Stack Rewards on a No-Fee Checking Account: MyPoints & Ally Bank

Looking for a new checking account that actually pays you to open it? If you're comfortable with online banking, this pairing of a popular rewards portal and a well-known digital bank is worth a close look. It's not just about the sign-up bonus—though that's nice—it's about getting a functional, fee-free account while stacking on some extra points for your effort. Let's break down how it works and what you need to know to get your points.

Why This Combo Makes Sense

On its own, Ally's Spending Account is a perfectly good online checking option. It has no monthly fees, no overdraft fees, and even pays a bit of interest. The early direct deposit feature is a nice perk for many. So, if you're already in the market for an account like this, getting a bonus on top is a clear win.

The 22,000 MyPoints points are the cherry on top. While their cash value can vary, they're typically worth around $110-$150 when redeemed for gift cards, depending on the retailer. You're essentially getting paid to use a service you might need anyway.

The Nitty-Gritty on Earning Your Points

This isn't an instant bonus. There's a process, and you need to follow the rules precisely for the points to show up.

First, you must start at MyPoints and use their specific link to open the account. Just going directly to Ally's website won't trigger the bonus. Once approved, you have a 60-day window to get a 'qualifying direct deposit' into the new account.

• What counts as a direct deposit? It needs to be an electronic transfer from an employer (your paycheck), the government (like Social Security), or a pension provider. Transfers from other banks or peer-to-peer payments (like Zelle) do NOT qualify.
• The points won't show as 'pending' in your MyPoints account. They'll be added manually after Ally confirms everything is in order, which can take up to 45 days after your direct deposit lands.
• This offer is exclusive. You can't combine it with any other Ally promotion or sign-up bonus.

Practical Advice and Pitfalls to Avoid

Here's my advice to make sure this goes smoothly and is worth your while.

• Read the fine print first. Seriously. The terms clearly state who is eligible (new customers only) and what counts as a direct deposit. Assuming your Venmo transfer will work is a sure way to miss out.
• Plan your direct deposit. Don't open the account and forget about it. Make sure you can switch a qualifying deposit within the 60-day window. This is the most common reason people fail to get these types of bonuses.
• Consider the account itself. Is Ally a good fit for you? If you frequently need to deposit cash, an online-only bank might be challenging. But if you're fine with digital banking, it's a strong product.
• Document everything. Take screenshots when you click the offer link and complete the application. Note the date you set up your direct deposit. If there's a delay with the points, this info is invaluable for customer service.
• Don't close the account immediately. While there's no stated minimum time to keep it open, closing it right after getting the points could cause issues with future bank bonuses and isn't a great look. Use it for a few months at least.

Bottom Line

• A worthwhile offer if you need a new checking account and can meet the direct deposit requirement.
• The real value is combining a useful, no-fee financial product with a decent sign-up reward.
• Success hinges on using the correct link and understanding the strict definition of a 'qualifying direct deposit.'

Common Questions