Ally Bank Referral Bonus - Step By Step Guide

Of all the banks out there, Ally is, without a doubt, my favorite. It’s been my primary checking account for well over a decade and the main place I put my short-term and medium-term savings, 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.

If Ally had any downsides, it’s that they never (or at least very rarely) gave signup bonuses to new customers. Recently though, I’ve noticed that they are offering new customers a signup bonus if they open a new account using an Ally Bank referral link.

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.

Ally Bank Referral Bonus – Step-By-Step Guide

At the moment, Ally is offering $100 to customers who open an eligible Ally account and meet the requirements. Here are the step-by-step directions to earn your Ally Bank referral bonus.

1. Open An Eligible Ally Account.

Your first step is to open an eligible Ally account through a referral link. 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.

When you click on an Ally referral link, you’ll 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, “You’re only eligible for one welcome bonus, so choose wisely”).

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.

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’t have an easy way to change your direct deposit at work. I’ll discuss this more in the next section.

For most people, I’d 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.

You could also open an Ally Invest account, which only requires transferring $1,000 into the account. It doesn’t 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’t use Ally Invest and don’t recommend the account, so of the three eligible accounts, I only personally recommend and use the Ally checking and savings accounts.

2. Meet The Requirements For The Account You Choose.

After you pick which Ally account you want, you’ll then need to meet the requirements for the account to qualify for your bonus. We’ll look at the requirements for each one:

Ally Checking Account

If you open the Ally checking account, you’ll need to do the following:

Open a new, eligible Ally Bank Spending Account within 30 days of enrollment and fund within 30 days of opening your new account.
Set up and receive a qualifying direct deposit within 60 days of account opening.

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’ll need to do a real payroll deposit to meet the direct deposit requirement.

If you have an easy way to meet the direct deposit requirement, then I’d recommend getting your bonus via the checking account since that will probably be the fastest and easiest way for you to earn your bonus.

Ally Savings Account

Another option is to open an Ally savings account to earn the bonus. To meet the requirements for the savings account, you’ll need to do the following:

Open a new Ally savings account.
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.
Complete an automated recurring transfer at least once a month for at least three months in a row.

Essentially, once you open your Ally savings account, you’ll 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.

For most people, this might be the easiest option. The downside is that it’ll take at least 3 months to qualify for the bonus since you need three monthly automated transfers.

Ally Invest Account

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.

To earn the bonus with an Ally Invest account, you’ll need to do the following:

Open an Ally Invest account.
Transfer a minimum of $1,000 within 60 days of opening your Ally Invest account.
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).

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’t 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.

It’s also important to note that while Ally Invest is an investment account, the money you deposit into the account doesn’t 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’t have to worry about the value of your deposit going down due to market fluctuations.

3. Your Bonus Will Post Within 30 Days of Meeting The Requirements.

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

The savings account will take longer since you have to do 3 monthly automated transfers into the savings account.

Which Account Should You Choose For Your Ally Referral Bonus?

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, 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’ll have to wait three months to earn your bonus.

If you have an easy way to meet the direct deposit requirement, then the Ally checking account may make the most sense. You’ll just need a way to change your payroll direct deposit at work, which many people can’t do easily.

Why Ally Is My Favorite Bank

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.

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’t usually get money out of ATMs, so $10 per month of ATM fee reimbursements is plenty for me.

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 (I like to create multiple savings accounts earmarked for different things).

In short, even without the bonus offer, I’d 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.

Final Thoughts

Ally doesn’t typically offer a signup bonus for new customers, so it’s worth jumping on this offer if you’ve never had an Ally bank account. As I write this, this signup bonus is valid until December 31, 2024.

Remember, you can only earn the bonus on one of the eligible accounts, so pick the account that’s 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’d go with the checking account.

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.

For more information about bank account bonuses and how they work, be sure to read my post: The Ultimate Guide to Bank Account Bonuses.

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’s alone, and have not been reviewed, endorsed or approved by any of these entities.

More Recommended Ebike/Scooters

Check out these other ebikes and scooters I've reviewed:

Urban Arrow Ebike – Last year, I made one of the largest purchases I’ve ever made – I bought a $9,000 electric cargo bike from Urban Arrow. In my Urban Arrow review, I will discuss what it is and why I decided to buy this bike, as well as discuss how impactful a bike like this can be on your journey to financial independence.
Troxus Explorer Step-Thru Ebike – The Troxus Explorer Step-Thru is a fat-tire ebike that I’ve had the pleasure of riding for a while now. It has amazing power, great looks, and awesome range. If you’re looking for a great fat-tire ebike that offers a lot for the price, the Troxus Explorer Step-Thru is definitely one for you to consider. Check out my Troxus Explorer Step-Thru Review.
Hovsco HovBeta Ebike – The HovBeta is a folding ebike with great specs and a lot of interesting features, and importantly, it’s sold at a good price point. I’ve had a blast commuting with it and using it to do deliveries with DoorDash, Uber Eats, and Grubhub. Check out my Hovsco HovBeta Ebike Review.
Vanpowers Manidae Ebike – The Vanpowers Manidae is a fat tire ebike that I’ve been riding as my primary winter commuting bike and have also been using it to do food delivery with apps like DoorDash, Uber Eats, and Grubhub. After clocking in a decent number of miles with this ebike, I wanted to write a post sharing what my experience with the Vanpowers Manidae ebike has been like. Check out my Vanpowers Manidae Review.
Sohamo S3 Step-Thru Folding EBike Review – A Great Value Folding Ebike – The Sohamo S3 Step-Thru Folding Ebike is an entry-level folding ebike that offers a lot of value for the price point. I’ve been riding the Sohamo S3 for a while now, putting the bike through its paces, and I have to say, this bike has exceeded all of my expectations. Check out my Sohamo Review.
KBO Flip Ebike – The KBO Flip is an excellent bike. I’ve had a great time riding it and think it’s a versatile bike that can be used for a lot of purposes and can fit a variety of lifestyles. It’s worked out great for me as a general commuter bike and as a food delivery bike. Check out my KBO Flip Review.
Hiboy P7 Commuter Ebike – The Hiboy P7 is an excellent electric commuter bike that’s offered at an affordable price point. The range and speed of this bike are both very good, so you won’t have any trouble getting anywhere you need to go with it. As a food delivery vehicle, this is also good – with how much range it offers, you’ll be able to work all day on a single charge. Check out my Hiboy P7 Commuter Electric Bike Review.
Himiway Escape Ebike – The Himiway Escape is an interesting bike for anyone looking for a moped-style ebike. If you’re a gig economy worker, the Himiway Escape is particularly interesting and it’s possible to think of it as an investment, especially if you can opt to do deliveries with the Himiway versus using a car. It’s not cheap, but you can definitely make your money back when you compare the mileage you’ll put on your car versus using an ebike. Check out my Himiway Escape Bike Review.
Espin Sport Ebike – The Espin Sport is a good ebike for someone who is looking for an ebike that feels and rides more like a regular bike. There are many ebikes that are really only bikes in name. In reality, they’re basically electric mopeds. The Espin Sport, by contrast, is a bike you could probably ride without the battery and you’d feel like you’re just riding a regular bike. Check out my Espin Sport Review.
Varla Eagle One Scooter – The Varla Eagle One is an excellent scooter that can make sense for a lot of people. It can work as a primary mode of transportation. You can use it to work on gig economy apps like DoorDash, Uber Eats, and Grubhub. And it can also be a recreational vehicle if you’d prefer to use it for that. Check out my Varla Eagle One Review.
Varla Falcon Scooter – The Varla Falcon is an excellent scooter that offers a good amount of power at a lower price point compared to more powerful scooters. It’s not exactly an entry-level scooter, nor is it a high-powered scooter. I think it fits somewhere in-between those two categories – an intermediate scooter if I had to give it a category. Check out my Varla Falcon Review.
Hiboy S2 Scooter – The Hiboy S2 is an excellent entry-level commuter scooter that's perfect for someone looking to save some money in transportation costs and improve their commute. Check out my Hiboy S2 Review.
Hiboy S2R Scooter – The Hiboy S2R is one of the more interesting electric scooters I’ve been able to test out. It’s not a high-powered scooter, but for an everyday transport option, it’s very useful, especially given some of the unique features that it has. Indeed, for the price, the Hiboy S2R might be the best value scooter I’ve used. Check out my Hiboy S2R Review.
Fucare H3 Scooter – The Fucare H3 is a fun scooter and I’ve enjoyed testing it out. For a daily commuter or quick trips or errands, the Fucare H3 is probably the scooter I’ll use. It’s portable and easy to maneuver, so it’s just easier to take on the road when I need it. Check out my Fucare H3 Scooter Review.

More Recommended Investing App Bonuses

For additional investing app bonuses, be sure to check out the ones below:

M1 Finance ($100) – This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account. Check out my M1 Finance Referral Bonus – Step-By-Step Guide.
SoFi Invest ($25) – SoFi Invest is an easy brokerage account bonus that you can earn with just a few minutes of work. Use my SoFi Invest referral link, fund your SoFi Invest brokerage account with just $10 and you’ll get $25 of free stock. I also have a step-by-step guide for the SoFi Invest referral bonus.
Webull (20 free stock shares) – Webull's current promotion gives you 20 free shares valued between $3-$3,000 each if you open an account using my referral link. Here’s a guide I wrote about how to earn your free shares using Webull.
Moomoo (15 free stocks) – Moomoo is a free investing app currently offering 2 different referral bonuses if you open an account using a referral link. Read my Moomoo referral bonus guide for more information.
Robinhood (1 free stock) – Robinhood gives you a free stock valued between $2.50-$225 if you open an account using my referral link.
Public (1 free stock) - Public gives you a free stock valued between $3-$70 if you open an account using my referral link.

More Recommended Bank Account Bonuses

If you’re looking for more easy bank bonuses, check out the below options. These bonuses are all easy to earn and have no fees or minimum balance requirements to worry about.

Upgrade ($200) – Upgrade is a free checking account that’s currently offering a $200 referral bonus if you open an account and complete a direct deposit. These bonus terms are easy to meet, so it’s well worth doing this bonus as soon as you can. Here’s a post I wrote with more details: Upgrade $200 Referral Bonus – Step By Step Directions.
Ally Bank ($100) – Of all the banks out there, Ally is, without a doubt, my favorite. At the moment, Ally is offering $100 to customers who open an eligible Ally account and meet the requirements. Here are the step-by-step directions to earn your Ally Bank referral bonus.
Fairwinds Credit Union ($175) – Fairwinds Credit Union is offering a referral bonus for users that sign up using a referral link. Fairwinds has no fees or minimum balance, so this is a particularly easy bonus to earn. Since this is a smaller credit union, my gut instinct tells me this offer won’t be around long, so if you’re in a position to meet the bonus requirements, grab this bonus before it’s gone. Here is my step-by-step guide on how to earn your Fairwinds Credit Union bonus.
Chime ($100) - Chime is a free bank account that offers a referral bonus if you use a referral link and complete a direct deposit of $200 or more. In practice, any ACH transfer into this account triggers the bonus. This bonus is easy to earn and posts instantly, so you’ll know if you met the requirements as soon as you move money into the account. I wrote a step-by-step guide on how to earn your Chime referral bonus that I recommend you check out.
US Bank Business ($900) – This is a fairly easy bank bonus to earn, since there are no direct deposit requirements. In addition, you can open the Silver Business Checking account, which comes with no monthly fees. Check out how to earn this big bonus here.
GO2Bank ($50) - GO2Bank is an easy bank bonus that I recommend people take advantage of if they have an easy way of meeting the direct deposit requirement. I like that it’s easy to open the account and that the bonus pays out quickly. Check out my step-by-step guide on how to earn your GO2Bank $50 referral bonus.
Current ($50) – Current is a free fintech bank that’s offering new users a $50 referral bonus after signing up for an account using a referral link. Current is an easy bonus to earn and also gives you access to three savings accounts that pay you 4% interest on up to $2,000. That means you can put away up to $6,000 earning 4% interest. That’s very good and makes Current an account I recommend to everyone. Check out my step-by-step guide on how to earn your Current Bank bonus.
Novo Bank ($40) - Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. In addition to being a good bank bonus, Novo is also a good business checking account. It has no monthly fees or minimum balance requirements and operates a good app and website. Indeed, it’s the business checking account I currently use for this blog. Check out my post on how to easily open a Novo account.
Varo ($25) – Varo is a free fintech banking app similar to Chime or Current. It’s currently offering a $25 bonus to new users that open a new Varo account with a referral link. The bonus for this bank is very easy to meet, all you need to do is spend $20 within 30 days of opening your Varo account. Check out my step-by-step guide to learn how to earn this bonus.

Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.

Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.

Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:

SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link, and an additional $300 if you complete a direct deposit.
5% Savings Accounts. I'm currently getting 5.24% interest on my savings through a company called Raisin. Opening a Raisin account takes minutes to complete, it's free, and all of your funds are FDIC-insured. I explain how it works, why I'm now using it to store my emergency fund and any other cash savings I have, and why I recommend everyone check it out in this review.
US Bank Business. US Bank is currently offering new business customers a $900 signup bonus after opening a new account and meeting certain requirements.
M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account.
Empower. One of best free apps you can use to monitor your portfolio and track your net worth. This is one of the apps I use to track my financial accounts.

Feel free to send Kevin a message here.