Ally 1% bonus, up to $250, sign up by 3/23

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02nz
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Ally 1% bonus, up to $250, sign up by 3/23

Post by 02nz »

Just got an email from Ally, the rate on the Online Savings account is going from 1.60 to 1.50% APY. But there's a sweetener - a 1% bonus up to $250, so lower max than the 1%/$1000 bonus in late 2018, but still a nice offer. Seems to be available to everyone: https://www.ally.com/go/bank/bonus/

Sign up by 3/20 (extended to 3/23), bring NEW funds over by 3/31, maintain through 6/30.
Last edited by 02nz on Mon Mar 23, 2020 1:03 pm, edited 5 times in total.
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simplesimon
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Re: Ally 1% bonus

Post by simplesimon »

Thanks for sharing.
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Re: Ally 1% bonus, up to $250

Post by Jags4186 »

This is great thanks. I was just lamenting that I dragged my feet not opening one of their 1.9% no penalty CDs as they dropped the rate to 1.75% today. This makes waiting so much better as I would have missed out on $500!
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Re: Ally 1% bonus, up to $250

Post by z3r0c00l »

Well annoying timing because I have to move money OUT of the Ally account to buy an I-Bond in a few weeks. Literally have nothing to move back in by 3/20.
OpenMinded1
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Re: Ally 1% bonus, up to $250

Post by OpenMinded1 »

Recently took advantage of an offer from Fifth Third Bank. $250 for opening a checking account, and maintaining a $500 balance for about 6 months. They also had a $500 bonus for a balance of $15000. Not a "high" interest rate though. (It's a checking account.) Might not be available anymore though, and I was targeted by mail. Might not be available to everybody.

Also, CIBC offers a $400 bonus for a balance of $50K. The interest rate was 1.85% a few weeks ago, but dropped to 1.45% when the fed dropped rates.
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Re: Ally 1% bonus, up to $250

Post by Jack FFR1846 »

Thanks for the info. 2.5% (or whatever it'll end up) is better than 1.92% at DCU, so over it goes.
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Re: Ally 1% Bonus, Advice Please??? (Resolved Nice!!)

Post by mediahound »

[Merged into ongoing discussion -- moderator oldcomputerguy]

So Ally has another 1 percent bonus email that I received today, I found this thread in a search. I am a bit leery about it but the deal is one percent on up to $25,000 paid in a just few months on top of their normal interest rate. I’m conflicted if I should go for it.
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Re: Ally 1% Bonus, Advice Please??? (Resolved Nice!!)

Post by SmileyFace »

mediahound wrote: Fri Mar 13, 2020 8:39 am So Ally has another 1 percent bonus email that I received today, I found this thread in a search. I am a bit leery about it but the deal is one percent on up to $25,000 paid in a just few months on top of their normal interest rate. I’m conflicted if I should go for it.
If you have the money just sitting in another high-yield savings account why wouldn't you move it over?
My money is currently sitting at Marcus with their 1% bonus which ends this month - seems like I just keep shifting my emergency fund between these two banks to keep capturing their 1% bonuses.
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Re: Ally 1% Bonus, Advice Please??? (Resolved Nice!!)

Post by SmileyFace »

DaftInvestor wrote: Fri Mar 13, 2020 9:33 am
mediahound wrote: Fri Mar 13, 2020 8:39 am So Ally has another 1 percent bonus email that I received today, I found this thread in a search. I am a bit leery about it but the deal is one percent on up to $25,000 paid in a just few months on top of their normal interest rate. I’m conflicted if I should go for it.
If you have the money just sitting in another high-yield savings account why wouldn't you move it over?
My money is currently sitting at Marcus with their 1% bonus which ends this month - seems like I just keep shifting my emergency fund between these two banks to keep capturing their 1% bonuses.
I need to maintain my balance at Marcus until 3/30 to capture their additional 1% bonus (from a few months ago - similar to what Ally is now offering - but Marcus's rates are always a slight bit higher to begin with) - looks like with Ally you have to deposit funds by 3/31 - a one day ACH transfer should work between the two but sounds like it will be tight so I might miss this one.
HomeStretch
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Re: Ally 1% Bonus, Advice Please??? (Resolved Nice!!)

Post by HomeStretch »

Thanks for the heads up on Ally’s bonus for new money to new or existing accounts. I plan to do it.

Details:
Bonus max is $250 (1% on $25,000) which is ~4% APR on top of the normal account rate.
3/20/20 open account
3/31/20 fund account
6/30/20 qualifying period end for holding funds
7/30/20 receive bonus (account must be open)
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Re: Ally 1% Bonus, Advice Please??? (Resolved Nice!!)

Post by mediahound »

I think I may do this as well as I do have some savings just sitting in a Vio Bank account (currently earns 1.85%).

Something to be aware of with this deal is that the bonus 1% will not be earned on any withdrawals from the account during the wait time to receive the bonus, even if you had other money in the account previously.
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02nz
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Re: Ally 1% bonus, up to $250

Post by 02nz »

Jack FFR1846 wrote: Fri Mar 13, 2020 8:08 am Thanks for the info. 2.5% (or whatever it'll end up) is better than 1.92% at DCU, so over it goes.
You get an extra 1% for the 3 months, so that's really 4% annualized on top of the 1.5%.
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Re: Ally 1% Bonus, Advice Please??? (Resolved Nice!!)

Post by mediahound »

HomeStretch wrote: Fri Mar 13, 2020 9:47 am Bonus max is $250 (1% on $25,000) which is ~4% APR on top of the normal account rate.
I'm not sure you can project it out to an annual percentage rate because you're really only earning the bonus 1% for a few months, not a full year. So for example:

4 months of 25K at 2.25 APY is $187.
4 months of 25K at 1.5 APY is 125 plus 250, total of $375. Less than $188 bonus.
Nyc10036
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Re: Ally 1% bonus, up to $250

Post by Nyc10036 »

Is this offer targeted?

I did not receive an email.
There is no mention on their website's home page.

.
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Re: Ally 1% bonus, up to $250

Post by mediahound »

Nyc10036 wrote: Fri Mar 13, 2020 10:00 am Is this offer targeted?

I did not receive an email.
There is no mention on their website's home page.

.
Direct link to the offer is here: https://www.ally.com/go/bank/bonus/
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Re: Ally 1% bonus, up to $250

Post by mediahound »

02nz wrote: Fri Mar 13, 2020 9:53 am
Jack FFR1846 wrote: Fri Mar 13, 2020 8:08 am Thanks for the info. 2.5% (or whatever it'll end up) is better than 1.92% at DCU, so over it goes.
You get an extra 1% for the 3 months, so that's really 4% annualized on top of the 1.5%.
The thing is, you can't really annualize it since you are not receiving the extra 1% for the full year.
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Re: Ally 1% bonus, up to $250

Post by nesdog »

Got this e-mail today also. Looks like a good deal for us.

We have funds at CapOne now also earning 1.5%, same as Ally so about $375 per year. Add in the extra $250 gets us to $625 for basically just doing an electronic transfer.
Insert clever comment here...
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Re: Ally 1% Bonus, Advice Please??? (Resolved Nice!!)

Post by HomeStretch »

mediahound wrote: Fri Mar 13, 2020 9:55 am
HomeStretch wrote: Fri Mar 13, 2020 9:47 am Bonus max is $250 (1% on $25,000) which is ~4% APR on top of the normal account rate.
I'm not sure you can project it out to an annual percentage rate because you're really only earning the bonus 1% for a few months, not a full year. So for example:

4 months of 25K at 2.25 APY is $187.
4 months of 25K at 1.5 APY is 125 plus 250, total of $375. Less than $188 bonus.
For non-CD accounts, you only need to hold the money at Ally for 3 months (until 6/30). You can transfer almost all money out on 7/1 and leave a few dollars to keep the account open until the bonus posts on or about 7/30.
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Re: Ally 1% Bonus, Advice Please??? (Resolved Nice!!)

Post by tibbitts »

Nobody is aware of any issues bonus limitations with ACHing via push to Ally from Vanguard vs. the other way around, I assume? As far as I know Ally can't ACH pull from a Vanguard MM account... ?
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Re: Ally 1% Bonus, Advice Please??? (Resolved Nice!!)

Post by VictoriaF »

This offer would be useful if it included IRA accounts. But it does not. See the FAQ https://www.ally.com/go/bank/bonus/

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VictoriaF
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Re: Ally 1% bonus, up to $250

Post by VictoriaF »

This offer would be useful if it included IRA accounts. But it does not. See the FAQ https://www.ally.com/go/bank/bonus/

Victoria
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Re: Ally 1% bonus, up to $250

Post by Vulcan »

Jags4186 wrote: Fri Mar 13, 2020 7:38 am This is great thanks. I was just lamenting that I dragged my feet not opening one of their 1.9% no penalty CDs as they dropped the rate to 1.75% today. This makes waiting so much better as I would have missed out on $500!
$250

I, too, noted they reduced their no penalty CD rate. I opened one a couple weeks ago and planned to open another one next week.
I actually have proceeds from a TLH sale/reallocation incoming, so the bonus was very timely news.
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HomeStretch
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Re: Ally 1% Bonus, Advice Please??? (Resolved Nice!!)

Post by HomeStretch »

tibbitts wrote: Fri Mar 13, 2020 11:16 am Nobody is aware of any issues bonus limitations with ACHing via push to Ally from Vanguard vs. the other way around, I assume? As far as I know Ally can't ACH pull from a Vanguard MM account... ?
I did not have an issue with Ally’s bonus that paid in Jan. 2019 when I pushed $ from Vanguard to Ally. Ally could not pull from Vanguard. As expected, it took awhile (5-7 business days?) for Vanguard to make the bank link active.
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Re: Ally 1% bonus, up to $250

Post by Cobra Commander »

Wish I had read the FAQs first. Apparently transfers to Ally checking accounts dont count.
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Re: Ally 1% bonus, up to $250

Post by jcchen »

thanks for heads up.

I just opened a 11 mo CD with option to withdrawal without penalty. I am guessing fed may cut rate in future. Fyi, 25k deposit yields 1.75% without counting bonus.
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Re: Ally 1% bonus, up to $250

Post by gas_balloon »

In the past when they have had such offers, we have been able to use our joint account to get the bonus for both me and my spouse. I wonder if we can still do that by transferring $25K each from our respective login to the same savings account.
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Re: Ally 1% bonus, up to $250

Post by oldcomputerguy »

This topic is now in the Investing - Theory, News & General forum.
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Re: Ally 1% bonus, up to $250

Post by Darth Xanadu »

Thanks, this is very timely for me. In fact, I had to cancel a transfer I initiated only an hour ago so I could sign up for the bonus first!
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Re: Ally 1% bonus, up to $250

Post by Ricchan »

Anyone know if transfers from a maturing Ally CD counts towards the bonus? I have an Ally CD maturing this month and was thinking of renewing it to their Select 13 month. But with the recent rate drops, I might instead just close the CD and deposit the money into the savings account, assuming it counts towards the bonus requirement. Anyone know if that would work?

Edit: Just chatted with Ally, and apparently that won't work, as the funds have to come from a different financial institution. However, they also said funds transferred out of a different Ally account (e.g. CD) wouldn't affect the bonus in the savings account. So, I guess I can just transfer the funds from the CD to another bank at maturity, then transfer the funds back to the Ally savings account. The CD closes in 3 days, so I think I have enough time to perform the ACH juggling.
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Re: Ally 1% bonus, up to $250

Post by mega317 »

I just opened in the last 2 weeks a large amount in ally no penalty CDs. So I can close some, move the money to my other bank, then move it in for this bonus?
https://www.bogleheads.org/forum/viewtopic.php?t=6212
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Re: Ally 1% bonus, up to $250

Post by stoptothink »

Darth Xanadu wrote: Fri Mar 13, 2020 1:42 pm Thanks, this is very timely for me. In fact, I had to cancel a transfer I initiated only an hour ago so I could sign up for the bonus first!
As did I. Bonus is going to be small as we had little liquid because we were focusing on mortgage pay-off, but cancelling a transfer was a quick way to make an extra $20.
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Re: Ally 1% bonus, up to $250

Post by gas_balloon »

mega317 wrote: Fri Mar 13, 2020 2:21 pm I just opened in the last 2 weeks a large amount in ally no penalty CDs. So I can close some, move the money to my other bank, then move it in for this bonus?
doubt it... that won't be considered new money. You need to have a total balance (across all Ally accounts) higher than your balance on 3/13 beginning of day to qualify for this promo.
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Re: Ally 1% bonus, up to $250

Post by Jags4186 »

Vulcan wrote: Fri Mar 13, 2020 11:24 am
Jags4186 wrote: Fri Mar 13, 2020 7:38 am This is great thanks. I was just lamenting that I dragged my feet not opening one of their 1.9% no penalty CDs as they dropped the rate to 1.75% today. This makes waiting so much better as I would have missed out on $500!
$250

I, too, noted they reduced their no penalty CD rate. I opened one a couple weeks ago and planned to open another one next week.
I actually have proceeds from a TLH sale/reallocation incoming, so the bonus was very timely news.
I was originally going to throw $50k in. But now I’ll put $25k in my name and $25k in my wife’s name so we get $500 total.
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Re: Ally 1% bonus, up to $250

Post by mega317 »

walletless wrote: Fri Mar 13, 2020 2:28 pm You need to have a total balance (across all Ally accounts) higher than your balance on 3/13 beginning of day to qualify for this promo.
Thanks
https://www.bogleheads.org/forum/viewtopic.php?t=6212
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Re: Ally 1% bonus, up to $250

Post by furwut »

Ricchan wrote: Fri Mar 13, 2020 1:51 pm
Edit: Just chatted with Ally, and apparently that won't work, as the funds have to come from a different financial institution. However, they also said funds transferred out of a different Ally account (e.g. CD) wouldn't affect the bonus in the savings account. So, I guess I can just transfer the funds from the CD to another bank at maturity, then transfer the funds back to the Ally savings account. The CD closes in 3 days, so I think I have enough time to perform the ACH juggling.
Don’t think this works.
From their Terms & Conditions (emphasis mine):
We base your Cash Bonus calculation on net new money you deposit into your Online Savings account, Money Market account, or CD between 3/13/20 and 3/31/20 (and then keep in your account through 6/30/20). This means money you move out of Ally Bank and then back in won’t qualify for the bonus, and any withdrawals you make from an Online Savings account, Money Market account, or CD between 3/13/20 and 6/30/20 may reduce your bonus amount. Transfers from other Ally Bank accounts or from Ally Invest accounts won’t qualify for the bonus. Remember, check deposits and transfers from other financial institutions can take a few days to complete, so make sure to start any transactions well before the 3/31/20 deadline. We won’t pay out bonuses by check or by transfer to another financial institution.
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Re: Ally 1% bonus, up to $250

Post by Ricchan »

furwut wrote: Fri Mar 13, 2020 4:47 pm
Ricchan wrote: Fri Mar 13, 2020 1:51 pm
Edit: Just chatted with Ally, and apparently that won't work, as the funds have to come from a different financial institution. However, they also said funds transferred out of a different Ally account (e.g. CD) wouldn't affect the bonus in the savings account. So, I guess I can just transfer the funds from the CD to another bank at maturity, then transfer the funds back to the Ally savings account. The CD closes in 3 days, so I think I have enough time to perform the ACH juggling.
Don’t think this works.
From their Terms & Conditions (emphasis mine):
We base your Cash Bonus calculation on net new money you deposit into your Online Savings account, Money Market account, or CD between 3/13/20 and 3/31/20 (and then keep in your account through 6/30/20). This means money you move out of Ally Bank and then back in won’t qualify for the bonus, and any withdrawals you make from an Online Savings account, Money Market account, or CD between 3/13/20 and 6/30/20 may reduce your bonus amount. Transfers from other Ally Bank accounts or from Ally Invest accounts won’t qualify for the bonus. Remember, check deposits and transfers from other financial institutions can take a few days to complete, so make sure to start any transactions well before the 3/31/20 deadline. We won’t pay out bonuses by check or by transfer to another financial institution.
Thanks for the info. It could be case that the Ally rep gave me incorrect information. I wish I had taken a screenshot of the online chat session.

Edit: I wonder if "withdrawals" from a CD are considered different than closing out at maturity to an external bank. Probably not.
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Re: Ally 1% Bonus, Advice Please??? (Resolved Nice!!)

Post by tibbitts »

HomeStretch wrote: Fri Mar 13, 2020 11:42 am
tibbitts wrote: Fri Mar 13, 2020 11:16 am Nobody is aware of any issues bonus limitations with ACHing via push to Ally from Vanguard vs. the other way around, I assume? As far as I know Ally can't ACH pull from a Vanguard MM account... ?
I did not have an issue with Ally’s bonus that paid in Jan. 2019 when I pushed $ from Vanguard to Ally. Ally could not pull from Vanguard. As expected, it took awhile (5-7 business days?) for Vanguard to make the bank link active.
Thanks, glad to know that worked.
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Re: Ally 1% bonus, up to $250

Post by tibbitts »

I"m assuming that if I transfer money to an existing Ally Savings account to qualify for the bonus, I can then move that money immediately within Ally (like to another eligible account, like a new CD) without losing the bonus?
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Re: Ally 1% bonus, up to $250

Post by mediahound »

tibbitts wrote: Fri Mar 13, 2020 5:58 pm I"m assuming that if I transfer money to an existing Ally Savings account to qualify for the bonus, I can then move that money immediately within Ally (like to another eligible account, like a new CD) without losing the bonus?
I don't believe so. I think you need to keep the money in the account until after 6/30/20. Or, you can withdraw part of it or all of it and then lose the 1% bonus on the amount you withdraw.
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Re: Ally 1% bonus, up to $250

Post by Rainmaker41 »

My reading of the wording is that you cannot transfer money to an Ally Checking account, then move money from the checking account to the Savings or CD account. So, I guess either transfer money directly to the Savings or CD account or deposit a check directly to it.
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Re: Ally 1% bonus, up to $250

Post by indexfundfan »

Rainmaker41 wrote: Fri Mar 13, 2020 6:26 pm My reading of the wording is that you cannot transfer money to an Ally Checking account, then move money from the checking account to the Savings or CD account. So, I guess either transfer money directly to the Savings or CD account or deposit a check directly to it.
I plan to open the NP CD, and fund it by a check. Don't want to risk transferring to their online savings first and then moving it to the CD.
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Re: Ally 1% bonus, up to $250

Post by HueyLD »

tibbitts wrote: Fri Mar 13, 2020 5:58 pm I"m assuming that if I transfer money to an existing Ally Savings account to qualify for the bonus, I can then move that money immediately within Ally (like to another eligible account, like a new CD) without losing the bonus?
Not according to the terms & conditions of their cash bonus offer.

https://www.ally.com/go/bank/bonusrules/
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Re: Ally 1% bonus, up to $250

Post by 02nz »

oldcomputerguy wrote: Fri Mar 13, 2020 1:19 pm This topic is now in the Investing - Theory, News & General forum.
I'm a little confused why this thread was moved from the Personal Finance forum to Investing - Theory, News & General? This is a savings account bonus, not really investing related. Previous threads on bank account bonuses have all been in Personal Finance, as far as I can see (including the long thread about the very popular 1%/$1000 bonus from Ally in late 2018: viewtopic.php?t=261504). Thanks.
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02nz
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Re: Ally 1% Bonus, Advice Please??? (Resolved Nice!!)

Post by 02nz »

VictoriaF wrote: Fri Mar 13, 2020 11:19 am This offer would be useful if it included IRA accounts. But it does not. See the FAQ https://www.ally.com/go/bank/bonus/

Victoria
Huh? This is a savings account not brokerage offer (it was in personal finance, not sure why mods moved it to investing). Moving $25K around by ACH is about as easy as it gets. I think for most people it would be much LESS useful if it were for IRA accounts - a new money bonus on new contributions would mean a very small amount, and as for moving IRA accounts, a lot of people aren't willing to do that (even though in reality it's pretty easy).
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Re: Ally 1% Bonus, Advice Please??? (Resolved Nice!!)

Post by VictoriaF »

02nz wrote: Sat Mar 14, 2020 8:04 am
VictoriaF wrote: Fri Mar 13, 2020 11:19 am This offer would be useful if it included IRA accounts. But it does not. See the FAQ https://www.ally.com/go/bank/bonus/

Victoria
Huh? This is a savings account not brokerage offer (it was in personal finance, not sure why mods moved it to investing). Moving $25K around by ACH is about as easy as it gets. I think for most people it would be much LESS useful if it were for IRA accounts - a new money bonus on new contributions would mean a very small amount, and as for moving IRA accounts, a lot of people aren't willing to do that (even though in reality it's pretty easy).
It doesn't have to be either or.

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Re: Ally 1% bonus, up to $250

Post by kaneohe »

All my pre-existing money at Ally was in trust account funds which are not eligible for the bonus. I had to open non-trust accounts to qualify and fund directly from external sources. Will withdrawals from the trust account funds count against and decrease the bonus?
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Re: Ally 1% Bonus, Advice Please??? (Resolved Nice!!)

Post by 02nz »

VictoriaF wrote: Sat Mar 14, 2020 8:08 am
02nz wrote: Sat Mar 14, 2020 8:04 am
VictoriaF wrote: Fri Mar 13, 2020 11:19 am This offer would be useful if it included IRA accounts. But it does not. See the FAQ https://www.ally.com/go/bank/bonus/

Victoria
Huh? This is a savings account not brokerage offer (it was in personal finance, not sure why mods moved it to investing). Moving $25K around by ACH is about as easy as it gets. I think for most people it would be much LESS useful if it were for IRA accounts - a new money bonus on new contributions would mean a very small amount, and as for moving IRA accounts, a lot of people aren't willing to do that (even though in reality it's pretty easy).
It doesn't have to be either or.

Victoria
I can't recall ever seeing a bonus from any company that covered both bank accounts and for IRAs, it's just not how they work.
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Re: Ally 1% bonus, up to $250

Post by whodidntante »

OpenMinded1 wrote: Fri Mar 13, 2020 7:59 am Recently took advantage of an offer from Fifth Third Bank. $250 for opening a checking account, and maintaining a $500 balance for about 6 months. They also had a $500 bonus for a balance of $15000. Not a "high" interest rate though. (It's a checking account.) Might not be available anymore though, and I was targeted by mail. Might not be available to everybody.

Also, CIBC offers a $400 bonus for a balance of $50K. The interest rate was 1.85% a few weeks ago, but dropped to 1.45% when the fed dropped rates.
I did the 15k for $500 offer from fifth third. The terms of the offer I accepted allowed me to put the funds in a CD. They had a 6 month CD paying 1.98% so I did that. Then I parlayed that into a $250 for 15k savings bonus, which should post in a couple weeks. Pretty sweet.

I'm also doing a Goldman Sachs savings bonus right now. Or Marcus. Whatever they call it.

Not sure what is available currently. I'll look once I have money to commit.
Last edited by whodidntante on Sat Mar 14, 2020 8:17 am, edited 1 time in total.
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HueyLD
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Re: Ally 1% bonus, up to $250

Post by HueyLD »

kaneohe wrote: Sat Mar 14, 2020 8:09 am All my pre-existing money at Ally was in trust account funds which are not eligible for the bonus. I had to open non-trust accounts to qualify and fund directly from external sources. Will withdrawals from the trust account funds count against and decrease the bonus?
Yes, the trust accounts are excluded. Therefore, transactions in trust accounts should have no impact on the bonus calculation.
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LadyGeek
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Re: Ally 1% bonus, up to $250

Post by LadyGeek »

This thread is now in the Personal Finance (Not Investing) forum (bank).
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