OREANDA-NEWS. December 21, 2015.  For the third consecutive year, Ally Bank, the direct banking subsidiary of Ally Financial Inc. (NYSE: ALLY), will offer an IRA bonus of up to \\$500 for a qualifying rollover or transfer of funds from outside Ally Bank to a new or existing Ally Bank IRA CD or IRA Online Savings account between January 1, 2016, and May 31, 2016.

The 2016 program features incremental deposit levels, with qualifying deposits of \\$25,000 to \\$49,999 receiving a bonus of \\$100, deposits of \\$50,000 - \\$199,999 receiving \\$250, and deposits of \\$200,000 or more receiving \\$500. To qualify for the bonus, the deposit can be in the form of rollovers, trustee-to-trustee transfers and individual contributions (up to annual contribution limits), and may be met with multiple deposits across Traditional, Roth, SEP IRA plans and IRA accounts.

The bonus, limited to one per new and existing customer, will be paid on or by July 31, 2016, to the IRA account that received the last deposit to meet the minimum requirement. Any withdrawal or distributions (including required minimum distributions) prior to May 31, 2016, will reduce the qualifying funds total. The account must be open with qualifying funds in the account at the time of the bonus payment.

"When it comes to retirement savings, we understand consumers are looking for secure, stable growth to protect their hard-earned nest eggs," said Diane Morais, chief executive officer and president of the Ally Bank subsidiary. "Previous bonus plans for our IRAs, which feature no monthly maintenance fees, interest compounded daily, FDIC insurance and some of the most competitive rates in the industry, have been popular with customers, and we are pleased to offer this program again in 2016." 

Ally Bank customers have a number of IRA products to choose from, including:

  • IRA High Yield CDs – Ally Bank's highest fixed-rate CDs for growing retirement savings
  • IRA Raise Your Rate CDs – Customers enjoy a great rate now, plus have the flexibility to increase their rate once with Ally Bank's 2 year CD or twice with a 4 year CD if Ally Bank's rate goes up for the IRA CD's term
  • IRA Online Savings Account – Earn a higher rate than traditional savings accounts

When an Ally Bank customer funds a CD within 10 days of the open date, they'll get the best rate Ally Bank offers for the term and balance tier if Ally Bank's rate goes up within that time. IRA CD renewals get the Ally Ten Day Best Rate Guarantee for the term and balance tier if Ally Bank's rate goes up during the grace period. The Ten Day Best Rate Guarantee does not apply to RYR CD rate increases.