If you’re looking for a new checking account with no monthly fees and interest on your deposits, Ally Bank is worth considering. And through Nov. 30, new customers can earn a $200 welcome bonus.
A free checking account that earns interest is a rare find. Ally’s Spending account offers 0.10% to 0.25% annual percentage yield, depending on your balance.
Ally regularly lands on CNET’s best lists for its competitive rates on savings accounts and certificates of deposit. But it’s also a good full service bank if you’re comfortable banking online. And while sign-up bonuses usually require multiple steps, we like that Ally’s $200 bonus for a new Spending account is easy for many to reach.
If you’re looking to open a savings account along with a checking account, compare different APYs and account benefits before moving your money. The table below shows you some of CNET’s partners’ savings offers.
Here’s what to know about Ally’s new account bonus and banking features to help you decide if this account is a good fit for your banking needs.
Ally’s new Spending account bonus overview
You won’t jump through many hoops to snag this bonus, but there is one caveat: The bonus only applies to new customers, so if you have an existing Ally account, or have in the past 12 months, you don’t qualify.
If you’re new to Ally and looking for an online checking account, you can grab this bonus when signing up online, using the offer code GET200 by Nov. 30. Once your account is open, you’ll need to deposit money within 30 days, and set up at least one direct deposit of $1,500 or more in the first 90 days. If you meet these requirements, you can expect to see the bonus hit your account within 30 days of completing your qualifying direct deposits.
Why we like Ally
Ally, a CNET favorite, is an online bank offering several high-yield deposit accounts (like savings and money market accounts), credit cards and several types of loans. Ally is an attractive banking option because it doesn’t charge monthly or overdraft fees and has no minimum deposit requirements. You also don’t have to maintain a minimum balance to avoid maintenance fees. Its savings, CD and money market accounts offer competitive annual percentage yields -- but you can find better rates at other online banks.
Online banking at Ally is simple, with a number of digital tools that make managing your affairs seamless, including savings buckets and boosters, such as roundups, that use digital strategies to automate savings. Since Ally is an online-only bank, you’ll need to be comfortable managing your account digitally. Ally offers access to your cash from an extensive network of 43,000 surcharge-free ATMs. However, cash deposits aren’t accepted. If you’re regularly paid in cash, it can be challenging to deposit your paychecks into an Ally account.
You also have access to Ally customer support 24/7. Call-in wait times are available on the website, but you can bypass the wait times by contacting support via live chat.
What to know about bank bonuses
A new account bonus shouldn’t be your primary reason for opening a new account. Instead, focus on reviewing what you need from a bank, like physical branch access, no-fee accounts or ATM deposits. If you’ve narrowed down your top bank choices and a bonus incentive makes sense, consider it the cherry on top. Before going after a bank account bonus, keep the following in mind:
- Read the fine print. Failure to meet the eligibility or offer requirements can make you ineligible for the account bonus. Understand if you’re eligible for the bonus, what activities are required to receive it, applicable deadlines and how long you’ll need to wait to receive the bonus.
- Remember bank bonuses are taxable income. You’ll receive a 1099-INT form from your bank. You’ll need to report any bank account bonuses earned to the IRS.
- Note all fees. Determine whether the account has monthly maintenance fees, minimum balance requirements, or if you have to fulfill additional requirements to keep the account open. The benefits associated with an account bonus are diminished if the account charges hefty fees that you can’t avoid.
- Read the account closure policy. Account churning -- opening an account and closing it soon after to receive a new account benefit -- can cost you. Make sure you note any early account closure fees and avoid closing the account within that window.
The bottom line
The Ally Spending new account bonus is a simple way to add to your bottom line. For new customers, this bonus is easy to earn and you’ll receive the bonus within 30 days of completing the requirements. Using Ally’s Spending account as a main checking or secondary account allows you to earn interest, leverage a helpful set of digital tools, access your money through an extensive surcharge-free ATM network and avoid pesky fees that drain your account.
If you’re looking for a new checking account, Ally’s new Spending account $200 bonus is worth a closer look.
