Ally Banking 1% extra back up to $1,000 on new money deposited

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LSLover
Posts: 96
Joined: Thu May 19, 2016 1:39 pm

Ally Banking 1% extra back up to $1,000 on new money deposited

Post by LSLover » Mon Oct 15, 2018 2:39 pm

The most popular bank on Bogleheads (Ally Bank) is offering 1% extra cash back on any "new" money added before 10/31. You are able to receive up to $1,000 back ($100k deposit). This is also combined with their 1.9% APY. Funds must remain in account until 1/15/19. Cash back bonus deposited by 2/15.

https://allypaybacktime.com/

- Available for existing customers - just need to deposit "new" money

- Ally account is a soft pull

- Savings Account @ 1.90%

No Penalty CD ($25k+) @ 2.10%

-----

1% Cash Bonus Promotional Offer: Terms and Conditions

New or existing Ally Bank account customers who 1) Enroll for the Cash Bonus through the designated website during Enrollment Period AND 2) Deposit new funds into their eligible account(s) between 10/08/18 and 11/05/18 will receive a Cash Bonus of 1% of their new deposit, up to a maximum of $1,000. New deposits must remain in the eligible account(s) through 1/15/19 in order to qualify for the Cash Bonus. Withdrawals made during the Retention Period may reduce the Cash Bonus amount. Cash Bonus payout will occur within 30 calendar days following fulfillment of these requirements.

Eligibility – This offer is only valid for new or existing personal Ally Bank Online Savings, Money Market, Interest Checking, and CD accounts. Account(s) must be open, funded, and in good standing from the time the new funds are deposited into the account(s) until the time of Cash Bonus payout. Minimum new deposit amount to receive a Cash Bonus is $1,000 into the eligible account(s). Limit one Cash Bonus per customer of no more than $1,000. Ally Bank reserves the right to refuse to open an account or pay out the Cash Bonus, at any time, for any reason.

Deposit Retention Period – Qualifying funds must remain in the eligible account(s) from 11/05/18 until 1/15/19. Any withdrawals prior to 1/15/19 may reduce the qualifying funds total, thereby reducing Cash Bonus payout.

Eligible Account(s) – Includes any single or combination of Ally Bank Online Savings, Money Market, Interest Checking, and CD accounts.

Excluded Account(s) – Individual Retirement Accounts (IRAs), Trust Accounts, Custodial Accounts, Uniform Gift to Minors Act Accounts (UGMA), and Uniform Transfers to Minors Act Accounts (UTMA), Ally Invest accounts.

Enroll – To participate, the customer must enroll at our website on ally.com/payback during the Enrollment Period and must submit the email address linked to the Ally Bank account that the new funds are deposited to. This is an online offer only. There are no in-person, mail-in, call-in, or other offline methods to enroll for this bonus. Failure to enroll through ally.com/payback or failure to provide an email address linked to the account will disqualify the customer from eligibility for the Cash Bonus.

Enrollment Period – The timeframe in which a customer can enroll for the Cash Bonus begins at 12:01 a.m. Eastern Standard Time (EST) on 10/15/18 and continues through 11:59 p.m. EST on 10/21/18. These timeframes can be modified or shortened at any time, without any notice to customers.

Account Opening & Funding – Accounts must be approved, opened AND funded by 11/05/18 to qualify. New deposit of funds must be posted in the eligible Account(s) by 11/05/18. Pending deposits, transfers "in-flight", or returns on or after the funding deadline will not qualify for the Cash Bonus. Cash Bonus is calculated using the total deposit of new, external funds received into any eligible account(s) between 10/08/18 and 11/05/18. The new funds deposited into the account(s) must be from outside the Ally Financial family of companies. Transfers from other banks can take multiple days to complete, so be sure to initiate any transfers well in advance of 11/05/2018.

Cash Bonus – Eligible customers that fulfill required enrollment and eligibility requirements will be paid the Cash Bonus within 30 calendar days to an account held by the enrolled customer. If the enrolled customer has more than one account with Ally Bank, the account that receives the Cash Bonus will be determined using the following logic:
1.Online Savings Account with highest balance
2.If no Online Savings Account: Money Market Account with highest balance
3.If no Online Savings or Money Market Account: Interest Checking Account with highest balance
4.If no Online Savings, Money Market, or Interest Checking Account: CD with highest balance. The Cash Bonus will be paid as interest during the term of the CD.

The Cash Bonus payout amount will be rounded up to the nearest dollar. The maximum Cash Bonus payout amount per customer is $1,000. The minimum Cash Bonus payout amount is $10.

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simplesimon
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Location: Boston, MA

Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by simplesimon » Mon Oct 15, 2018 2:56 pm

Almost 5% yield for a couple of months plus whatever interest you're getting from the account it's in? Seems too good to be true...?

EnjoyIt
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Joined: Sun Dec 29, 2013 8:06 pm

Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by EnjoyIt » Mon Oct 15, 2018 3:04 pm

Thanks for the heads up.

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fortfun
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by fortfun » Mon Oct 15, 2018 3:07 pm

LSLover wrote:
Mon Oct 15, 2018 2:39 pm
The most popular bank on Bogleheads (Ally Bank) is offering 1% extra cash back on any "new" money added before 10/31. You are able to receive up to $1,000 back ($100k deposit). This is also combined with their 1.9% APY. Funds must remain in account until 1/15/19. Cash back bonus deposited by 2/15.

https://allypaybacktime.com/

- Available for existing customers - just need to deposit "new" money

- Ally account is a soft pull

- Savings Account @ 1.90%

No Penalty CD ($25k+) @ 2.10%

-----

1% Cash Bonus Promotional Offer: Terms and Conditions

New or existing Ally Bank account customers who 1) Enroll for the Cash Bonus through the designated website during Enrollment Period AND 2) Deposit new funds into their eligible account(s) between 10/08/18 and 11/05/18 will receive a Cash Bonus of 1% of their new deposit, up to a maximum of $1,000. New deposits must remain in the eligible account(s) through 1/15/19 in order to qualify for the Cash Bonus. Withdrawals made during the Retention Period may reduce the Cash Bonus amount. Cash Bonus payout will occur within 30 calendar days following fulfillment of these requirements.

Eligibility – This offer is only valid for new or existing personal Ally Bank Online Savings, Money Market, Interest Checking, and CD accounts. Account(s) must be open, funded, and in good standing from the time the new funds are deposited into the account(s) until the time of Cash Bonus payout. Minimum new deposit amount to receive a Cash Bonus is $1,000 into the eligible account(s). Limit one Cash Bonus per customer of no more than $1,000. Ally Bank reserves the right to refuse to open an account or pay out the Cash Bonus, at any time, for any reason.

Deposit Retention Period – Qualifying funds must remain in the eligible account(s) from 11/05/18 until 1/15/19. Any withdrawals prior to 1/15/19 may reduce the qualifying funds total, thereby reducing Cash Bonus payout.

Eligible Account(s) – Includes any single or combination of Ally Bank Online Savings, Money Market, Interest Checking, and CD accounts.

Excluded Account(s) – Individual Retirement Accounts (IRAs), Trust Accounts, Custodial Accounts, Uniform Gift to Minors Act Accounts (UGMA), and Uniform Transfers to Minors Act Accounts (UTMA), Ally Invest accounts.

Enroll – To participate, the customer must enroll at our website on ally.com/payback during the Enrollment Period and must submit the email address linked to the Ally Bank account that the new funds are deposited to. This is an online offer only. There are no in-person, mail-in, call-in, or other offline methods to enroll for this bonus. Failure to enroll through ally.com/payback or failure to provide an email address linked to the account will disqualify the customer from eligibility for the Cash Bonus.

Enrollment Period – The timeframe in which a customer can enroll for the Cash Bonus begins at 12:01 a.m. Eastern Standard Time (EST) on 10/15/18 and continues through 11:59 p.m. EST on 10/21/18. These timeframes can be modified or shortened at any time, without any notice to customers.

Account Opening & Funding – Accounts must be approved, opened AND funded by 11/05/18 to qualify. New deposit of funds must be posted in the eligible Account(s) by 11/05/18. Pending deposits, transfers "in-flight", or returns on or after the funding deadline will not qualify for the Cash Bonus. Cash Bonus is calculated using the total deposit of new, external funds received into any eligible account(s) between 10/08/18 and 11/05/18. The new funds deposited into the account(s) must be from outside the Ally Financial family of companies. Transfers from other banks can take multiple days to complete, so be sure to initiate any transfers well in advance of 11/05/2018.

Cash Bonus – Eligible customers that fulfill required enrollment and eligibility requirements will be paid the Cash Bonus within 30 calendar days to an account held by the enrolled customer. If the enrolled customer has more than one account with Ally Bank, the account that receives the Cash Bonus will be determined using the following logic:
1.Online Savings Account with highest balance
2.If no Online Savings Account: Money Market Account with highest balance
3.If no Online Savings or Money Market Account: Interest Checking Account with highest balance
4.If no Online Savings, Money Market, or Interest Checking Account: CD with highest balance. The Cash Bonus will be paid as interest during the term of the CD.

The Cash Bonus payout amount will be rounded up to the nearest dollar. The maximum Cash Bonus payout amount per customer is $1,000. The minimum Cash Bonus payout amount is $10.
So could one move 100k to Charles Schwab and move it back to Ally for the bonus?

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HueyLD
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Joined: Mon Jan 14, 2008 10:30 am

Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by HueyLD » Mon Oct 15, 2018 3:11 pm

That depends on how Ally defines "new" money. Care to give them a call to find out?

Momus
Posts: 538
Joined: Tue Feb 21, 2012 9:23 pm

Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by Momus » Mon Oct 15, 2018 3:14 pm

You can always play it around from Ally to Vanguard. Vanguard to Capital One, back to ally. That's new money.

They must have tons of outflow because prime MM now paying more because I also moved all my savings out.

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simplesimon
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Joined: Mon Feb 25, 2008 8:53 pm
Location: Boston, MA

Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by simplesimon » Mon Oct 15, 2018 3:17 pm

Momus wrote:
Mon Oct 15, 2018 3:14 pm
They must have tons of outflow because prime MM now paying more because I also moved all my savings out.
Yep, I did the same.

Beach
Posts: 144
Joined: Tue Jan 10, 2017 5:48 pm

Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by Beach » Mon Oct 15, 2018 3:34 pm

I don't see a historical balance for existing customer in the fine print. If I have a lot of money in there currently, what is to stop me from pulling it out and then redepositing?

Jags4186
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by Jags4186 » Mon Oct 15, 2018 3:35 pm

I would move the money out before registering for the promo if you want any chance of getting money that you move out and back in.

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GoldStar
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by GoldStar » Mon Oct 15, 2018 3:51 pm

I've taken advantage of these types of offers before and have always done okay and now that Ally's rate is on-par with the likes of Barclays, Synchrony, and gsbank/marcus it seems like a no brainer. Of course these types of disclaimers always make me wonder:
Ally Bank reserves the right to refuse to open an account or pay out the Cash Bonus, at any time, for any reason.
I'm sure they wouldn't refuse to everyone since they can't afford the bad customer-satisfaction; but I assume this gives them an out if you try to pull all your money out of an account with them and then put it back.

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HueyLD
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by HueyLD » Mon Oct 15, 2018 3:58 pm

GoldStar wrote:
Mon Oct 15, 2018 3:51 pm
I've taken advantage of these types of offers before and have always done okay and now that Ally's rate is on-par with the likes of Barclays, Synchrony, and gsbank/marcus it seems like a no brainer. Of course these types of disclaimers always make me wonder:
Ally Bank reserves the right to refuse to open an account or pay out the Cash Bonus, at any time, for any reason.
I'm sure they wouldn't refuse to everyone since they can't afford the bad customer-satisfaction; but I assume this gives them an out if you try to pull all your money out of an account with them and then put it back.
That's the clause that they could use to deny bonus for the round trip new "old" money.

TheDDC
Posts: 211
Joined: Mon Jan 08, 2018 11:11 am

Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by TheDDC » Mon Oct 15, 2018 4:18 pm

Thanks for posting. I guess promos like this would get filed under "reasons to hold your EF in cash".

-TheDDC

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GoldStar
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by GoldStar » Mon Oct 15, 2018 4:23 pm

So a 12-month CD at Ally currently has a rate of 2.5% - this promo would effectively make the rate 3.5% (with a 60-day-interest EWP).
Sounds like a good deal - might move some of my EF over...

Does anyone know how long ACH transfers take (always 24 hours?)?
Also, who you need to unfreeze for a credit-pull?

Daendrew
Posts: 18
Joined: Wed Sep 05, 2018 3:19 pm

Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by Daendrew » Mon Oct 15, 2018 4:44 pm

GoldStar wrote:
Mon Oct 15, 2018 4:23 pm
So a 12-month CD at Ally currently has a rate of 2.5% - this promo would effectively make the rate 3.5% (with a 60-day-interest EWP).
Sounds like a good deal - might move some of my EF over...

Does anyone know how long ACH transfers take (always 24 hours?)?
Also, who you need to unfreeze for a credit-pull?
Thank you OP for posting. I was in the process of opening a new account with them and this just sweetened the deal.

I just had to unfreeze my TransUnion Federal credit report to open an account with them. Federal is different from a regular one.

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GoldStar
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by GoldStar » Mon Oct 15, 2018 4:46 pm

Daendrew wrote:
Mon Oct 15, 2018 4:44 pm
GoldStar wrote:
Mon Oct 15, 2018 4:23 pm
So a 12-month CD at Ally currently has a rate of 2.5% - this promo would effectively make the rate 3.5% (with a 60-day-interest EWP).
Sounds like a good deal - might move some of my EF over...

Does anyone know how long ACH transfers take (always 24 hours?)?
Also, who you need to unfreeze for a credit-pull?
Thank you OP for posting. I was in the process of opening a new account with them and this just sweetened the deal.

I just had to unfreeze my TransUnion Federal credit report to open an account with them. Federal is different from a regular one.
Thanks!

ccf
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by ccf » Mon Oct 15, 2018 4:54 pm

aaagh I have a large CD in transit from Northwest Federal Credit Union - lots of us have these 3% CDs maturing this month.

I enrolled but I'll be surprised if I get the bonus since I initiated the transfer from Ally last Friday.

The 2.5% 1 year CD plus the 1% bonus looks like a good deal for people who don't know where to put their maturing CDs.

MathMaven
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by MathMaven » Mon Oct 15, 2018 5:01 pm

It is not possible to withdraw funds to an outside bank and then redeposit these funds to earn the bonus, regardless of when you register for this promotion. Note that Ally Bank will pay the bonus on new funds deposited beginning 10/08/18. If you withdraw funds and then redeposit funds of the same amount, you will not have any "new" funds in the account for the bonus. The bonus is earned on the portion of funds (from $1000 to $100000) that exceed the 10/08/2018 Ally balance.

ccf: You should get the bonus if the large CD in transit is credited to your Ally account after 10/08/2018, which it should be if initiated on Oct. 12th.

RickBoglehead
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by RickBoglehead » Mon Oct 15, 2018 5:01 pm

Was going to sell bonds for TLH, now I know where to park it.
ccf wrote:
Mon Oct 15, 2018 4:54 pm
aaagh I have a large CD in transit from Northwest Federal Credit Union - lots of us have these 3% CDs maturing this month.

I enrolled but I'll be surprised if I get the bonus since I initiated the transfer from Ally last Friday.

The 2.5% 1 year CD plus the 1% bonus looks like a good deal for people who don't know where to put their maturing CDs.
Says 10/8 deposits forward...

Elemental
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Joined: Fri Feb 06, 2009 5:08 pm

Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by Elemental » Mon Oct 15, 2018 5:20 pm

I'm confused on if this is a soft-pull or a hard-pull. OP says soft-pull, but others are unfreezing their credit to apply? Do you have to unfreeze for a soft-pull? Thanks.

Tamales
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by Tamales » Mon Oct 15, 2018 5:25 pm

Thinking about opening an account....

Excluding CDs, do most of you have both a checking and savings account, even if you seldom use the checking account?
Any minimum balance in their checking acct?

Beneficiaries: I can't find a clear answer, but it appears you can only assign POD beneficiaries to IRA accounts? Is that right?

mggray17
Posts: 87
Joined: Thu Feb 11, 2010 8:09 am

Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by mggray17 » Mon Oct 15, 2018 5:46 pm

Hmmmmm. Transferred 150K to my Ally Online Savings on 10/12.
Didn't know about the offer, before the transfer, so didn't sign up.
Hmmmm. What to do? Would think about keeping 100K there until January for the extra $1000.

Madbull
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by Madbull » Mon Oct 15, 2018 6:03 pm

GoldStar wrote:
Mon Oct 15, 2018 4:23 pm
...Does anyone know how long ACH transfers take (always 24 hours?)? ...
My last ACH from my credit union to Ally was as follows:
CU - Showed ‘Pending’ on 10-9
CU - Showed ‘Ally Bank M2M Transfer’ Posted/Withdrawn on 10-10
Ally - Posted/Deposited as of 10-12

That’s the norm for me. I’ve read there’s a trick to make it a 24hr turnaround, but haven’t been able to ever find it again. Plus, I don’t really care if it takes more than 1 business day, I don’t have enough to worry about one-two days of lost interest, lol.

mggray17
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Joined: Thu Feb 11, 2010 8:09 am

Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by mggray17 » Mon Oct 15, 2018 6:06 pm

mggray17 wrote:
Mon Oct 15, 2018 5:46 pm
Hmmmmm. Transferred 150K to my Ally Online Savings on 10/12.
Didn't know about the offer, before the transfer, so didn't sign up.
Hmmmm. What to do? Would think about keeping 100K there until January for the extra $1000.
UPDATE: Chatted with Ally. Said I'm eligible If I sign up even though the money was already deposited.

helloeveryone
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Joined: Sun Sep 04, 2016 5:16 pm

Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by helloeveryone » Mon Oct 15, 2018 6:13 pm

Last week I moved 100% of my Vanguard Total Bond Fund ($68k) to a Muni Fund for TLH purposes with intent to move right back into the total Bond Fund after 31 days. Would it make sense to take advantage of this offer by moving from Vanguard Muni Fund to my regular bank. Then regular bank to Ally after signing up. Then January 16, 2019 move it all into Vanguard Total Bond Fund?

Or is it financially best to just move it into the Vanguard Total Bond Fund 31 days from the sale date to receive the monthly dividends?

I already have six months expenses in an Ally Savings but since I just happened to do the TLH last week and saw this post I wanted your opinions.
Thank you and sorry for asking this question within a thread.

TravelforFun
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by TravelforFun » Mon Oct 15, 2018 6:16 pm

Ally Bank would have a lot more customers if they allowed customers to transfer their IRA accounts to Ally.

TravelforFun

mggray17
Posts: 87
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by mggray17 » Mon Oct 15, 2018 6:17 pm

Tamales wrote:
Mon Oct 15, 2018 5:25 pm
Thinking about opening an account....

Excluding CDs, do most of you have both a checking and savings account, even if you seldom use the checking account?
Any minimum balance in their checking acct?

Beneficiaries: I can't find a clear answer, but it appears you can only assign POD beneficiaries to IRA accounts? Is that right?
You can select POD on any of the accounts. I did it for an on line savings account.

mggray17
Posts: 87
Joined: Thu Feb 11, 2010 8:09 am

Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by mggray17 » Mon Oct 15, 2018 6:23 pm

simplesimon wrote:
Mon Oct 15, 2018 2:56 pm
Almost 5% yield for a couple of months plus whatever interest you're getting from the account it's in? Seems too good to be true...?
I figure 1% for 3 months (10/15 to 1/15) = 4% APR + 1.9% APR = 5.9% APR for the 3 month period.

Nummerkins
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by Nummerkins » Mon Oct 15, 2018 7:14 pm

As luck would have it I deposited some money on 10/10 after fulfilling requirements at another bank. Thanks Ally!

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GoldStar
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by GoldStar » Mon Oct 15, 2018 7:28 pm

Madbull wrote:
Mon Oct 15, 2018 6:03 pm
GoldStar wrote:
Mon Oct 15, 2018 4:23 pm
...Does anyone know how long ACH transfers take (always 24 hours?)? ...
My last ACH from my credit union to Ally was as follows:
CU - Showed ‘Pending’ on 10-9
CU - Showed ‘Ally Bank M2M Transfer’ Posted/Withdrawn on 10-10
Ally - Posted/Deposited as of 10-12

That’s the norm for me. I’ve read there’s a trick to make it a 24hr turnaround, but haven’t been able to ever find it again. Plus, I don’t really care if it takes more than 1 business day, I don’t have enough to worry about one-two days of lost interest, lol.
It's not the lost interest but rather if I move my EF there and need to move some money.

TheDDC
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by TheDDC » Mon Oct 15, 2018 9:14 pm

Decisions, decisions. I am down $2k in my taxable account and don't need to TLH. Sure would be nice to have a guaranteed rise somewhere... But worth selling out from this market if even for a few months?

-TheDDC

MotoTrojan
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by MotoTrojan » Mon Oct 15, 2018 9:38 pm

TheDDC wrote:
Mon Oct 15, 2018 9:14 pm
Decisions, decisions. I am down $2k in my taxable account and don't need to TLH. Sure would be nice to have a guaranteed rise somewhere... But worth selling out from this market if even for a few months?

-TheDDC
No cash around? Also how can one not need to TLH? It helps anyone unless they have a lifetime of losses already.

mattfr
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Location: France

Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by mattfr » Mon Oct 15, 2018 9:44 pm

TheDDC wrote:
Mon Oct 15, 2018 9:14 pm
Decisions, decisions. I am down $2k in my taxable account and don't need to TLH. Sure would be nice to have a guaranteed rise somewhere... But worth selling out from this market if even for a few months?

-TheDDC
Hmm, in a somewhat similar situation. Currently down $1.2k in taxable with what would be a short-term capital loss. With our income this year we would pay no LT capital gains tax. For now, we have no LT taxable gains this year.

I’m trying to determine whether my dividends on VCSH are considered qualified dividends, which would also eat into the TLH benefit of a short-term loss. My understanding is that they’re not qualified.

Any suggestions whether we should TLH or stay put? Our IPS allows us to go for this bonus if the overall net result is positive.

mattfr
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Location: France

Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by mattfr » Mon Oct 15, 2018 9:45 pm

MotoTrojan wrote:
Mon Oct 15, 2018 9:38 pm
No cash around? Also how can one not need to TLH? It helps anyone unless they have a lifetime of losses already.
Actually there are a few situations where TLH can be an unwise move. We happen to be in one of those situations this year.

hectorochoa
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by hectorochoa » Mon Oct 15, 2018 10:11 pm

mggray17 wrote:
Mon Oct 15, 2018 6:06 pm
mggray17 wrote:
Mon Oct 15, 2018 5:46 pm
Hmmmmm. Transferred 150K to my Ally Online Savings on 10/12.
Didn't know about the offer, before the transfer, so didn't sign up.
Hmmmm. What to do? Would think about keeping 100K there until January for the extra $1000.
UPDATE: Chatted with Ally. Said I'm eligible If I sign up even though the money was already deposited.
I did something similar. Transferred money to Ally on 10/9. Also chatted with them today after reading this post. They confirmed that those funds will be eligible for this $1,000 promotion.

SlowMovingInvestor
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by SlowMovingInvestor » Mon Oct 15, 2018 10:15 pm

I used to have an Ally CD that I closed around 6 months back (but the username and password were still valid).

I tried to enroll the old account (which I can still log into) in this bonus, and it told me that it would take 3-5 days to process my application. That's rather surprising since I thought it would be immediate (I remember my CD was opened immediately).

Should I call Ally up and ask them about the status of this application or just open a 'new' account to avoid any confusion ?

flyingaway
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by flyingaway » Mon Oct 15, 2018 10:37 pm

I am wondering why this is not considered as a kind of market timing?

grkmec
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by grkmec » Mon Oct 15, 2018 10:41 pm

So this is per customer.... My current Ally Savings account is a joint account with my wife, so that means we are capped at 1k as a household?

On the other hand, if I had my own savings account and my wife had her own, we would then be eligible for 1k each ?

tj
Posts: 2191
Joined: Thu Dec 24, 2009 12:10 am

Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by tj » Mon Oct 15, 2018 10:45 pm

flyingaway wrote:
Mon Oct 15, 2018 10:37 pm
I am wondering why this is not considered as a kind of market timing?


How is depositing cash into a bank market timing?

Chesterfield
Posts: 29
Joined: Mon Sep 14, 2015 2:39 pm

Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by Chesterfield » Mon Oct 15, 2018 11:01 pm

I don't currently have Ally, so can anyone help me verify if "fund by 10/31" means:
1) Schedule a transfer at Ally's bank to pull $ from an external bank on 10/31? Or,
2) Schedule a transfer at Ally's bank say 3 business days to ensure $ arrives at Ally's account by 10/31?

I'm guess #1 b/c T&C says fund must remain between 11/5 through 1/15 and not from 10/31 through 1/15. Thanks.




LSLover wrote:
Mon Oct 15, 2018 2:39 pm
The most popular bank on Bogleheads (Ally Bank) is offering 1% extra cash back on any "new" money added before 10/31. You are able to receive up to $1,000 back ($100k deposit). This is also combined with their 1.9% APY. Funds must remain in account until 1/15/19. Cash back bonus deposited by 2/15.

https://allypaybacktime.com/

- Available for existing customers - just need to deposit "new" money

- Ally account is a soft pull

- Savings Account @ 1.90%

No Penalty CD ($25k+) @ 2.10%

-----

1% Cash Bonus Promotional Offer: Terms and Conditions

New or existing Ally Bank account customers who 1) Enroll for the Cash Bonus through the designated website during Enrollment Period AND 2) Deposit new funds into their eligible account(s) between 10/08/18 and 11/05/18 will receive a Cash Bonus of 1% of their new deposit, up to a maximum of $1,000. New deposits must remain in the eligible account(s) through 1/15/19 in order to qualify for the Cash Bonus. Withdrawals made during the Retention Period may reduce the Cash Bonus amount. Cash Bonus payout will occur within 30 calendar days following fulfillment of these requirements.

Eligibility – This offer is only valid for new or existing personal Ally Bank Online Savings, Money Market, Interest Checking, and CD accounts. Account(s) must be open, funded, and in good standing from the time the new funds are deposited into the account(s) until the time of Cash Bonus payout. Minimum new deposit amount to receive a Cash Bonus is $1,000 into the eligible account(s). Limit one Cash Bonus per customer of no more than $1,000. Ally Bank reserves the right to refuse to open an account or pay out the Cash Bonus, at any time, for any reason.

Deposit Retention Period – Qualifying funds must remain in the eligible account(s) from 11/05/18 until 1/15/19. Any withdrawals prior to 1/15/19 may reduce the qualifying funds total, thereby reducing Cash Bonus payout.

Eligible Account(s) – Includes any single or combination of Ally Bank Online Savings, Money Market, Interest Checking, and CD accounts.

Excluded Account(s) – Individual Retirement Accounts (IRAs), Trust Accounts, Custodial Accounts, Uniform Gift to Minors Act Accounts (UGMA), and Uniform Transfers to Minors Act Accounts (UTMA), Ally Invest accounts.

Enroll – To participate, the customer must enroll at our website on ally.com/payback during the Enrollment Period and must submit the email address linked to the Ally Bank account that the new funds are deposited to. This is an online offer only. There are no in-person, mail-in, call-in, or other offline methods to enroll for this bonus. Failure to enroll through ally.com/payback or failure to provide an email address linked to the account will disqualify the customer from eligibility for the Cash Bonus.

Enrollment Period – The timeframe in which a customer can enroll for the Cash Bonus begins at 12:01 a.m. Eastern Standard Time (EST) on 10/15/18 and continues through 11:59 p.m. EST on 10/21/18. These timeframes can be modified or shortened at any time, without any notice to customers.

Account Opening & Funding – Accounts must be approved, opened AND funded by 11/05/18 to qualify. New deposit of funds must be posted in the eligible Account(s) by 11/05/18. Pending deposits, transfers "in-flight", or returns on or after the funding deadline will not qualify for the Cash Bonus. Cash Bonus is calculated using the total deposit of new, external funds received into any eligible account(s) between 10/08/18 and 11/05/18. The new funds deposited into the account(s) must be from outside the Ally Financial family of companies. Transfers from other banks can take multiple days to complete, so be sure to initiate any transfers well in advance of 11/05/2018.

Cash Bonus – Eligible customers that fulfill required enrollment and eligibility requirements will be paid the Cash Bonus within 30 calendar days to an account held by the enrolled customer. If the enrolled customer has more than one account with Ally Bank, the account that receives the Cash Bonus will be determined using the following logic:
1.Online Savings Account with highest balance
2.If no Online Savings Account: Money Market Account with highest balance
3.If no Online Savings or Money Market Account: Interest Checking Account with highest balance
4.If no Online Savings, Money Market, or Interest Checking Account: CD with highest balance. The Cash Bonus will be paid as interest during the term of the CD.

The Cash Bonus payout amount will be rounded up to the nearest dollar. The maximum Cash Bonus payout amount per customer is $1,000. The minimum Cash Bonus payout amount is $10.

grkmec
Posts: 97
Joined: Wed Jun 22, 2016 8:46 am

Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by grkmec » Mon Oct 15, 2018 11:05 pm

Anyone know that if I can get an extra $1,000 via my son's Minor UGMA savings account by parking 100k, or am I considered the account holder because he is minor?

EDIT - nevermind, just saw in fine print that it excludes UGMA accounts.
Last edited by grkmec on Mon Oct 15, 2018 11:34 pm, edited 1 time in total.

TravelGeek
Posts: 2363
Joined: Sat Oct 25, 2014 3:23 pm

Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by TravelGeek » Mon Oct 15, 2018 11:06 pm

flyingaway wrote:
Mon Oct 15, 2018 10:37 pm
I am wondering why this is not considered as a kind of market timing?
https://en.wikipedia.org/wiki/Market_timing

"Market timing is the strategy of making buy or sell decisions of financial assets (often stocks) by attempting to predict future market price movements."

There is no attempting to predict here as far as the 1% bonus is concerned.

ClaycordJCA
Posts: 224
Joined: Sun Aug 09, 2015 11:19 pm
Location: SF Bay Area

Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by ClaycordJCA » Mon Oct 15, 2018 11:58 pm

LSLover wrote:
Mon Oct 15, 2018 2:39 pm
The most popular bank on Bogleheads (Ally Bank) is offering 1% extra cash back on any "new" money added before 10/31. You are able to receive up to $1,000 back ($100k deposit). This is also combined with their 1.9% APY. Funds must remain in account until 1/15/19. Cash back bonus deposited by 2/15. . . . .
Thanks for posting.

ivk5
Posts: 459
Joined: Thu Sep 22, 2016 9:05 am

Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by ivk5 » Tue Oct 16, 2018 2:43 am

Thanks OP!

mggray17
Posts: 87
Joined: Thu Feb 11, 2010 8:09 am

Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by mggray17 » Tue Oct 16, 2018 4:09 am

I believe I read when enrolling, "Don't wait until 10/31 to start your transfer because it may take a few days to occur."
So I would say 2.

Chesterfield wrote:
Mon Oct 15, 2018 11:01 pm
I don't currently have Ally, so can anyone help me verify if "fund by 10/31" means:
1) Schedule a transfer at Ally's bank to pull $ from an external bank on 10/31? Or,
2) Schedule a transfer at Ally's bank say 3 business days to ensure $ arrives at Ally's account by 10/31?

I'm guess #1 b/c T&C says fund must remain between 11/5 through 1/15 and not from 10/31 through 1/15. Thanks.

LSLover wrote:
Mon Oct 15, 2018 2:39 pm
The most popular bank on Bogleheads (Ally Bank) is offering 1% extra cash back on any "new" money added before 10/31. You are able to receive up to $1,000 back ($100k deposit). This is also combined with their 1.9% APY. Funds must remain in account until 1/15/19. Cash back bonus deposited by 2/15.

https://allypaybacktime.com/

- Available for existing customers - just need to deposit "new" money

- Ally account is a soft pull

- Savings Account @ 1.90%

No Penalty CD ($25k+) @ 2.10%

-----

1% Cash Bonus Promotional Offer: Terms and Conditions

New or existing Ally Bank account customers who 1) Enroll for the Cash Bonus through the designated website during Enrollment Period AND 2) Deposit new funds into their eligible account(s) between 10/08/18 and 11/05/18 will receive a Cash Bonus of 1% of their new deposit, up to a maximum of $1,000. New deposits must remain in the eligible account(s) through 1/15/19 in order to qualify for the Cash Bonus. Withdrawals made during the Retention Period may reduce the Cash Bonus amount. Cash Bonus payout will occur within 30 calendar days following fulfillment of these requirements.

Eligibility – This offer is only valid for new or existing personal Ally Bank Online Savings, Money Market, Interest Checking, and CD accounts. Account(s) must be open, funded, and in good standing from the time the new funds are deposited into the account(s) until the time of Cash Bonus payout. Minimum new deposit amount to receive a Cash Bonus is $1,000 into the eligible account(s). Limit one Cash Bonus per customer of no more than $1,000. Ally Bank reserves the right to refuse to open an account or pay out the Cash Bonus, at any time, for any reason.

Deposit Retention Period – Qualifying funds must remain in the eligible account(s) from 11/05/18 until 1/15/19. Any withdrawals prior to 1/15/19 may reduce the qualifying funds total, thereby reducing Cash Bonus payout.

Eligible Account(s) – Includes any single or combination of Ally Bank Online Savings, Money Market, Interest Checking, and CD accounts.

Excluded Account(s) – Individual Retirement Accounts (IRAs), Trust Accounts, Custodial Accounts, Uniform Gift to Minors Act Accounts (UGMA), and Uniform Transfers to Minors Act Accounts (UTMA), Ally Invest accounts.

Enroll – To participate, the customer must enroll at our website on ally.com/payback during the Enrollment Period and must submit the email address linked to the Ally Bank account that the new funds are deposited to. This is an online offer only. There are no in-person, mail-in, call-in, or other offline methods to enroll for this bonus. Failure to enroll through ally.com/payback or failure to provide an email address linked to the account will disqualify the customer from eligibility for the Cash Bonus.

Enrollment Period – The timeframe in which a customer can enroll for the Cash Bonus begins at 12:01 a.m. Eastern Standard Time (EST) on 10/15/18 and continues through 11:59 p.m. EST on 10/21/18. These timeframes can be modified or shortened at any time, without any notice to customers.

Account Opening & Funding – Accounts must be approved, opened AND funded by 11/05/18 to qualify. New deposit of funds must be posted in the eligible Account(s) by 11/05/18. Pending deposits, transfers "in-flight", or returns on or after the funding deadline will not qualify for the Cash Bonus. Cash Bonus is calculated using the total deposit of new, external funds received into any eligible account(s) between 10/08/18 and 11/05/18. The new funds deposited into the account(s) must be from outside the Ally Financial family of companies. Transfers from other banks can take multiple days to complete, so be sure to initiate any transfers well in advance of 11/05/2018.

Cash Bonus – Eligible customers that fulfill required enrollment and eligibility requirements will be paid the Cash Bonus within 30 calendar days to an account held by the enrolled customer. If the enrolled customer has more than one account with Ally Bank, the account that receives the Cash Bonus will be determined using the following logic:
1.Online Savings Account with highest balance
2.If no Online Savings Account: Money Market Account with highest balance
3.If no Online Savings or Money Market Account: Interest Checking Account with highest balance
4.If no Online Savings, Money Market, or Interest Checking Account: CD with highest balance. The Cash Bonus will be paid as interest during the term of the CD.

The Cash Bonus payout amount will be rounded up to the nearest dollar. The maximum Cash Bonus payout amount per customer is $1,000. The minimum Cash Bonus payout amount is $10.

RickBoglehead
Posts: 969
Joined: Wed Feb 14, 2018 9:10 am

Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by RickBoglehead » Tue Oct 16, 2018 6:31 am

mggray17 wrote:
Mon Oct 15, 2018 6:23 pm
simplesimon wrote:
Mon Oct 15, 2018 2:56 pm
Almost 5% yield for a couple of months plus whatever interest you're getting from the account it's in? Seems too good to be true...?
I figure 1% for 3 months (10/15 to 1/15) = 4% APR + 1.9% APR = 5.9% APR for the 3 month period.
It's actually higher. Funds don't need to arrive until 10/31, so they are there for 76 days (or call it 77 days). For that 77 days, you get 1%. That's 4.74% plus 1.9% (or higher if rates go up), for a total of 6.64%.

I emailed them to clarify whether our joint accounts prohibit my wife (second account holder on joint accounts) from opening an individual account and depositing to it. I'll post the answer when I get it.

User avatar
simplesimon
Posts: 3195
Joined: Mon Feb 25, 2008 8:53 pm
Location: Boston, MA

Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by simplesimon » Tue Oct 16, 2018 6:43 am

RickBoglehead wrote:
Tue Oct 16, 2018 6:31 am
mggray17 wrote:
Mon Oct 15, 2018 6:23 pm
simplesimon wrote:
Mon Oct 15, 2018 2:56 pm
Almost 5% yield for a couple of months plus whatever interest you're getting from the account it's in? Seems too good to be true...?
I figure 1% for 3 months (10/15 to 1/15) = 4% APR + 1.9% APR = 5.9% APR for the 3 month period.
It's actually higher. Funds don't need to arrive until 10/31, so they are there for 76 days (or call it 77 days). For that 77 days, you get 1%. That's 4.74% plus 1.9% (or higher if rates go up), for a total of 6.64%.

I emailed them to clarify whether our joint accounts prohibit my wife (second account holder on joint accounts) from opening an individual account and depositing to it. I'll post the answer when I get it.
Exactly...hold in a higher yielding account until a few days before the deadline, then move the money over.

I confirmed over the phone that a joint account is okay - the spouse's email just needs to be enrolled as well.

ivk5
Posts: 459
Joined: Thu Sep 22, 2016 9:05 am

Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by ivk5 » Tue Oct 16, 2018 6:45 am

simplesimon wrote:
Tue Oct 16, 2018 6:43 am
RickBoglehead wrote:
Tue Oct 16, 2018 6:31 am
mggray17 wrote:
Mon Oct 15, 2018 6:23 pm
simplesimon wrote:
Mon Oct 15, 2018 2:56 pm
Almost 5% yield for a couple of months plus whatever interest you're getting from the account it's in? Seems too good to be true...?
I figure 1% for 3 months (10/15 to 1/15) = 4% APR + 1.9% APR = 5.9% APR for the 3 month period.
It's actually higher. Funds don't need to arrive until 10/31, so they are there for 76 days (or call it 77 days). For that 77 days, you get 1%. That's 4.74% plus 1.9% (or higher if rates go up), for a total of 6.64%.

I emailed them to clarify whether our joint accounts prohibit my wife (second account holder on joint accounts) from opening an individual account and depositing to it. I'll post the answer when I get it.
Exactly...hold in a higher yielding account until a few days before the deadline, then move the money over.

I confirmed over the phone that a joint account is okay - the spouse's email just needs to be enrolled as well.
I think the question - and a good one - is how the $1000 limit "per customer" applies. Can each spouse get $1000 (on $200K)? Does that require separate individual accounts? I'm interested to know as well.

User avatar
simplesimon
Posts: 3195
Joined: Mon Feb 25, 2008 8:53 pm
Location: Boston, MA

Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by simplesimon » Tue Oct 16, 2018 6:48 am

ivk5 wrote:
Tue Oct 16, 2018 6:45 am
simplesimon wrote:
Tue Oct 16, 2018 6:43 am
RickBoglehead wrote:
Tue Oct 16, 2018 6:31 am
mggray17 wrote:
Mon Oct 15, 2018 6:23 pm
simplesimon wrote:
Mon Oct 15, 2018 2:56 pm
Almost 5% yield for a couple of months plus whatever interest you're getting from the account it's in? Seems too good to be true...?
I figure 1% for 3 months (10/15 to 1/15) = 4% APR + 1.9% APR = 5.9% APR for the 3 month period.
It's actually higher. Funds don't need to arrive until 10/31, so they are there for 76 days (or call it 77 days). For that 77 days, you get 1%. That's 4.74% plus 1.9% (or higher if rates go up), for a total of 6.64%.

I emailed them to clarify whether our joint accounts prohibit my wife (second account holder on joint accounts) from opening an individual account and depositing to it. I'll post the answer when I get it.
Exactly...hold in a higher yielding account until a few days before the deadline, then move the money over.

I confirmed over the phone that a joint account is okay - the spouse's email just needs to be enrolled as well.
I think the question - and a good one - is how the $1000 limit applies. Can they each get $1000 (on $200K)? Does that require separate individual accounts? I'm interested to know as well.
I asked this too and the rep told me $200k in a joint account will get each person the $1k bonus.

ivk5
Posts: 459
Joined: Thu Sep 22, 2016 9:05 am

Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by ivk5 » Tue Oct 16, 2018 6:48 am

simplesimon wrote:
Tue Oct 16, 2018 6:48 am
ivk5 wrote:
Tue Oct 16, 2018 6:45 am
simplesimon wrote:
Tue Oct 16, 2018 6:43 am
RickBoglehead wrote:
Tue Oct 16, 2018 6:31 am
mggray17 wrote:
Mon Oct 15, 2018 6:23 pm


I figure 1% for 3 months (10/15 to 1/15) = 4% APR + 1.9% APR = 5.9% APR for the 3 month period.
It's actually higher. Funds don't need to arrive until 10/31, so they are there for 76 days (or call it 77 days). For that 77 days, you get 1%. That's 4.74% plus 1.9% (or higher if rates go up), for a total of 6.64%.

I emailed them to clarify whether our joint accounts prohibit my wife (second account holder on joint accounts) from opening an individual account and depositing to it. I'll post the answer when I get it.
Exactly...hold in a higher yielding account until a few days before the deadline, then move the money over.

I confirmed over the phone that a joint account is okay - the spouse's email just needs to be enrolled as well.
I think the question - and a good one - is how the $1000 limit applies. Can they each get $1000 (on $200K)? Does that require separate individual accounts? I'm interested to know as well.
I asked this too and the rep told me $200k in a joint account will get each person the $1k bonus.
:sharebeer

User avatar
simplesimon
Posts: 3195
Joined: Mon Feb 25, 2008 8:53 pm
Location: Boston, MA

Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by simplesimon » Tue Oct 16, 2018 7:00 am

Update: I started a chat online with a rep to be sure. This person said that they need to be in separate accounts.

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