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

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

Post by tj » Thu Nov 08, 2018 5:27 pm

F150HD wrote:
Thu Nov 08, 2018 5:20 pm
IcedDog wrote:
Wed Nov 07, 2018 12:35 am
Did existing Ally customers automatically get included, or did they also have to actively enroll in the promotion? I've had an Ally savings account for years, but didn't hear about this until just recently.
similar here, didn't hear a thing.
They were tryting to attract new deposits. Maybe they didn't think existing accountholders had a huge spare cash.

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

Post by libralibra » Thu Nov 08, 2018 7:04 pm

When I went to ally.com, I saw the promo on top of the front page. I know some people reported not having it tho.

I wonder why the response was so huge on this? I've seen other deals like $400 for 10k at HSBC or $500 for 50k at CapOne. Maybe because it included existing customers

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

Post by tibbitts » Thu Nov 08, 2018 7:08 pm

libralibra wrote:
Thu Nov 08, 2018 7:04 pm
When I went to ally.com, I saw the promo on top of the front page. I know some people reported not having it tho.

I wonder why the response was so huge on this? I've seen other deals like $400 for 10k at HSBC or $500 for 50k at CapOne. Maybe because it included existing customers
Yes. I know with Capital One even if you had an account at any of its acquired banks (I got $50 I think for signing up at one of them), you're excluded. I don't know about HSBC.

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

Post by libralibra » Thu Nov 08, 2018 8:16 pm

tibbitts wrote:
Thu Nov 08, 2018 7:08 pm
libralibra wrote:
Thu Nov 08, 2018 7:04 pm
When I went to ally.com, I saw the promo on top of the front page. I know some people reported not having it tho.

I wonder why the response was so huge on this? I've seen other deals like $400 for 10k at HSBC or $500 for 50k at CapOne. Maybe because it included existing customers
Yes. I know with Capital One even if you had an account at any of its acquired banks (I got $50 I think for signing up at one of them), you're excluded. I don't know about HSBC.
I thought so too, but their most recent deal (expired last week) just said you must not have had an account since Jan 1, 2016 (not lifetime), so at some point they started being less restrictive. https://www.capitalone.com/savings500/

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

Post by tj » Thu Nov 08, 2018 8:48 pm

libralibra wrote:
Thu Nov 08, 2018 7:04 pm
When I went to ally.com, I saw the promo on top of the front page. I know some people reported not having it tho.

I wonder why the response was so huge on this? I've seen other deals like $400 for 10k at HSBC or $500 for 50k at CapOne. Maybe because it included existing customers
Most of those require a direct deposit.

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F150HD
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by F150HD » Thu Nov 08, 2018 9:01 pm

deleted

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

Post by Startled Cat » Fri Nov 09, 2018 10:39 am

The No Penalty CD seems to be up to 2.20% now. Time to break those CDs and reinvest?

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

Post by robertmcd » Fri Nov 09, 2018 10:50 am

Startled Cat wrote:
Fri Nov 09, 2018 10:39 am
The No Penalty CD seems to be up to 2.20% now. Time to break those CDs and reinvest?
I would like to know this as well. If I close my no penalty CD then reopen it, am I still eligible for the bonus?

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

Post by dollarsaver » Fri Nov 09, 2018 11:16 am

robertmcd wrote:
Fri Nov 09, 2018 10:50 am
Startled Cat wrote:
Fri Nov 09, 2018 10:39 am
The No Penalty CD seems to be up to 2.20% now. Time to break those CDs and reinvest?
I would like to know this as well. If I close my no penalty CD then reopen it, am I still eligible for the bonus?
+1

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

Post by xenial » Fri Nov 09, 2018 12:12 pm

robertmcd wrote:
Fri Nov 09, 2018 10:50 am
Startled Cat wrote:
Fri Nov 09, 2018 10:39 am
The No Penalty CD seems to be up to 2.20% now. Time to break those CDs and reinvest?
I would like to know this as well. If I close my no penalty CD then reopen it, am I still eligible for the bonus?
I've been keeping the money in the 1.90% online savings account because of this sentence in the Eligibility section of the offer's Terms & Conditions:
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.
Note that the statement does not say At least one account . . . I know customer service reps have said it's OK to open and close no penalty CDs, but I just don't trust their knowledge. Unless I see official Ally guidance, I'll either stand pat or open a no penalty CD and keep it until I actually receive the bonus.

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

Post by Tamales » Fri Nov 09, 2018 12:35 pm

BTW, as a point of reference, Synchrony just upped their HY savings acct to 2.05% (was 1.90%, same as Ally, up until yesterday I think).

How many folks have accounts both places, and move funds back and forth between them?

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

Post by MikeG62 » Fri Nov 09, 2018 12:46 pm

dollarsaver wrote:
Fri Nov 09, 2018 11:16 am
robertmcd wrote:
Fri Nov 09, 2018 10:50 am
Startled Cat wrote:
Fri Nov 09, 2018 10:39 am
The No Penalty CD seems to be up to 2.20% now. Time to break those CDs and reinvest?
I would like to know this as well. If I close my no penalty CD then reopen it, am I still eligible for the bonus?
+1
:annoyed Who knows why Ally increased the rate just days after the 11/5 promo tripwire. Good thing is the 10bps only amounts to $8.33 per month for every $100K invested so it's insignificant.

I think I'll leave our CD's as they are since it seems impossible to get 100% assurance from Ally that the "close and reopen" does not impact our bonuses (and considering we each have only one CD (individually owned) in addition to our joint account). I don't want the sweeping of the CD proceeds from the early termination through the "joint account" (even if only momentarily) to limit in any way our ability to collect the full $2,000 bonus.

I suppose we could open two new individual accounts, but that feels like more bother than it's worth for the $17 per month (for two months) and considering we still won't have a guarantee that the bonus is not affected. The only way to get that is to leave our Ally accounts alone until at least 1/16 (or even 2/15). Once the bonus posts we are free to do whatever we want - which may well be to move the funds back to where they were before Ally offered this promo. Will depend on opportunities which exist at that time.
Real Knowledge Comes Only From Experience

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

Post by Chesterfield » Fri Nov 09, 2018 12:54 pm

I asked in a couple chats and also internal messaging system regarding breaking no penalty CD and move to higher one should Ally offers it before 1/16 and I was told yes repeatedly. They all said that bonus is looked at the balance of all open accounts at Ally through 1/15/2019. Therefore, you're free to move to other Ally's cds or savings/check/money market. I am new to Ally and opened both savings and no penalty CD. I think the rate went up b/c of the Fed's ytd hinting that it'll raise rate comes Dec. I think the rate will go up again in December (after Dec Fed's meeting). I attached Ally's message below:
-------------------REPLY FROM ALLY------------------
Thank you for taking the time to contact Ally Bank. Your business is important to us and I sincerely apologize for the delay in responding to your e-mail. I would be happy to provide information on our payback time promotion.

All Ally Bank customers, both new and existing, are eligible for our It's Payback Time promotion. To take advantage of this offer, you would need to enroll by navigating to www.ally.com/payback before 10/21/2018. This is the only enrollment option; we do not have the ability to enroll on your behalf. When enrolling, please keep in mind that the email address must match your Ally Bank profile to be linked to your accounts. Once enrolled, you will receive an email confirmation within about 5 minutes.

The promotion will pay a 1% cash bonus on new deposits (from outside Ally Bank), with a maximum bonus of $1,000.00. To qualify, customers must deposit a minimum of $1,000.00 to accounts with single or joint ownership between 10/8/18 and 11/5/18. The payout will be calculated based on the net balance increase, and funds must remain with Ally Bank until 1/15/2019. We cannot confirm the anticipated payout amount prior to that date.

The dates that we communicate to customers are a guideline. However, as you've seen within the Terms & Conditions, we allow extra time in case of any unforeseen delays. As long as the funds originated from outside Ally Bank, they can be moved between Ally Bank accounts and will still qualify for the bonus. Only funds moved out of Ally Bank before 1/15/2019 will be disqualified.

We appreciate your business and want to thank you for choosing Ally Bank. If you have any additional questions, we are here for you 24 hours a day, seven days a week. Our toll free number is 1-877-247-ALLY (2559) or you can always visit us online at ally.com.

Thank you,
Last edited by Chesterfield on Fri Nov 09, 2018 1:04 pm, edited 1 time in total.

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

Post by LinusP » Fri Nov 09, 2018 1:04 pm

Chesterfield wrote:
Fri Nov 09, 2018 12:54 pm
I asked in a couple chats and also internal messaging system regarding breaking no penalty CD and move to higher one should Ally offers it before 1/16 and I was told yes repeatedly. They all said that bonus is looked at the balance of all open accounts at Ally through 1/15/2019. Therefore, you're free to move to other Ally's cds or savings/check/money market. I am new to Ally and opened both savings and no penalty CD. I think the rate went up b/c of the Fed's ytd hinting that it'll raise rate comes Dec. I think the rate will go up again in December (after Dec Fed's meeting).
I can confirm this - when I called, the rep consulted a supervisor, confirmed that moving between eligible accounts wouldn't affect the bonus, noted all of that in my record, and closed and re-established my No Penalty CDs.

ivk5
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by ivk5 » Fri Nov 09, 2018 2:14 pm

I just wish there were a way to avoid getting the snail mail packet for each newly opened CD.

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

Post by hap_ca » Fri Nov 09, 2018 2:57 pm

I split my cash into multiple no penalty CDs and was hit with an excessive transaction fee today so keep that in mind. I originally deposited cash into the online savings account, opened the CDs and funded it through the savings. Today I broke the CDs and deposited back to savings, and finally created the new CDs funding from online savings.

Those transactions combined with deposit verifications pushed me above the 6 transaction limit.

I couldn’t find a way to open a new cd from my iPhone either as it only gave me the mobile site and the app doesn’t allow you to. Seems like it should be a bit more mobile friendly for an online only bank. I think I’ll switch back to Alliant and VMXX once the bonus posts

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

Post by RickBoglehead » Fri Nov 09, 2018 3:14 pm

Saw the rate increase here, so I decided to go through the process. Tips:

- Do NOT close your old CD. I did, called about whether I have to lift the credit freeze (yes, you do) and learned some things.

Unfreeze your Transunion credit, wait 15 minutes, open the new CD. Then close the old CD, into your other individual account, then move the funds into the new CD.

I was told by a rep that they can go CD to CD on the phone, we can't online. He also said some stuff about a federal lift, not a temporary, but I was successful before with a temporary lift so that's the route I'm going.

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

Post by tenkuky » Fri Nov 09, 2018 3:17 pm

whodatheads wrote:
Tue Oct 16, 2018 3:31 pm
Tamales wrote:
Tue Oct 16, 2018 11:09 am
HomerJ wrote:
Tue Oct 16, 2018 10:00 am
What's the risk here?

I can't figure out why Ally is just throwing away money. 1/15/19 seems like an awfully short amount of time.

If Ally goes bankrupt, we're covered by FDIC, correct?
Yep, it's odd, but I suppose it's on par with the brokerage transfer bonuses and the belief that it will lead to them making more than the cost, on balance.

I wonder if other banks would match Ally's offer, if you "threatened" to move your money to Ally. That's the real test of how economical this offer is. And I suspect no bank would match it.
Capital One is having a similar offer: up to $500 and 1.85APY. And their 1yr CD is 2.5%.
Isn't Cap One's MM rate 2.00%? Why would they offer bonus with a lesser rate?

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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 09, 2018 3:31 pm

hap_ca wrote:
Fri Nov 09, 2018 2:57 pm
I split my cash into multiple no penalty CDs and was hit with an excessive transaction fee today so keep that in mind. I originally deposited cash into the online savings account, opened the CDs and funded it through the savings. Today I broke the CDs and deposited back to savings, and finally created the new CDs funding from online savings.

Those transactions combined with deposit verifications pushed me above the 6 transaction limit.

I couldn’t find a way to open a new cd from my iPhone either as it only gave me the mobile site and the app doesn’t allow you to. Seems like it should be a bit more mobile friendly for an online only bank. I think I’ll switch back to Alliant and VMXX once the bonus posts
You should open a checking account so you can do these things without the 6-transaction limit.

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

Post by Ren » Fri Nov 09, 2018 3:33 pm

I thought there was a ten day rate increase guarantee for these No Penalty CD's. I opened mine on 11/2, so I'm going to ask if I'm eligible for the new rate.

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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 09, 2018 3:34 pm

RickBoglehead wrote:
Fri Nov 09, 2018 3:14 pm
Saw the rate increase here, so I decided to go through the process. Tips:

- Do NOT close your old CD. I did, called about whether I have to lift the credit freeze (yes, you do) and learned some things.

Unfreeze your Transunion credit, wait 15 minutes, open the new CD. Then close the old CD, into your other individual account, then move the funds into the new CD.
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
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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 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.

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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 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
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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 » Fri Nov 09, 2018 4:29 pm

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
Kevin, you must believe CD rates will be going up since you are sticking with this no risk CD, yes? Is there anything that indicates when CDs will increase, or is it just by chance?

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

Post by Drovor » Fri Nov 09, 2018 7:12 pm

Ren wrote:
Fri Nov 09, 2018 3:33 pm
I thought there was a ten day rate increase guarantee for these No Penalty CD's. I opened mine on 11/2, so I'm going to ask if I'm eligible for the new rate.
Should update automatically but I think it takes a day or two before you see it.

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

Post by Drovor » Fri Nov 09, 2018 7:15 pm

RickBoglehead wrote:
Fri Nov 09, 2018 3:14 pm
Saw the rate increase here, so I decided to go through the process. Tips:

- Do NOT close your old CD. I did, called about whether I have to lift the credit freeze (yes, you do) and learned some things.

Unfreeze your Transunion credit, wait 15 minutes, open the new CD. Then close the old CD, into your other individual account, then move the funds into the new CD.

I was told by a rep that they can go CD to CD on the phone, we can't online. He also said some stuff about a federal lift, not a temporary, but I was successful before with a temporary lift so that's the route I'm going.
I havn't had this problem with the No Penalty CDs.

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

Post by Kevin M » Fri Nov 09, 2018 8:02 pm

fortfun wrote:
Fri Nov 09, 2018 4:29 pm
Kevin, you must believe CD rates will be going up since you are sticking with this no risk CD, yes? Is there anything that indicates when CDs will increase, or is it just by chance?
I'm not "sticking with this no risk CD". I'm taking advantage of the $1,000 bonus on $100K of "new deposits" that must remain at Ally for about 75 days. That comes to an APY of about 6.7% for what one could think of as a 75-day CD.

I don't think I can predict interest rates any better than anyone else, and there doesn't seem to be anyone who is good at it.

Having said that, I have been keeping maturities for new cash deployments relatively short, as you don't get much additional yield for taking on much extra term risk. But I've posted plenty about that elsewhere, and getting into details here would be taking us off topic for this thread.

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 » Sat Nov 10, 2018 6:28 pm

Kevin M wrote:
Fri Nov 09, 2018 8:02 pm
fortfun wrote:
Fri Nov 09, 2018 4:29 pm
Kevin, you must believe CD rates will be going up since you are sticking with this no risk CD, yes? Is there anything that indicates when CDs will increase, or is it just by chance?
I'm not "sticking with this no risk CD". I'm taking advantage of the $1,000 bonus on $100K of "new deposits" that must remain at Ally for about 75 days. That comes to an APY of about 6.7% for what one could think of as a 75-day CD.

I don't think I can predict interest rates any better than anyone else, and there doesn't seem to be anyone who is good at it.

Having said that, I have been keeping maturities for new cash deployments relatively short, as you don't get much additional yield for taking on much extra term risk. But I've posted plenty about that elsewhere, and getting into details here would be taking us off topic for this thread.

Kevin
You have "new deposits" in quotes. What does that mean? I already had all of my money at Ally and didn't apply. Sounds like you got around that rule. Bummer for me :(

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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 » Sat Nov 10, 2018 10:45 pm

fortfun wrote:
Sat Nov 10, 2018 6:28 pm
Kevin M wrote:
Fri Nov 09, 2018 8:02 pm
fortfun wrote:
Fri Nov 09, 2018 4:29 pm
Kevin, you must believe CD rates will be going up since you are sticking with this no risk CD, yes? Is there anything that indicates when CDs will increase, or is it just by chance?
I'm not "sticking with this no risk CD". I'm taking advantage of the $1,000 bonus on $100K of "new deposits" that must remain at Ally for about 75 days. That comes to an APY of about 6.7% for what one could think of as a 75-day CD.
<snip>
You have "new deposits" in quotes. What does that mean?
It just means that Ally has a very specific way of defining new deposits. For example, any withdrawals from eligible accounts during the deposit period, 10/8-11/5, had to be replaced before additional deposits counted as new deposits. I paid about $5K of bills from eligible accounts during this period, so I had to deposit about $105K to eligible accounts to get to $100K of new deposits.
I already had all of my money at Ally and didn't apply. Sounds like you got around that rule. Bummer for me :(
I didn't get around the rule. I just happened to have $105K at a different bank that is paying much higher interest than Ally (which is why it wasn't at Ally), so I was able to add $100K of new deposits to eligible accounts according to their definition of new deposits.

You are in the same boat as many "loyal" Ally customers who already had all of their cash at Ally, a number of whom have posted their frustration in this thread.

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 11, 2018 12:07 pm

Kevin M wrote:
Sat Nov 10, 2018 10:45 pm
fortfun wrote:
Sat Nov 10, 2018 6:28 pm
Kevin M wrote:
Fri Nov 09, 2018 8:02 pm
fortfun wrote:
Fri Nov 09, 2018 4:29 pm
Kevin, you must believe CD rates will be going up since you are sticking with this no risk CD, yes? Is there anything that indicates when CDs will increase, or is it just by chance?
I'm not "sticking with this no risk CD". I'm taking advantage of the $1,000 bonus on $100K of "new deposits" that must remain at Ally for about 75 days. That comes to an APY of about 6.7% for what one could think of as a 75-day CD.
<snip>
You have "new deposits" in quotes. What does that mean?
It just means that Ally has a very specific way of defining new deposits. For example, any withdrawals from eligible accounts during the deposit period, 10/8-11/5, had to be replaced before additional deposits counted as new deposits. I paid about $5K of bills from eligible accounts during this period, so I had to deposit about $105K to eligible accounts to get to $100K of new deposits.
I already had all of my money at Ally and didn't apply. Sounds like you got around that rule. Bummer for me :(
I didn't get around the rule. I just happened to have $105K at a different bank that is paying much higher interest than Ally (which is why it wasn't at Ally), so I was able to add $100K of new deposits to eligible accounts according to their definition of new deposits.

You are in the same boat as many "loyal" Ally customers who already had all of their cash at Ally, a number of whom have posted their frustration in this thread.

Kevin
Thanks Kevin. What bank is paying much higher interest than Ally?

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

Post by Kevin M » Sun Nov 11, 2018 2:41 pm

fortfun wrote:
Sun Nov 11, 2018 12:07 pm
Thanks Kevin. What bank is paying much higher interest than Ally?
It's a local bank, Poppy Bank, paying 2.50% on balances of $10K or more; may be available to CA residents only. There was briefly a nationwide offer at the same rate, but it was pulled after about one month. There are other local banks with similarly high rates--one is in Boston: https://www.depositaccounts.com/banks/e ... nk/offers/.

Ally's no-penalty CD at 2.20% APY is closing the gap, but for Vanguard Treasury MM fund at 2.12% SEC yield, my TEY is 2.38%, up from 2.29% a month ago. So the MM fund would be my second choice, and it's likely to become my first choice in less than two months if its yield continues to increase at a similar rate. I'd expect the MM fund is where I'll park the cash at the end of the Ally promo retention period (1/15/2019), unless there's some other great deal at that time.

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

Post by fortfun » Sun Nov 11, 2018 3:54 pm

Kevin M wrote:
Sun Nov 11, 2018 2:41 pm
fortfun wrote:
Sun Nov 11, 2018 12:07 pm
Thanks Kevin. What bank is paying much higher interest than Ally?
It's a local bank, Poppy Bank, paying 2.50% on balances of $10K or more; may be available to CA residents only. There was briefly a nationwide offer at the same rate, but it was pulled after about one month. There are other local banks with similarly high rates--one is in Boston: https://www.depositaccounts.com/banks/e ... nk/offers/.

Ally's no-penalty CD at 2.20% APY is closing the gap, but for Vanguard Treasury MM fund at 2.12% SEC yield, my TEY is 2.38%, up from 2.29% a month ago. So the MM fund would be my second choice, and it's likely to become my first choice in less than two months if its yield continues to increase at a similar rate. I'd expect the MM fund is where I'll park the cash at the end of the Ally promo retention period (1/15/2019), unless there's some other great deal at that time.

Kevin
Thanks Kevin. What do you think of this $600 Citi bonus? Since I missed out on the Ally bonus, I might give this one a go. https://banking.citi.com/cbol/18/checki ... E81F5E91DF

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

Post by 15202guy » Sun Nov 11, 2018 5:10 pm

fortfun wrote:
Sun Nov 11, 2018 3:54 pm
What do you think of this $600 Citi bonus? Since I missed out on the Ally bonus, I might give this one a go. https://banking.citi.com/cbol/18/checki ... E81F5E91DF
Be aware of a few things from the T&C:
1. the bonus will be deposited within 90 days of completing the required activities
2. the bonus goes into the checking account, which must be open and in good standing to receive the deposit
3. there is a $30 monthly fee for the checking account unless you maintain a $50K average balance (across the savings and checking account)

So, you either need to tie up the $50K for 5 months instead of 2, or pay $90 in service fees if you pull your $50K after the 60 days. So this COULD still be a good deal, but be aware of these caveats. (and if you're going to use logic like "this is effectively a $510 bonus then", be sure to factor in that taxes are owed on the entire $600).

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

Post by fortfun » Sun Nov 11, 2018 6:16 pm

15202guy wrote:
Sun Nov 11, 2018 5:10 pm
fortfun wrote:
Sun Nov 11, 2018 3:54 pm
What do you think of this $600 Citi bonus? Since I missed out on the Ally bonus, I might give this one a go. https://banking.citi.com/cbol/18/checki ... E81F5E91DF
Be aware of a few things from the T&C:
1. the bonus will be deposited within 90 days of completing the required activities
2. the bonus goes into the checking account, which must be open and in good standing to receive the deposit
3. there is a $30 monthly fee for the checking account unless you maintain a $50K average balance (across the savings and checking account)

So, you either need to tie up the $50K for 5 months instead of 2, or pay $90 in service fees if you pull your $50K after the 60 days. So this COULD still be a good deal, but be aware of these caveats. (and if you're going to use logic like "this is effectively a $510 bonus then", be sure to factor in that taxes are owed on the entire $600).
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?

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

Post by 15202guy » 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.

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

Post by fortfun » 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.

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

Post by Bulgogi Head » Tue Nov 13, 2018 1:21 pm

Does anyone know when each month Ally credits interest?

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

Post by harmoniousmonk » Tue Nov 13, 2018 1:24 pm

Bulgogi Head wrote:
Tue Nov 13, 2018 1:21 pm
Does anyone know when each month Ally credits interest?
For me it was the 10th
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by harmoniousmonk » Tue Nov 13, 2018 1:47 pm

After login, click which account you want, then find next statement date a few lines below account number and routing number for me in my savings account.
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by jst » Tue Nov 13, 2018 7:42 pm

ivk5 wrote:
Fri Nov 09, 2018 2:14 pm
I just wish there were a way to avoid getting the snail mail packet for each newly opened CD.
100% agreed. I don't mind the work of closing and opening No-penalty CDs when the rate goes up, but I hate getting and shredding all of the correspondence a week later.

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

Post by CalculatedRisk » Tue Nov 13, 2018 9:12 pm

jst wrote:
Tue Nov 13, 2018 7:42 pm
ivk5 wrote:
Fri Nov 09, 2018 2:14 pm
I just wish there were a way to avoid getting the snail mail packet for each newly opened CD.
100% agreed. I don't mind the work of closing and opening No-penalty CDs when the rate goes up, but I hate getting and shredding all of the correspondence a week later.
I called Ally and was told I could close my CDs and reopen with the updated interest rates without affecting the 1% bonus.

However, the terms say:
"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."

The word "the" seems to require that you keep the deposits in the same accounts. Has anyone else gotten confirmation that it is okay to close/reopen the "eligible account"?

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

Post by jst » Wed Nov 14, 2018 12:58 am

CalculatedRisk wrote:
Tue Nov 13, 2018 9:12 pm
jst wrote:
Tue Nov 13, 2018 7:42 pm
ivk5 wrote:
Fri Nov 09, 2018 2:14 pm
I just wish there were a way to avoid getting the snail mail packet for each newly opened CD.
100% agreed. I don't mind the work of closing and opening No-penalty CDs when the rate goes up, but I hate getting and shredding all of the correspondence a week later.
I called Ally and was told I could close my CDs and reopen with the updated interest rates without affecting the 1% bonus.

However, the terms say:
"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."

The word "the" seems to require that you keep the deposits in the same accounts. Has anyone else gotten confirmation that it is okay to close/reopen the "eligible account"?
Considering the possibility of a fight, could it be worthwhile?

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

Post by indexfundfan » Wed Nov 14, 2018 8:40 am

The NP CD went from 2.1% to 2.2%. At the $100k deposit level for the maximum bonus, the before-tax difference for the two months is about

0.1% x 100000 x 2 /12 = $16.67

For most people, the difference in after-tax return is probably around $10 ~ $13.
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by tibbitts » Wed Nov 14, 2018 8:47 am

jst wrote:
Wed Nov 14, 2018 12:58 am
CalculatedRisk wrote:
Tue Nov 13, 2018 9:12 pm
jst wrote:
Tue Nov 13, 2018 7:42 pm
ivk5 wrote:
Fri Nov 09, 2018 2:14 pm
I just wish there were a way to avoid getting the snail mail packet for each newly opened CD.
100% agreed. I don't mind the work of closing and opening No-penalty CDs when the rate goes up, but I hate getting and shredding all of the correspondence a week later.
I called Ally and was told I could close my CDs and reopen with the updated interest rates without affecting the 1% bonus.

However, the terms say:
"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."

The word "the" seems to require that you keep the deposits in the same accounts. Has anyone else gotten confirmation that it is okay to close/reopen the "eligible account"?
Considering the possibility of a fight, could it be worthwhile?
Considering the number of people who have written confirmation from Ally that the bonus will still be paid as long as funds are kept in some eligible account at Ally - specifically even after transferring from one account to another - I think it's safe.

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

Post by wolf359 » Wed Nov 14, 2018 8:53 am

indexfundfan wrote:
Wed Nov 14, 2018 8:40 am
The NP CD went from 2.1% to 2.2%. At the $100k deposit level for the maximum bonus, the before-tax difference for the two months is about

0.1% x 100000 x 2 /12 = $16.67

For most people, the difference in after-tax return is probably around $10 ~ $13.
Isn't that like picking up quarters in front of a bulldozer?

If all is well, you get $16.

If customer service is wrong, you lose $1,000, and you have to fight back to claim it (because you got guidance from them.)

You would probably win in the end, but is it worth it?

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

Post by Kevin M » Wed Nov 14, 2018 1:39 pm

I made my deposit first to an eligible checking account, then opened two NP CDs funding from the checking account (as with others, was told several times by chat reps that you could move the money between eligible accounts as long as it remained in eligible accounts for the retention period). So if the money has to remain in the original account you deposit it into, despite what many of us have been told (and I save my chat transcripts), I'm already ineligible for the bonus, and closing/reopening NP CDs won't make a difference.

We're supposed to get some sort of bonus update mid-November, so should be soon. If we find out we're not eligible because we did what many of us were told we could do, I expect that those of us affected will be pulling our new deposits out of Ally ASAP.

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

Post by indexfundfan » Wed Nov 14, 2018 3:59 pm

Kevin M wrote:
Wed Nov 14, 2018 1:39 pm
I made my deposit first to an eligible checking account, then opened two NP CDs funding from the checking account (as with others, was told several times by chat reps that you could move the money between eligible accounts as long as it remained in eligible accounts for the retention period). So if the money has to remain in the original account you deposit it into, despite what many of us have been told (and I save my chat transcripts), I'm already ineligible for the bonus, and closing/reopening NP CDs won't make a difference.
My guess is that you opened the CDs during the "funding" period, not the "retention" period.
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by Kevin M » Wed Nov 14, 2018 4:11 pm

indexfundfan wrote:
Wed Nov 14, 2018 3:59 pm
Kevin M wrote:
Wed Nov 14, 2018 1:39 pm
I made my deposit first to an eligible checking account, then opened two NP CDs funding from the checking account (as with others, was told several times by chat reps that you could move the money between eligible accounts as long as it remained in eligible accounts for the retention period). So if the money has to remain in the original account you deposit it into, despite what many of us have been told (and I save my chat transcripts), I'm already ineligible for the bonus, and closing/reopening NP CDs won't make a difference.
My guess is that you opened the CDs during the "funding" period, not the "retention" period.
Sure, but then the CDs were not purchased with "new deposits" from an external account. There are lots of ways to interpret the terms and conditions, and some ways that seem rational to me are inconsistent with what the reps have been telling us. So I'm going by what the reps have been relatively consistent about in what they've told us.

We shouldn't have long to wait to find out about this particular issue (closing and reopening NP CDs during the retention period).

Kevin
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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 10:47 am

Kevin M wrote:
Wed Nov 14, 2018 4:11 pm
We shouldn't have long to wait to find out about this particular issue (closing and reopening NP CDs during the retention period).

Kevin
Yep we should indeed hear something shortly but I personally don't expect a surprise in this area because as Kevin says there would be mass exodus.

As for the back-and-forth on the funding date of either Oct 31 as outlined in the email or Nov 5 as outline in the T&Cs, the T&Cs will govern so as long as you had your funds deposited and posted by Nov 5, 2018, whether pulled in via Ally ACH or pushed in via an external source, they will count towards the bonus.

The bonus will likely be based on the baseline amount as of Oct 8, 2018 in your registered accounts for the primary email used for enrolling in the promo and the lowest "additional" amount (up to $100,000 max) that remained in the eligible accounts for that primary registered email throughout the entire retention period from 11/5/2018 through 1/15/2019.

We shall see.
Last edited by bpg1234 on Fri Nov 16, 2018 3:27 pm, edited 1 time in total.

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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 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?

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