earn your bonus.<\/p>\n

        If you have an easy way to meet the direct deposit requirement, then the Ally checking account may make the most sense. You\u2019ll just need a way to change your payroll direct deposit at work, which many people can\u2019t do easily.<\/p>\n

        Why Ally Is My Favorite Bank<\/h2>\n

        Ally has been my primary bank for at least the last decade. The main reasons I like Ally is because: (1) it has no fees or minimum balance requirements, (2) it has a good app, and (3) the savings account offers competitive interest rates.<\/p>\n

        My requirement for any bank is that it must have no fees or minimum balance requirements. In my time as an Ally customer, Ally has never charged a fee or required a minimum balance. The checking account is also useful because it offers $10 of ATM fee reimbursements per month. It used to offer unlimited ATM fee reimbursements, but they changed that a few years ago. That being said, I don\u2019t usually get money out of ATMs, so $10 per month of ATM fee reimbursements is plenty for me.\u00a0<\/p>\n

        The savings account is also great because it offers a competitive interest rate. Ally typically has one of the highest interest rates of the major banks, so you can feel better about parking money there. They also make it easy to open multiple savings accounts, which can be helpful if you like to organize your savings accounts into different categories<\/a> (I like to create multiple savings accounts earmarked for different things).<\/p>\n

        In short, even without the bonus offer, I\u2019d still recommend the Ally checking and savings accounts because of how good they are. The fact that they are offering a bonus makes this even better.<\/p>\n

        Final Thoughts<\/h2>\n

        Ally doesn\u2019t typically offer a signup bonus for new customers, so it\u2019s worth jumping on this offer if you\u2019ve never had an Ally bank account. As I write this, this signup bonus is valid until December 31, 2024.<\/p>\n

        Remember, you can only earn the bonus on one of the eligible accounts, so pick the account that\u2019s easiest for you to meet the requirements. For most people, I think the savings account will make the most sense, but if you have an easy way to change your payroll direct deposit, then I\u2019d go with the checking account.<\/p>\n

        Either way, this is a bonus worth grabbing if you can. Just remember that you must use a referral link to be eligible for the bonus. If you want to support this blog, you can use my Ally Bank referral link<\/a>.<\/p>\n

        For more information about bank account bonuses and how they work, be sure to read my post:\u00a0The Ultimate Guide to Bank Account Bonuses<\/a>.<\/p>\n

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        This post may contain affiliate links. Financial Panther has partnered with AwardWallet and CardRatings for our coverage of credit card products. Financial Panther, AwardWallet, and CardRatings may receive a commission from card issuers. Some or all of the card offers that appear on the website are from advertisers. Compensation may impact on how and where card products appear on the site. The site does not include all card companies, or all available card offers. Opinions, reviews, analyses & recommendations are the author\u2019s alone, and have not been reviewed, endorsed or approved by any of these entities.<\/em><\/p>\n

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