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

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

Post by RickBoglehead » Fri Nov 16, 2018 2:02 pm

Received the first of two emails minutes ago, confirming that my wife will get the bonus we expect. I can't verify the math, because we maxed out and I had no concerns of how they would calculate it.

We started with an individual Online Savings account, then opened an 11 month No Penalty CD, then in 1 day closed the CD with the funds moving to the Online Savings account, then opened a new 11 month No Penalty CD. No surprise, perfectly clear in Ally's info, full $1,000 bonus is calculated.

b0B
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by b0B » Fri Nov 16, 2018 2:17 pm

^Yes, people who maxed it should expect the full $1k.

I was curious for any datapoints that confirm the specifics of the calculation. (By the way, I made many transactions in and out during that time, it's my hub account, so it seems it's just the balances on those two dates that matter.)
b0B wrote:
Fri Nov 16, 2018 1:49 pm
Just got an email from Ally with estimated bonus.

It looks like it is based on Nov 5 balance MINUS Oct 8 balance (at least it matches those figures for me). So 1% of that difference, rounded up to whole dollars.

Can others confirm if this calculation matches for them?

bpg1234
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Joined: Fri Jun 24, 2011 6:53 pm

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

Post by bpg1234 » Fri Nov 16, 2018 3:05 pm

b0B wrote:
Fri Nov 16, 2018 2:17 pm
^Yes, people who maxed it should expect the full $1k.

I was curious for any datapoints that confirm the specifics of the calculation. (By the way, I made many transactions in and out during that time, it's my hub account, so it seems it's just the balances on those two dates that matter.)
b0B wrote:
Fri Nov 16, 2018 1:49 pm
Just got an email from Ally with estimated bonus.

It looks like it is based on Nov 5 balance MINUS Oct 8 balance (at least it matches those figures for me). So 1% of that difference, rounded up to whole dollars.

Can others confirm if this calculation matches for them?
Yes the initial bonus amount Ally calculates is based on Nov 5 MINUS Oct 8 baseline balance but assumes the additional deposited funds will remain throughout the retention period. If one were to take out some of that additional funding during the retention period then the actual bonus amount would decrease.

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

Post by gweezer » Fri Nov 16, 2018 3:09 pm

b0B wrote:
Fri Nov 16, 2018 1:49 pm
Just got an email from Ally with estimated bonus.

It looks like it is based on Nov 5 balance MINUS Oct 8 balance (at least it matches those figures for me). So 1% of that difference, rounded up to whole dollars.

Can others confirm if this calculation matches for them?
Just got my email and I can confirm...the calculation matches the amount in my email.

b0B
Posts: 340
Joined: Fri Oct 19, 2018 11:39 am

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

Post by b0B » Fri Nov 16, 2018 3:12 pm

bpg1234 wrote:
Fri Nov 16, 2018 3:05 pm
b0B wrote:
Fri Nov 16, 2018 2:17 pm
^Yes, people who maxed it should expect the full $1k.

I was curious for any datapoints that confirm the specifics of the calculation. (By the way, I made many transactions in and out during that time, it's my hub account, so it seems it's just the balances on those two dates that matter.)
b0B wrote:
Fri Nov 16, 2018 1:49 pm
Just got an email from Ally with estimated bonus.

It looks like it is based on Nov 5 balance MINUS Oct 8 balance (at least it matches those figures for me). So 1% of that difference, rounded up to whole dollars.

Can others confirm if this calculation matches for them?
Yes the initial bonus amount Ally calculates is based on Nov 5 MINUS Oct 8 baseline balance but assumes the additional deposited funds will remain throughout the retention period. If one were to take out some of that additional funding during the retention period then the actual bonus amount would decrease.
I would expect that you could continue transferring in and out (like a normal bank account), and you'd be okay if you don't dip below the Nov 5 balance.

Or if you do, then the formula (I'm guessing) would be 1% of
[minimum balance between Nov 5 and Jan 15] MINUS Oct 8 balance.

So the emailed estimate would be assuming Nov 5 balance = [minimum balance between Nov 5 and Jan 15].

b0B
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by b0B » Fri Nov 16, 2018 3:14 pm

gweezer wrote:
Fri Nov 16, 2018 3:09 pm
b0B wrote:
Fri Nov 16, 2018 1:49 pm
Just got an email from Ally with estimated bonus.

It looks like it is based on Nov 5 balance MINUS Oct 8 balance (at least it matches those figures for me). So 1% of that difference, rounded up to whole dollars.

Can others confirm if this calculation matches for them?
Just got my email and I can confirm...the calculation matches the amount in my email.
Thanks. This confirms the Oct 8 balance mattered.

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

Post by Longdog » Fri Nov 16, 2018 3:15 pm

b0B wrote:
Fri Nov 16, 2018 3:12 pm
bpg1234 wrote:
Fri Nov 16, 2018 3:05 pm
b0B wrote:
Fri Nov 16, 2018 2:17 pm
^Yes, people who maxed it should expect the full $1k.

I was curious for any datapoints that confirm the specifics of the calculation. (By the way, I made many transactions in and out during that time, it's my hub account, so it seems it's just the balances on those two dates that matter.)
b0B wrote:
Fri Nov 16, 2018 1:49 pm
Just got an email from Ally with estimated bonus.

It looks like it is based on Nov 5 balance MINUS Oct 8 balance (at least it matches those figures for me). So 1% of that difference, rounded up to whole dollars.

Can others confirm if this calculation matches for them?
Yes the initial bonus amount Ally calculates is based on Nov 5 MINUS Oct 8 baseline balance but assumes the additional deposited funds will remain throughout the retention period. If one were to take out some of that additional funding during the retention period then the actual bonus amount would decrease.
I would expect that you could continue transferring in and out (like a normal bank account), and you'd be okay if you don't dip below the Nov 5 balance.

Or if you do, then the formula (I'm guessing) would be 1% of
[minimum balance between Nov 5 and Jan 15] MINUS Oct 8 balance.

So the emailed estimate would be assuming Nov 5 balance = [minimum balance between Nov 5 and Jan 15].
Minus interest posted to your accounts between Nov 5 and Jan 15
Steve

bpg1234
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by bpg1234 » Fri Nov 16, 2018 3:20 pm

b0B wrote:
Fri Nov 16, 2018 3:12 pm
bpg1234 wrote:
Fri Nov 16, 2018 3:05 pm
b0B wrote:
Fri Nov 16, 2018 2:17 pm
^Yes, people who maxed it should expect the full $1k.

I was curious for any datapoints that confirm the specifics of the calculation. (By the way, I made many transactions in and out during that time, it's my hub account, so it seems it's just the balances on those two dates that matter.)
b0B wrote:
Fri Nov 16, 2018 1:49 pm
Just got an email from Ally with estimated bonus.

It looks like it is based on Nov 5 balance MINUS Oct 8 balance (at least it matches those figures for me). So 1% of that difference, rounded up to whole dollars.

Can others confirm if this calculation matches for them?
Yes the initial bonus amount Ally calculates is based on Nov 5 MINUS Oct 8 baseline balance but assumes the additional deposited funds will remain throughout the retention period. If one were to take out some of that additional funding during the retention period then the actual bonus amount would decrease.
I would expect that you could continue transferring in and out (like a normal bank account), and you'd be okay if you don't dip below the Nov 5 balance.

Or if you do, then the formula (I'm guessing) would be 1% of
[minimum balance between Nov 5 and Jan 15] MINUS Oct 8 balance.

So the emailed estimate would be assuming Nov 5 balance = [minimum balance between Nov 5 and Jan 15].
Yes if you remain above the Nov 5 amount with money in/out probably good to go with calculated bonus amount and would also guess that it will be the minimum balance during the retention period minus the Oct 8 baseline amount.
Last edited by bpg1234 on Fri Nov 16, 2018 3:31 pm, edited 4 times in total.

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

Post by nolesrule » Fri Nov 16, 2018 3:21 pm

My email estimate was a dollar more than what I had calculated. So it seems that they are including interest paid into the accounts during the initial period. My interest was paid on November 5th. That was the only transaction other than my deposits (besides opening some no penalty CDs).

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

Post by deskjockey » Fri Nov 16, 2018 3:45 pm

b0B wrote:
Fri Nov 16, 2018 3:12 pm

I would expect that you could continue transferring in and out (like a normal bank account), and you'd be okay if you don't dip below the Nov 5 balance.

Or if you do, then the formula (I'm guessing) would be 1% of
[minimum balance between Nov 5 and Jan 15] MINUS Oct 8 balance.

So the emailed estimate would be assuming Nov 5 balance = [minimum balance between Nov 5 and Jan 15].
I seem to remember someone posting that the formula would be 1% of [Nov. 5 balance] - [total amounts withdrawn during retention period] - [Oct. 8 balance]. I'm not going to hunt this down in the thread, but folks who use Ally as their main checking account should probably clear this up, because, if I remember the formula correctly, they could end up losing a big chunk of their bonus even if their minimum balance during the holding period is high. For example, imagine folks who pay a total of $40,000 in bills throughout the period but have their minimum balance only drop by $4,000 at any one time. They would expect a $960 reward, but would instead get $600.

b0B
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by b0B » Fri Nov 16, 2018 3:53 pm

deskjockey wrote:
Fri Nov 16, 2018 3:45 pm
b0B wrote:
Fri Nov 16, 2018 3:12 pm

I would expect that you could continue transferring in and out (like a normal bank account), and you'd be okay if you don't dip below the Nov 5 balance.

Or if you do, then the formula (I'm guessing) would be 1% of
[minimum balance between Nov 5 and Jan 15] MINUS Oct 8 balance.

So the emailed estimate would be assuming Nov 5 balance = [minimum balance between Nov 5 and Jan 15].
I seem to remember someone posting that the formula would be 1% of [Nov. 5 balance] - [total amounts withdrawn during retention period] - [Oct. 8 balance]. I'm not going to hunt this down in the thread, but folks who use Ally as their main checking account should probably clear this up, because, if I remember the formula correctly, they could end up losing a big chunk of their bonus even if their minimum balance during the holding period is high. For example, imagine folks who pay a total of $40,000 in bills throughout the period but have their minimum balance only drop by $4,000 at any one time. They would expect a $960 reward, but would instead get $600.
I think the emailed estimate confirms that that is not the formula. I had a bunch of transactions in that time, so I can see it's not that. It's just based on the net increase from Oct 8 to Nov 5.

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

Post by deskjockey » Fri Nov 16, 2018 4:00 pm

b0B wrote:
Fri Nov 16, 2018 3:53 pm
deskjockey wrote:
Fri Nov 16, 2018 3:45 pm
b0B wrote:
Fri Nov 16, 2018 3:12 pm

I would expect that you could continue transferring in and out (like a normal bank account), and you'd be okay if you don't dip below the Nov 5 balance.

Or if you do, then the formula (I'm guessing) would be 1% of
[minimum balance between Nov 5 and Jan 15] MINUS Oct 8 balance.

So the emailed estimate would be assuming Nov 5 balance = [minimum balance between Nov 5 and Jan 15].
I seem to remember someone posting that the formula would be 1% of [Nov. 5 balance] - [total amounts withdrawn during retention period] - [Oct. 8 balance]. I'm not going to hunt this down in the thread, but folks who use Ally as their main checking account should probably clear this up, because, if I remember the formula correctly, they could end up losing a big chunk of their bonus even if their minimum balance during the holding period is high. For example, imagine folks who pay a total of $40,000 in bills throughout the period but have their minimum balance only drop by $4,000 at any one time. They would expect a $960 reward, but would instead get $600.
I think the emailed estimate confirms that that is not the formula. I had a bunch of transactions in that time, so I can see it's not that. It's just based on the net increase from Oct 8 to Nov 5.
I don't think the email disproves that, since Ally had always said that the eligible amount would be calculated by taking the balance on 5 Nov. and subtracting the balance on 8 Oct. That's what the email is showing you. What happens between Nov. 5 and Jan. 15 is the unknown.

b0B
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by b0B » Fri Nov 16, 2018 4:11 pm

^ I see what you mean by "retention period" now. Anyway the email says "To make sure you get the total amount, remember to maintain the funds you deposited through 1/15/19." I will assume that it is okay to e.g. deposit $X and then withdraw $X.

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

Post by jst » Fri Nov 16, 2018 4:28 pm

I got two emails for my wife. None for me so far. Weird. Or I blew it. But then she'd be getting $2,000, which doesn't seem possible.

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

Post by Kevin M » Fri Nov 16, 2018 4:34 pm

Some details about the email bonus confirmation.

My email says on track to receive $1,000 "as of 11/5/18". So this part doesn't address withdrawals from NP CDs after 11/5 (into eligible checking, then back into eligible NP CD), which I've done (but am not worried about--see below). It does confirm that I deposited enough to qualify as at least $100K of new deposits, which included a few thousand extra to replace what I had withdrawn to pay bills after 10/8.
email wrote:Funds must remain in an eligible Ally Bank Account (Online Savings, Money Market, Interest Checking or CD Account) through 1/15/19.
Underline mine, to emphasize that funds must remain in an eligible account, which implies not necessarily the original account the funds were deposited into, or the account funds were in as of 11/5. I think this is further confirmation that withdrawing from an NP CD into another eligible account, then putting it back into another NP CD should not be a problem.

There is nothing to clarify how withdrawals from eligible accounts during the retention period will affect the bonus (but as I've said, I don't plan to do any withdrawals from eligible accounts, other than a small amount that was pulled to autopay a credit card that didn't switch over to a new, ineligible account in time).

Finally:
Be on the lookout for another note in January with your final bonus amount.
So apparently no more bonus updates until the the end of the retention period.

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

Post by james_madison » Fri Nov 16, 2018 5:11 pm

I received two emails from Ally as well, both saying I am on track for $978 in bonus money. Even though I deposited $100K from Vanguard MMF, and opened a no penalty 11 mo CD, which I still have.

My guess is that since Ally is my main checking & savings account, with regular bill pay outgoing and paycheck deposits, I'm probably below where i was in Oct, after my backdoor roth IRA contribution and vacation credit card bill came due. I guess we'll see what happens when I pay my property taxes later this month too. Oh well, i'll take the $900+.

MikeG62
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by MikeG62 » Fri Nov 16, 2018 5:39 pm

Kevin M wrote:
Fri Nov 16, 2018 4:34 pm
Some details about the email bonus confirmation.

email wrote:Funds must remain in an eligible Ally Bank Account (Online Savings, Money Market, Interest Checking or CD Account) through 1/15/19.
Underline mine, to emphasize that funds must remain in an eligible account, which implies not necessarily the original account the funds were deposited into, or the account funds were in as of 11/5. I think this is further confirmation that withdrawing from an NP CD into another eligible account, then putting it back into another NP CD should not be a problem.


Kevin
Here are the exact words in the confirmation e-mail I received:

- Cash bonus applies to new funds added to an eligible Ally Bank account, not your total balance.
- Funds must remain in an eligible Ally Bank Account (Online Savings, Money Market, Interest Checking or CD Account) through 1/15/19.
- Your cash bonus will be deposited by 2/15/19 and your account must be active and in good standing.

I personally think we should be fine to move funds around between "eligible accounts" from Nov 5 - Jan 15.

Having said that, the language in the third bullet about "your account" needing to be active and in good standing does give me a little pause. Are they talking about the account the funds were sitting in on Nov 5 or are they talking about any eligible account? How can we be sure? Why did they not make this clearer? Personally, I think this is a case of poor lawyering and what they are trying to say is your relationship with Ally must be active and in good standing, but it is impossible to be 100% certain what they mean.

For this reason I am leaning toward not touching the two no penalty CD's my DW and I set up until the bonus posts. This is the only way I can feel 100% certain we will get the bonuses. The only downside is if we could get a higher yield moving the funds to another product during this roughy 3 month period. However, it is just not likely to be a meaningful opportunity cost (as every 10bps on each $100K CD is $8.33 per month pre-tax).
Real Knowledge Comes Only From Experience

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

Post by Elena » Fri Nov 16, 2018 8:07 pm

I too received the email with the estimated bonus amount. Even though the "no penalty CD" rate has increased from when I opened mine (now my CD is almost like my Ally savings acct. rate), I will not touch anything until bonus is paid and deadline has passed.

b0B
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by b0B » Fri Nov 16, 2018 8:18 pm

Ally is my hub account. I will definitely continue to have deposits and withdrawals throughout the period (just not drop below Nov 5 balance). I'm sure there'll be no problem. I would be shocked if Ally penalized regular customer for using their accounts normally.

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

Post by deskjockey » Sat Nov 17, 2018 3:33 am

b0B wrote:
Fri Nov 16, 2018 8:18 pm
Ally is my hub account. I will definitely continue to have deposits and withdrawals throughout the period (just not drop below Nov 5 balance). I'm sure there'll be no problem. I would be shocked if Ally penalized regular customer for using their accounts normally.
You might want to reach out to them to confirm. Here's a post from Ken Tumin's blog that has responses from Ally to specific questions about the promotion. The language on this specific issue is vague and leaves both possibilities wide open:
How do withdrawals impact my cash bonus calculation? Will I forfeit my bonus if a make a withdrawal between 11/5 and 1/15?

Withdrawals during the retention period do not necessarily result in a forfeit of the cash bonus but may reduce the cash bonus amount.
Fluctuations in any eligible account during the retention period may impact the bonus amount.
Enrollees that qualify for a cash bonus on 11/5 will receive emails in November and January with updates on their bonus amount.
I don't have this issue since Ally is not my hub account, but for those who use it as their hub, checking into this would be a good idea.

b0B
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by b0B » Sat Nov 17, 2018 8:53 am

deskjockey wrote:
Sat Nov 17, 2018 3:33 am
b0B wrote:
Fri Nov 16, 2018 8:18 pm
Ally is my hub account. I will definitely continue to have deposits and withdrawals throughout the period (just not drop below Nov 5 balance). I'm sure there'll be no problem. I would be shocked if Ally penalized regular customer for using their accounts normally.
You might want to reach out to them to confirm. Here's a post from Ken Tumin's blog that has responses from Ally to specific questions about the promotion. The language on this specific issue is vague and leaves both possibilities wide open:
How do withdrawals impact my cash bonus calculation? Will I forfeit my bonus if a make a withdrawal between 11/5 and 1/15?

Withdrawals during the retention period do not necessarily result in a forfeit of the cash bonus but may reduce the cash bonus amount.
Fluctuations in any eligible account during the retention period may impact the bonus amount.
Enrollees that qualify for a cash bonus on 11/5 will receive emails in November and January with updates on their bonus amount.
I don't have this issue since Ally is not my hub account, but for those who use it as their hub, checking into this would be a good idea.
No I definitely will not "reach out". There is zero chance that withdrawals this will be a problem, as long as the Nov 5 balance is maintained.

MikeG62
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by MikeG62 » Sat Nov 17, 2018 11:17 am

b0B wrote:
Sat Nov 17, 2018 8:53 am
deskjockey wrote:
Sat Nov 17, 2018 3:33 am
b0B wrote:
Fri Nov 16, 2018 8:18 pm
Ally is my hub account. I will definitely continue to have deposits and withdrawals throughout the period (just not drop below Nov 5 balance). I'm sure there'll be no problem. I would be shocked if Ally penalized regular customer for using their accounts normally.
You might want to reach out to them to confirm. Here's a post from Ken Tumin's blog that has responses from Ally to specific questions about the promotion. The language on this specific issue is vague and leaves both possibilities wide open:
How do withdrawals impact my cash bonus calculation? Will I forfeit my bonus if a make a withdrawal between 11/5 and 1/15?

Withdrawals during the retention period do not necessarily result in a forfeit of the cash bonus but may reduce the cash bonus amount.
Fluctuations in any eligible account during the retention period may impact the bonus amount.
Enrollees that qualify for a cash bonus on 11/5 will receive emails in November and January with updates on their bonus amount.
I don't have this issue since Ally is not my hub account, but for those who use it as their hub, checking into this would be a good idea.
No I definitely will not "reach out". There is zero chance that withdrawals this will be a problem, as long as the Nov 5 balance is maintained.
See Kevin's Oct 20th (4:14pm) post earlier in this thread. Despite what might seem logical, the rules here are not as clear (or logical) as anyone of us would like to think.
Real Knowledge Comes Only From Experience

b0B
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by b0B » Sat Nov 17, 2018 11:58 am

^ I am sure my scenario is fine.

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

Post by AllenSmith » Sat Nov 17, 2018 12:27 pm

wow, can't believe i missed this! next time

15202guy
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by 15202guy » Sun Nov 18, 2018 12:31 pm

fortfun wrote:
Sun Nov 11, 2018 7:20 pm
15202guy wrote:
Sun Nov 11, 2018 6:52 pm
fortfun wrote:
Sun Nov 11, 2018 6:16 pm
Thanks 15202guy. I guess with +2% interest on the savings account, tying up the money for five months is not the end of the world, yes?
I am seeing that the 2% interest is a promotional rate and only good for 3 months. Also, it isn't clear you can do both promotions. Are you seeing something different? If you can get 2% for the full 5 months, it's probably better to leave the money to avoid the fee, but I don't think you can do so.
I'll call tomorrow. Thanks for your input.
Were you able to call? What did you learn?

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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 » Sun Nov 18, 2018 12:39 pm

15202guy wrote:
Sun Nov 18, 2018 12:31 pm
fortfun wrote:
Sun Nov 11, 2018 7:20 pm
15202guy wrote:
Sun Nov 11, 2018 6:52 pm
fortfun wrote:
Sun Nov 11, 2018 6:16 pm
Thanks 15202guy. I guess with +2% interest on the savings account, tying up the money for five months is not the end of the world, yes?
I am seeing that the 2% interest is a promotional rate and only good for 3 months. Also, it isn't clear you can do both promotions. Are you seeing something different? If you can get 2% for the full 5 months, it's probably better to leave the money to avoid the fee, but I don't think you can do so.
I'll call tomorrow. Thanks for your input.
Were you able to call? What did you learn?
Haven't had time but it's first on my list tomorrow morning. I'll post my findings here. Would be nice to pick up a couple grand if my wife and I both take advantage of this deal...

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

Post by Kevin M » Sun Nov 18, 2018 4:30 pm

fortfun wrote:
Sun Nov 18, 2018 12:39 pm
15202guy wrote:
Sun Nov 18, 2018 12:31 pm
fortfun wrote:
Sun Nov 11, 2018 7:20 pm
15202guy wrote:
Sun Nov 11, 2018 6:52 pm
fortfun wrote:
Sun Nov 11, 2018 6:16 pm
Thanks 15202guy. I guess with +2% interest on the savings account, tying up the money for five months is not the end of the world, yes?
I am seeing that the 2% interest is a promotional rate and only good for 3 months. Also, it isn't clear you can do both promotions. Are you seeing something different? If you can get 2% for the full 5 months, it's probably better to leave the money to avoid the fee, but I don't think you can do so.
I'll call tomorrow. Thanks for your input.
Were you able to call? What did you learn?
Haven't had time but it's first on my list tomorrow morning. I'll post my findings here. Would be nice to pick up a couple grand if my wife and I both take advantage of this deal...
The context has been lost here, but after searching through the thread, I believe this discussion is about a Capital One promotion, so nothing to do with the Ally promotion (the topic of this thread). I was a bit confused by mention of the 2% rate, which is what Ally now is paying on its savings accounts, and it has nothing to do with the Ally promotion.

Kevin
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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 » Sun Nov 18, 2018 5:20 pm

Kevin M wrote:
Sun Nov 18, 2018 4:30 pm
fortfun wrote:
Sun Nov 18, 2018 12:39 pm
15202guy wrote:
Sun Nov 18, 2018 12:31 pm
fortfun wrote:
Sun Nov 11, 2018 7:20 pm
15202guy wrote:
Sun Nov 11, 2018 6:52 pm

I am seeing that the 2% interest is a promotional rate and only good for 3 months. Also, it isn't clear you can do both promotions. Are you seeing something different? If you can get 2% for the full 5 months, it's probably better to leave the money to avoid the fee, but I don't think you can do so.
I'll call tomorrow. Thanks for your input.
Were you able to call? What did you learn?
Haven't had time but it's first on my list tomorrow morning. I'll post my findings here. Would be nice to pick up a couple grand if my wife and I both take advantage of this deal...
The context has been lost here, but after searching through the thread, I believe this discussion is about a Capital One promotion, so nothing to do with the Ally promotion (the topic of this thread). I was a bit confused by mention of the 2% rate, which is what Ally now is paying on its savings accounts, and it has nothing to do with the Ally promotion.

Kevin
Citi is offering $600 for 50k deposit. They have a 2% savings rate but we aren't sure if you can get the $600 AND the 2% savings rate. I'm checking tomorrow. Since I'm not eligible for the Ally bonus, shopping around for others.

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

Post by RickBoglehead » Tue Nov 20, 2018 7:21 am

Kevin M wrote:
Fri Nov 09, 2018 4:07 pm
RickBoglehead wrote:
Fri Nov 09, 2018 3:49 pm
Just completed the process for both of us. Our CDs were opened on 10/30 and 10/31, so the 10 day rate guarantee should have kicked in. I didn't see it, just went and did it myself all in 10 minutes.
Kevin M wrote:
Fri Nov 09, 2018 3:34 pm

I've never had to unfreeze my credit reports to open any account at Ally, and I've opened many of them, including two no-penalty CDs for the promo new deposits. I wonder how Ally decides who they're going to do a credit check on.

Kevin
I've had accounts for over a decade at Ally. Froze all 3 credit bureaus back when it became free. Opened the new savings accounts (individual) for the promo, and both were multiple days in limbo due to the credit freeze - we got phone calls for verification (because you're a customer already). Did the first CDs, and today's CDs, with temp lifts at Transunion and they fly through. Rep said they do it on all new accounts period.
So weird. I have all of the big three frozen. I just opened a new CD at the higher rate, closed one of the original ones, and transferred the money into the new one via a checking account. No problems.

I didn't think about the 10-day rate guarantee. I think that will apply to CDs opened on 10/31, but not 10/30. As I recall, they count the day you open it as day 1, so this is day 10 for 10/31 opening, but day 11 for 10/30 opening. That's assuming the rate increased today and not yesterday.

I have a second, smaller CD that I opened opened on 10/31, that I was going to hold off closing until a few things settle out over the next couple of days, and then probably adding more to a new one after closing that one. So I should see the rate bump up to 2.20% by tomorrow I think. I still might close it so I can add more to a new one, and still meet the minimum $25K to get the highest rate.

Kevin
Today with the rate increase from 2.20% to 2.25%, I decided to try and open new CDs without unfreezing the 3 credit bureaus or ChexSystems. Worked fine. Therefore, it was on the first one that the freeze affected.

Annoying that Ally waited 11 days to not have to bump the rate up, but for a few minutes work it's done.

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

Post by boglehair » Tue Nov 20, 2018 7:32 am

bpg1234 wrote:
Fri Nov 16, 2018 3:05 pm
b0B wrote:
Fri Nov 16, 2018 2:17 pm
^Yes, people who maxed it should expect the full $1k.

I was curious for any datapoints that confirm the specifics of the calculation. (By the way, I made many transactions in and out during that time, it's my hub account, so it seems it's just the balances on those two dates that matter.)
b0B wrote:
Fri Nov 16, 2018 1:49 pm
Just got an email from Ally with estimated bonus.

It looks like it is based on Nov 5 balance MINUS Oct 8 balance (at least it matches those figures for me). So 1% of that difference, rounded up to whole dollars.

Can others confirm if this calculation matches for them?
Yes the initial bonus amount Ally calculates is based on Nov 5 MINUS Oct 8 baseline balance but assumes the additional deposited funds will remain throughout the retention period. If one were to take out some of that additional funding during the retention period then the actual bonus amount would decrease.
If we take out a small percentage of the added fund, would it render the bonus to zero?

e.g. take $1000 out of $10000 new fund

1) The bonus drop from $100 to $90
2) bonus drops to $0

Would it be 1 or 2?

Thanks.

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

Post by Kevin M » Tue Nov 20, 2018 2:41 pm

boglehair wrote:
Tue Nov 20, 2018 7:32 am
If we take out a small percentage of the added fund, would it render the bonus to zero?

e.g. take $1000 out of $10000 new fund

1) The bonus drop from $100 to $90
2) bonus drops to $0

Would it be 1 or 2?

Thanks.
I'm 99% confident that it would be 1. Your bonus will be reduced, but not eliminated.

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

Post by InertiaMan » Fri Nov 23, 2018 12:12 pm

fortfun wrote:
Sun Nov 18, 2018 5:20 pm
Citi is offering $600 for 50k deposit. They have a 2% savings rate but we aren't sure if you can get the $600 AND the 2% savings rate. I'm checking tomorrow. Since I'm not eligible for the Ally bonus, shopping around for others.
I talked to Citi twice today, and got a consistent answer: the 2% promotional rate can't be applied to the $50k balance of the $600 bonus. The interest rate on the $50k is an abysmal 0.1%.

If you do the math, the opportunity cost of 0.10% versus a 2.25% rate on $50k for 60 days is about $180. So the $600 bonus is effectively a $420 bonus.

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

Post by patrick » Fri Nov 23, 2018 2:36 pm

InertiaMan wrote:
Fri Nov 23, 2018 12:12 pm
fortfun wrote:
Sun Nov 18, 2018 5:20 pm
Citi is offering $600 for 50k deposit. They have a 2% savings rate but we aren't sure if you can get the $600 AND the 2% savings rate. I'm checking tomorrow. Since I'm not eligible for the Ally bonus, shopping around for others.
I talked to Citi twice today, and got a consistent answer: the 2% promotional rate can't be applied to the $50k balance of the $600 bonus. The interest rate on the $50k is an abysmal 0.1%.

If you do the math, the opportunity cost of 0.10% versus a 2.25% rate on $50k for 60 days is about $180. So the $600 bonus is effectively a $420 bonus.
It's a bit worse than that. You'll have to keep the account open until the bonus is actually paid -- the last time I got a Citi bonus it took an additional 70 days to receive it, for a total of 130 days after depositing the money. This means either keeping a large enough balance to avoid fees or else paying the monthly fee while waiting for the bonus to appear.

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

Post by InertiaMan » Fri Nov 23, 2018 4:02 pm

patrick wrote:
Fri Nov 23, 2018 2:36 pm

It's a bit worse than that. You'll have to keep the account open until the bonus is actually paid -- the last time I got a Citi bonus it took an additional 70 days to receive it, for a total of 130 days after depositing the money. This means either keeping a large enough balance to avoid fees or else paying the monthly fee while waiting for the bonus to appear.
Very good point. Their nomenclature is very confusing. The $600 only applies to the "Citi Priority Account Package." That account requires either a $50k minimum to avoid fees, or a $30/month fee. So ideally, after 60 days with a $50k balance, you reduce your balance to something trivial, and pay the $30/mo to keep the accounts in good standing for 90 additional days. So you "lose" $180 in lost interest in first 60 days + $90 in account fees in subsequent 90 days = $270 total. Net bonus is only $330. And lots of hoops to jump through. I think I'll pass.

The $1000 @ Ally is starting to feel like the easiest bonus ever. Glad I was able to jump on it.

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

Post by libralibra » Fri Nov 23, 2018 4:31 pm

You could try the https://www.capitalone.com/value2018/ promo for $1000 for 150k deposit for 60 days, which replaces their $500 deal that just expired. I don't qualify, though, since
If you have or had an open savings product with Capital One after January 1, 2016, you’re ineligible for the bonus.
You get the bonus and their current 2% rate too.

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

Post by InertiaMan » Sat Nov 24, 2018 12:38 am

libralibra wrote:
Fri Nov 23, 2018 4:31 pm
You could try the https://www.capitalone.com/value2018/ promo for $1000 for 150k deposit for 60 days, which replaces their $500 deal that just expired. I don't qualify, though, since
If you have or had an open savings product with Capital One after January 1, 2016, you’re ineligible for the bonus.
You get the bonus and their current 2% rate too.
Looks good. Did you run into any issues or gotchas to be aware of w/ Capital One? The summary of terms looks pretty reasonable . . . 10 days to fund, bonus paid after 60 days, no fees. I'm hoping there aren't concerning details in the subsequent account application or terms?

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

Post by TravelGeek » Sat Nov 24, 2018 6:25 am

libralibra wrote:
Fri Nov 23, 2018 4:31 pm
You could try the https://www.capitalone.com/value2018/ promo for $1000 for 150k deposit for 60 days, which replaces their $500 deal that just expired. I don't qualify, though, since
If you have or had an open savings product with Capital One after January 1, 2016, you’re ineligible for the bonus.
I hope they have a similar offer in early 2019 when my Ally money will be looking for a new home :)

yoyo6713
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by yoyo6713 » Sun Nov 25, 2018 11:23 am

I moved 100K directly from a credit union into a penalty free CD in Ally end of Oct. I have about 50K in my saving account in Ally since Sep. I got the email that I am eligible for $1000 bonus and a follow up chat indicated I can freely use the 50K saving account w/o affecting the bonus as long as the 100K penalty free CD stays as is. The reason, as I was told, is that the 100K CD satisfied the requirement of the new fund and as long as it stays through 1/15/2019 I will get the full 1k bonus. I think I will send them an email and get it confirmed in writing.

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

Post by NewbieBogle007 » Mon Nov 26, 2018 9:40 pm

Am I correct in thinking that any deposits made after Nov 5 can be withdrawn without affecting the bonus amount? I tried to get an answer via Ally chat, but the rep was not knowledgeable.

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

Post by RickBoglehead » Mon Nov 26, 2018 9:49 pm

It is perplexing how much consternation there is over this promotion.

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

Post by Kevin M » Tue Nov 27, 2018 2:59 pm

NewbieBogle007 wrote:
Mon Nov 26, 2018 9:40 pm
Am I correct in thinking that any deposits made after Nov 5 can be withdrawn without affecting the bonus amount? I tried to get an answer via Ally chat, but the rep was not knowledgeable.
People have received conflicting replies about this. I was pretty much told flat out that any withdrawals from eligible accounts during the retention period could result in a decreased bonus, even though it makes no sense if you're simply withdrawing funds you deposited after the funding period. I was at the point of escalating this and similar points to a supervisor, but ran out of energy.

I just decided that I wouldn't make any withdrawals from eligible accounts during the retention period. I already had a trust savings account, so it was easy to open a trust checking account, and since trust accounts are ineligible for the bonus, I just use the trust accounts now for my daily banking needs.

Others have posted that they're quite comfortable that they can do what you are asking about without affecting the bonus, and they said they would do so.

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

Post by le_sacre » Tue Nov 27, 2018 3:19 pm

Here's the reply I received by secure message when asking whether continuing to use my account as normal to receive paychecks and pay bills would reduce the bonus amount:
The account may still be used as per usual, without affecting the cashback bonus. As long as the initial deposit of $••••• remains within Ally Bank until 01/15/2018. The funds may be internally transferred between your separate Ally Bank accounts without impacting the bonus, however transferred of funds outside of Ally or a withdrawal of funds may cause fluctuations to your bonus amount. You may view the full terms and conditions of the promotion at: www.allypaybacktime.com/rules.
I'm reasonably but not 100% confident that the bonus amount will only be reduced if at any time before 1/15 your balance drops below what it was on 11/5.

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

Post by RickBoglehead » Tue Nov 27, 2018 3:30 pm

le_sacre wrote:
Tue Nov 27, 2018 3:19 pm
Here's the reply I received by secure message when asking whether continuing to use my account as normal to receive paychecks and pay bills would reduce the bonus amount:
The account may still be used as per usual, without affecting the cashback bonus. As long as the initial deposit of $••••• remains within Ally Bank until 01/15/2018. The funds may be internally transferred between your separate Ally Bank accounts without impacting the bonus, however transferred of funds outside of Ally or a withdrawal of funds may cause fluctuations to your bonus amount. You may view the full terms and conditions of the promotion at: www.allypaybacktime.com/rules.
I'm reasonably but not 100% confident that the bonus amount will only be reduced if at any time before 1/15 your balance drops below what it was on 11/5.
This ^^^

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

Post by DaftInvestor » Thu Nov 29, 2018 2:58 pm

RickBoglehead wrote:
Mon Nov 26, 2018 9:49 pm
It is perplexing how much consternation there is over this promotion.
For me it was simple since I had no accounts with Ally.
Put the money in.
Got an email last week telling me I was on track for my bonus.
Will wait until such bonus is received and then will take all the money out.
(although with their savings now at 2.00% they are now only trailing the bigger leaders such as synchrony and gsbank by 0.05% who are now at 2.05% so I might leave a few dollars in).

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