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

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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 Jan 12, 2019 10:45 pm

MikeG62 wrote:
Sat Jan 12, 2019 7:45 am
RickBoglehead wrote:
Fri Jan 11, 2019 4:50 pm
NewbieBogle007 wrote:
Fri Jan 11, 2019 4:47 pm
So I guess the "mass exodus" day is January 15 (the day we are free to transfer out our funds)?? That is right around the corner...
<snip>
I expect you may see something worth staying for.
Got an e-mail the other day about a 14 month 2.85% CD available through Feb 28th. Maybe this is the hook?
As of Friday, I saw 7.5-month Treasuries at 2.54%, which is the same taxable-equivalent yield (TEY) of 2.85% at my marginal tax rates, so this Ally CD has no appeal for me. Treasury yield curve is very flat, even inverted at some maturities, so you don't get much more, perhaps even less, by extending maturity out as far as five years.

I've already opened the CD my Ally money will be going into on the 16th. On Wednesday, I will be visiting a local branch of the CU that's offering this CD, with an Ally check in hand. My wife will be coming with me with her Ally check too.

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

Post by AlphaLess » Sat Jan 12, 2019 11:23 pm

RickBoglehead wrote:
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.
May I ask: what was the purpose of these transfers:

savings account -> 11 month CD -> online savings account -> new 11 month CD.
"You can get more with a kind word and a gun than with just a kind word." George Washington

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

Post by LinusP » Sun Jan 13, 2019 12:13 am

AlphaLess wrote:
Sat Jan 12, 2019 11:23 pm
RickBoglehead wrote:
Fri Nov 16, 2018 2:02 pm
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.
May I ask: what was the purpose of these transfers:

savings account -> 11 month CD -> online savings account -> new 11 month CD.
I'm not RickBoglehead, but I've done several rounds of closing 11-month No Penalty CDs, putting the proceeds in Savings, and then opening new 11-month No Penalty CDs from that amount in Savings. Why? Because the rate on the 11-month No Penalty CDs has gone up by 0.05% several times. It's not much more money, but it also isn't much time spent making the changes.

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

Post by RickBoglehead » Sun Jan 13, 2019 7:09 am

LinusP wrote:
Sun Jan 13, 2019 12:13 am
AlphaLess wrote:
Sat Jan 12, 2019 11:23 pm
RickBoglehead wrote:
Fri Nov 16, 2018 2:02 pm
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.
May I ask: what was the purpose of these transfers:

savings account -> 11 month CD -> online savings account -> new 11 month CD.
I'm not RickBoglehead, but I've done several rounds of closing 11-month No Penalty CDs, putting the proceeds in Savings, and then opening new 11-month No Penalty CDs from that amount in Savings. Why? Because the rate on the 11-month No Penalty CDs has gone up by 0.05% several times. It's not much more money, but it also isn't much time spent making the changes.
Yup.

2.20, then 2.25, then 2.30.

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

Post by AlphaLess » Sun Jan 13, 2019 12:27 pm

LinusP wrote:
Sun Jan 13, 2019 12:13 am
AlphaLess wrote:
Sat Jan 12, 2019 11:23 pm
RickBoglehead wrote:
Fri Nov 16, 2018 2:02 pm
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.
May I ask: what was the purpose of these transfers:

savings account -> 11 month CD -> online savings account -> new 11 month CD.
I'm not RickBoglehead, but I've done several rounds of closing 11-month No Penalty CDs, putting the proceeds in Savings, and then opening new 11-month No Penalty CDs from that amount in Savings. Why? Because the rate on the 11-month No Penalty CDs has gone up by 0.05% several times. It's not much more money, but it also isn't much time spent making the changes.
So this has nothing to do to game the system to double-count deposits, right?
"You can get more with a kind word and a gun than with just a kind word." George Washington

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

Post by LinusP » Mon Jan 14, 2019 12:11 pm

AlphaLess wrote:
Sun Jan 13, 2019 12:27 pm
LinusP wrote:
Sun Jan 13, 2019 12:13 am
I'm not RickBoglehead, but I've done several rounds of closing 11-month No Penalty CDs, putting the proceeds in Savings, and then opening new 11-month No Penalty CDs from that amount in Savings. Why? Because the rate on the 11-month No Penalty CDs has gone up by 0.05% several times. It's not much more money, but it also isn't much time spent making the changes.
So this has nothing to do to game the system to double-count deposits, right?
Nope. I went with two $25k No Penalty CDs because Ally doesn't do partial withdrawals - so I could close out one and leave the other $25k CD interact.

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

Post by grkmec » Tue Jan 15, 2019 2:49 pm

Kevin M wrote:
Sat Jan 12, 2019 10:45 pm
MikeG62 wrote:
Sat Jan 12, 2019 7:45 am
RickBoglehead wrote:
Fri Jan 11, 2019 4:50 pm
NewbieBogle007 wrote:
Fri Jan 11, 2019 4:47 pm
So I guess the "mass exodus" day is January 15 (the day we are free to transfer out our funds)?? That is right around the corner...
<snip>
I expect you may see something worth staying for.
Got an e-mail the other day about a 14 month 2.85% CD available through Feb 28th. Maybe this is the hook?
As of Friday, I saw 7.5-month Treasuries at 2.54%, which is the same taxable-equivalent yield (TEY) of 2.85% at my marginal tax rates, so this Ally CD has no appeal for me. Treasury yield curve is very flat, even inverted at some maturities, so you don't get much more, perhaps even less, by extending maturity out as far as five years.

I've already opened the CD my Ally money will be going into on the 16th. On Wednesday, I will be visiting a local branch of the CU that's offering this CD, with an Ally check in hand. My wife will be coming with me with her Ally check too.

Kevin
Kevin, do you mind sharing the details on the new CD you are going into?

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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 » Tue Jan 15, 2019 3:03 pm

I - relooked at the Ally Deposit Account agreement and their are no maintenance fees mentioned nor account minimums (that I could find) so I assume it is okay to leave only $5 in an account with them tomorrow (or starting on 2/16 if you want to play it really safe)?

I'm planning on keeping a Savings account open with Ally (In order to collect bonus you must do this - but also in case they become more competitive on their rates in the future) but want to leave a minimum amount.

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

Post by ivk5 » Tue Jan 15, 2019 3:05 pm

DaftInvestor wrote:
Tue Jan 15, 2019 3:03 pm
I - relooked at the Ally Deposit Account agreement and their are no maintenance fees mentioned nor account minimums (that I could find) so I assume it is okay to leave only $5 in an account with them tomorrow (or starting on 2/16 if you want to play it really safe)?

I'm planning on keeping a Savings account open with Ally (In order to collect bonus you must do this - but also in case they become more competitive on their rates in the future) but want to leave a minimum amount.
Correct. At various times in the past I've maintained $0.01 balance there for months.

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

Post by dollarsaver » Tue Jan 15, 2019 3:08 pm

ivk5 wrote:
Tue Jan 15, 2019 3:05 pm
DaftInvestor wrote:
Tue Jan 15, 2019 3:03 pm
I - relooked at the Ally Deposit Account agreement and their are no maintenance fees mentioned nor account minimums (that I could find) so I assume it is okay to leave only $5 in an account with them tomorrow (or starting on 2/16 if you want to play it really safe)?

I'm planning on keeping a Savings account open with Ally (In order to collect bonus you must do this - but also in case they become more competitive on their rates in the future) but want to leave a minimum amount.
Correct. At various times in the past I've maintained $0.01 balance there for months.
Interest will be posted tonight and show tomorrow. So you suggest pull out the $100K plus all interest and leave $5 in the Savings account tomorrow until the $1K bonus posts sometime in the next 30 days, then pull the 1K out. Correct? Thanks

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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 » Tue Jan 15, 2019 4:50 pm

dollarsaver wrote:
Tue Jan 15, 2019 3:08 pm
ivk5 wrote:
Tue Jan 15, 2019 3:05 pm
DaftInvestor wrote:
Tue Jan 15, 2019 3:03 pm
I - relooked at the Ally Deposit Account agreement and their are no maintenance fees mentioned nor account minimums (that I could find) so I assume it is okay to leave only $5 in an account with them tomorrow (or starting on 2/16 if you want to play it really safe)?

I'm planning on keeping a Savings account open with Ally (In order to collect bonus you must do this - but also in case they become more competitive on their rates in the future) but want to leave a minimum amount.
Correct. At various times in the past I've maintained $0.01 balance there for months.
Interest will be posted tonight and show tomorrow. So you suggest pull out the $100K plus all interest and leave $5 in the Savings account tomorrow until the $1K bonus posts sometime in the next 30 days, then pull the 1K out. Correct? Thanks
That's my plan. Someone either up above or in another Ally Thread said they were waiting until 2/16 (when the $1K posts) just to be sure.

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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 Jan 15, 2019 6:45 pm

grkmec wrote:
Tue Jan 15, 2019 2:49 pm
Kevin, do you mind sharing the details on the new CD you are going into?
I've been mum on this until now, as I wanted to be sure we got everything we could allocated to these CDs, and they'll probably pull the offer once they get a certain amount of deposits. The first rep I spoke to said that many people had been joining and depositing the maximum of $500K to this CD (which they and other CUs call a "certificate").

They are all open now, and will be funded tomorrow, and this deal has already been mentioned in a couple of other threads, so I'll break my silence. The credit union is Patelco, and here is a link to the CD deal: https://www.patelco.org/explore-service ... s#SCP00001.

It pays 3% in year one, 3.5% in year two, and 4.0% in year three (all figures are APY). Additionally, you are able to do a penalty-free withdrawal when the rate changes, with a 10-day grace period.

Right off the bat, 3% is a good rate for a 1-year fixed-income security with essentially no credit risk. The TEY I've been seeing on Treasuries with maturities up to about one year is slightly less, at about 2.9% (that's with yield of about 2.6%), and 1-year new-issue brokered CD at Vanguard is only 2.55% (even 3-year new-issue brokered is only 2.95%).

You probably can find other 1-year CDs at about this yield, but I'm already a member of this credit union, and am not interested in joining more banks or credit unions unless the deal is spectacular. I don't know what the membership requirements are--I joined it some years ago, and it is local, so I probably joined based on geography.

The guaranteed, annual rate increases significantly reduce reinvestment risk over the next three years. Reinvestment risk is the most common criticism of keeping maturities very short due to very flat yield curves (I haven't been going beyond about nine months lately).

Finally, the penalty-free withdrawal options after one year and two years significantly reduce term risk.

To summarize, they have put all the advantages in the buyer's favor, which is the opposite of what we usually see with brokered CDs. For example, a higher rate on a brokered CD usually comes with a call option, increasing reinvestment risk for the buyer, while this CD comes with a put option, reducing term risk for the buyer.

My wife and I sold a bunch of our Treasuries, some purchased as recently as a week or so ago, to load up on this CD. I'm planning on doing a post about what I learned in doing that. We also sold most of our Treasury money market, and I sold most of my short-term Treasury index fund. We still have plenty of fixed income maturing over the next year, so if something even better comes along, we'll be ready for it.

Kevin
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Farmboyslim83
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by Farmboyslim83 » Tue Jan 15, 2019 7:11 pm

Looks like there is no pay-5bucks-and-you’re-good provisions, need to be local.

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

Post by jst » Tue Jan 15, 2019 7:49 pm

Farmboyslim83 wrote:
Tue Jan 15, 2019 7:11 pm
Looks like there is no pay-5bucks-and-you’re-good provisions, need to be local.
I almost want to join just because I can!

cashheavy18
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by cashheavy18 » Tue Jan 15, 2019 8:19 pm

Kevin M wrote:
Tue Jan 15, 2019 6:45 pm
grkmec wrote:
Tue Jan 15, 2019 2:49 pm
Kevin, do you mind sharing the details on the new CD you are going into?
I've been mum on this until now, as I wanted to be sure we got everything we could allocated to these CDs, and they'll probably pull the offer once they get a certain amount of deposits. The first rep I spoke to said that many people had been joining and depositing the maximum of $500K to this CD (which they and other CUs call a "certificate").

They are all open now, and will be funded tomorrow, and this deal has already been mentioned in a couple of other threads, so I'll break my silence. The credit union is Patelco, and here is a link to the CD deal: https://www.patelco.org/explore-service ... s#SCP00001.

It pays 3% in year one, 3.5% in year two, and 4.0% in year three (all figures are APY). Additionally, you are able to do a penalty-free withdrawal when the rate changes, with a 10-day grace period.

Right off the bat, 3% is a good rate for a 1-year fixed-income security with essentially no credit risk. The TEY I've been seeing on Treasuries with maturities up to about one year is slightly less, at about 2.9% (that's with yield of about 2.6%), and 1-year new-issue brokered CD at Vanguard is only 2.55% (even 3-year new-issue brokered is only 2.95%).

You probably can find other 1-year CDs at about this yield, but I'm already a member of this credit union, and am not interested in joining more banks or credit unions unless the deal is spectacular. I don't know what the membership requirements are--I joined it some years ago, and it is local, so I probably joined based on geography.

The guaranteed, annual rate increases significantly reduce reinvestment risk over the next three years. Reinvestment risk is the most common criticism of keeping maturities very short due to very flat yield curves (I haven't been going beyond about nine months lately).

Finally, the penalty-free withdrawal options after one year and two years significantly reduce term risk.

To summarize, they have put all the advantages in the buyer's favor, which is the opposite of what we usually see with brokered CDs. For example, a higher rate on a brokered CD usually comes with a call option, increasing reinvestment risk for the buyer, while this CD comes with a put option, reducing term risk for the buyer.

My wife and I sold a bunch of our Treasuries, some purchased as recently as a week or so ago, to load up on this CD. I'm planning on doing a post about what I learned in doing that. We also sold most of our Treasury money market, and I sold most of my short-term Treasury index fund. We still have plenty of fixed income maturing over the next year, so if something even better comes along, we'll be ready for it.

Kevin
And just like that, after I called them to confirm my employer is on their list for membership and I go to submit the application, this offer no longer exists!

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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 Jan 15, 2019 8:29 pm

cashheavy18 wrote:
Tue Jan 15, 2019 8:19 pm
And just like that, after I called them to confirm my employer is on their list for membership and I go to submit the application, this offer no longer exists!
Bummer! I also see that the offer no longer appears on their website (using the link I shared).

I hope they accept our deposits when we visit the branch tomorrow. We have an appointment, and the call center rep assured me that we could fund the CDs for the amounts we specified when we opened the CDs, as long as the CDs were approved and opened (which happened within seconds on the last few we opened yesterday.

Sorry 'bout that.

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

Post by Mighty-Tonka » Tue Jan 15, 2019 8:47 pm

Since my wife and I only have the no-penalty CD's and no other accounts, does that mean we have to keep the CD's open another month to receive the bonus dollars? If I withdraw the money tomorrow, where would they send the bonus?

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

Post by RickBoglehead » Tue Jan 15, 2019 9:26 pm

Mighty-Tonka wrote:
Tue Jan 15, 2019 8:47 pm
Since my wife and I only have the no-penalty CD's and no other accounts, does that mean we have to keep the CD's open another month to receive the bonus dollars? If I withdraw the money tomorrow, where would they send the bonus?
From the rules:

Cash Bonus – Eligible customers that fulfill required enrollment and eligibility requirements will be paid the Cash Bonus within 30 calendar days to an account held by the enrolled customer. If the enrolled customer has more than one account with Ally Bank, the account that receives the Cash Bonus will be determined using the following logic:

Online Savings Account with highest balance
If no Online Savings Account: Money Market Account with highest balance
If no Online Savings or Money Market Account: Interest Checking Account with highest balance
If no Online Savings, Money Market, or Interest Checking Account: CD with highest balance. The Cash Bonus will be paid as interest during the term of the CD.

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

Post by Katietsu » Tue Jan 15, 2019 9:38 pm

Mighty-Tonka wrote:
Tue Jan 15, 2019 8:47 pm
Since my wife and I only have the no-penalty CD's and no other accounts, does that mean we have to keep the CD's open another month to receive the bonus dollars? If I withdraw the money tomorrow, where would they send the bonus?
You must have an open account to receive the bonus. You could open a online savings account and just leave a few bucks in it.

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

Post by Bulgogi Head » Wed Jan 16, 2019 11:47 am

Does it make sense to wait until after this month’s interest posts before withdrawing? For an Ally high yield savings account.

z91
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by z91 » Wed Jan 16, 2019 2:19 pm

I'm personally not going to take any risks and will wait for the bonus to post. I'm losing out on a tiny amount of cash for a month (compared to higher rates elsewhere), but at least it'll be clear as day that they owe me the bonus. Last thing I want to do is chase them down and make phone calls with them. That alone is worth leaving the cash in another month.

z91
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by z91 » Wed Jan 16, 2019 3:08 pm

Welp. Just got my email from Ally:
At Ally Bank, we're all about delivering on better, and what's better than a little payback? As a thanks for taking advantage of our Payback Time promotion, a cash bonus of $1,000 will be deposited into your account ending in XXXX on or around February 5, 2019.

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

Post by Scotttheking » Wed Jan 16, 2019 3:11 pm

z91 wrote:
Wed Jan 16, 2019 3:08 pm
Welp. Just got my email from Ally:
At Ally Bank, we're all about delivering on better, and what's better than a little payback? As a thanks for taking advantage of our Payback Time promotion, a cash bonus of $1,000 will be deposited into your account ending in XXXX on or around February 5, 2019.
Got it too.

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

Post by exigent » Wed Jan 16, 2019 3:32 pm

Same. Looks like it's safe to re-deploy that money elsewhere.

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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 » Wed Jan 16, 2019 3:42 pm

Had already closed my NP CDs and put proceeds into a savings account to fund today's CD purchases at local credit union (via overdraft to checking). Got the email, noting a joint savings account as the destination for the $1,000 deposit. That was the eligible savings account with highest balance before I broke my NP CDs, but it no longer is.

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

Post by burgrat » Wed Jan 16, 2019 3:51 pm

Please note that apparently some of the emails received have the wrong amount. I deposited $101k and did everything according to the rules. I received the email today stating my bonus was on the way in the amount of $511. I should be receiving $1,000. I called Ally and the representative stated that this is a "known issue" and e-mails have been sent out with the incorrect amount listed on some. She said that I should receive the $1,000, but if I do not, contact them again. The bonuses are supposed to go out around Feb. 5.

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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 » Wed Jan 16, 2019 3:57 pm

burgrat wrote:
Wed Jan 16, 2019 3:51 pm
Please note that apparently some of the emails received have the wrong amount. I deposited $101k and did everything according to the rules. I received the email today stating my bonus was on the way in the amount of $511. I should be receiving $1,000. I called Ally and the representative stated that this is a "known issue" and e-mails have been sent out with the incorrect amount listed on some. She said that I should receive the $1,000, but if I do not, contact them again. The bonuses are supposed to go out around Feb. 5.
Did you by chance continue to use your eligible accounts to pay bills, or otherwise make withdrawals? This is one area that was not very clear based on the stated rules or the answers received from reps. I am interested in how it worked out for people who made significant withdrawals during the retention period, even though they kept $100K (or whatever) in eligible accounts.

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

Post by marcopolo » Wed Jan 16, 2019 4:02 pm

Katietsu wrote:
Tue Jan 15, 2019 9:38 pm
Mighty-Tonka wrote:
Tue Jan 15, 2019 8:47 pm
Since my wife and I only have the no-penalty CD's and no other accounts, does that mean we have to keep the CD's open another month to receive the bonus dollars? If I withdraw the money tomorrow, where would they send the bonus?
You must have an open account to receive the bonus. You could open a online savings account and just leave a few bucks in it.
That is probably true.

But, i would point out that the e-mails that went out today specified which account the bonus would be deposited into on 2/5/2019.
What happens if that specified account (in this case the CD) is no longer open?

It has been reported by someone (KevinM?) that they had already moved the money out of the CD, and the letter indicated the bonus would go into their remaining savings account with ALLY. But, is it clear what would happen if you close the CD account AFTER receiving the letter?
Once in a while you get shown the light, in the strangest of places if you look at it right.

z91
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Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Post by z91 » Wed Jan 16, 2019 4:07 pm

marcopolo wrote:
Wed Jan 16, 2019 4:02 pm
Katietsu wrote:
Tue Jan 15, 2019 9:38 pm
Mighty-Tonka wrote:
Tue Jan 15, 2019 8:47 pm
Since my wife and I only have the no-penalty CD's and no other accounts, does that mean we have to keep the CD's open another month to receive the bonus dollars? If I withdraw the money tomorrow, where would they send the bonus?
You must have an open account to receive the bonus. You could open a online savings account and just leave a few bucks in it.
That is probably true.

But, i would point out that the e-mails that went out today specified which account the bonus would be deposited into on 2/5/2019.
What happens if that specified account (in this case the CD) is no longer open?

It has been reported by someone (KevinM?) that they had already moved the money out of the CD, and the letter indicated the bonus would go into their remaining savings account with ALLY. But, is it clear what would happen if you close the CD account AFTER receiving the letter?
Call Ally and ask? We'd just be guessing.

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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 » Wed Jan 16, 2019 4:09 pm

I got an email a while back telling me how much I would be eligible for - but nothing yesterday nor today....

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

Post by indexfundfan » Wed Jan 16, 2019 4:10 pm

I think the emails are sent out in batches. I received mine just 2 minutes ago.
My signature has been deleted.

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

Post by minesweep » Wed Jan 16, 2019 4:15 pm

I just received this email:
At Ally Bank, we're all about delivering on better, and what's better than a little payback? As a thanks for taking advantage of our Payback Time promotion, a cash bonus of $1,000 will be deposited into your account ending in XXXX on or around February 5, 2019.

Thank you again for letting us be an ally for your financial well-being. This is just the start of our commitment to deliver better for any need you have, 24/7.

Your path to Payback Time.

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

Post by Elena » Wed Jan 16, 2019 4:16 pm

I just received my email at 4:09 pm, with the correct amount for a total of $234. I did not withdraw any of the original deposit, or paid any bills. Email says to expect bonus around Feb. 5th. I can now close the NP CD. I am looking for alternatives, mainly a brokerage acct. bonus of $1000. Fidelity is only giving cash bonuses for accts. over 1 million and I do not have any use for free trades.

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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 » Wed Jan 16, 2019 4:19 pm

indexfundfan wrote:
Wed Jan 16, 2019 4:10 pm
I think the emails are sent out in batches. I received mine just 2 minutes ago.
okay - thanks - waiting with baited breadth :) [Checked my SPAM folder - only thing in there was a notification that "Gorgeous Women are waiting for you" and of course my free Amazon gift card]

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

Post by chw » Wed Jan 16, 2019 5:05 pm

Got my email confirming the bonus a little while ago as well. This was one of the screwiest bonus programs I've seen. We are secondary account holders on some of our children's accounts (the accounts are registered under their tax ID #'s)- Ally wanted to pay the bonus into one of their accounts (it is the largest account), even though the tax ID # for that account was not the same as my accounts with the new money. After 3-4 phone call with supervisors, I got them to understand the folly of paying a bonus to an account holder with a different tax ID #. This was after some bad information I had rec'd about the definition of "new" money from customer service after signing on to the bonus program. Ally did honor what I was told in the end though.

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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 » Wed Jan 16, 2019 6:16 pm

DaftInvestor wrote:
Wed Jan 16, 2019 4:19 pm
indexfundfan wrote:
Wed Jan 16, 2019 4:10 pm
I think the emails are sent out in batches. I received mine just 2 minutes ago.
okay - thanks - waiting with baited breadth :) [Checked my SPAM folder - only thing in there was a notification that "Gorgeous Women are waiting for you" and of course my free Amazon gift card]
Just got the email - all good.

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

Post by burgrat » Wed Jan 16, 2019 6:20 pm

Kevin M wrote:
Wed Jan 16, 2019 3:57 pm
burgrat wrote:
Wed Jan 16, 2019 3:51 pm
Please note that apparently some of the emails received have the wrong amount. I deposited $101k and did everything according to the rules. I received the email today stating my bonus was on the way in the amount of $511. I should be receiving $1,000. I called Ally and the representative stated that this is a "known issue" and e-mails have been sent out with the incorrect amount listed on some. She said that I should receive the $1,000, but if I do not, contact them again. The bonuses are supposed to go out around Feb. 5.
Did you by chance continue to use your eligible accounts to pay bills, or otherwise make withdrawals? This is one area that was not very clear based on the stated rules or the answers received from reps. I am interested in how it worked out for people who made significant withdrawals during the retention period, even though they kept $100K (or whatever) in eligible accounts.

Kevin
Nope. I transferred $101,000 to the savings account. I parked it there ever since. Haven't touched it, no withdrawals, no additional deposits or transfers of any kind. The only thing that has happened since that deposit is monthly interest. I did it correctly, the rep said as such. It was a mistaken amount in the email.

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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 » Wed Jan 16, 2019 7:16 pm

Kevin M wrote:
Tue Jan 15, 2019 8:29 pm
cashheavy18 wrote:
Tue Jan 15, 2019 8:19 pm
And just like that, after I called them to confirm my employer is on their list for membership and I go to submit the application, this offer no longer exists!
Bummer! I also see that the offer no longer appears on their website (using the link I shared).

I hope they accept our deposits when we visit the branch tomorrow. We have an appointment, and the call center rep assured me that we could fund the CDs for the amounts we specified when we opened the CDs, as long as the CDs were approved and opened (which happened within seconds on the last few we opened yesterday.

Sorry 'bout that.

Kevin
The manager of the local branch said that the deal was still good until Saturday, but only by phone or branch visit; i.e., can't open the CDs online any longer.

The local rep who was taking our check deposits had not heard that the deal was ending. She even had promo flyers about it on her desk. She had to check with her manager to find out what I shared above.

I also was able to add $2,000 to one of the CDs (I had that much extra in the Ally savings account these are being funded from). She said you could deposit an amount different than what you entered online.

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

Post by Kevin M » Wed Jan 16, 2019 7:31 pm

marcopolo wrote:
Wed Jan 16, 2019 4:02 pm
Katietsu wrote:
Tue Jan 15, 2019 9:38 pm
Mighty-Tonka wrote:
Tue Jan 15, 2019 8:47 pm
Since my wife and I only have the no-penalty CD's and no other accounts, does that mean we have to keep the CD's open another month to receive the bonus dollars? If I withdraw the money tomorrow, where would they send the bonus?
You must have an open account to receive the bonus. You could open a online savings account and just leave a few bucks in it.
That is probably true.

But, i would point out that the e-mails that went out today specified which account the bonus would be deposited into on 2/5/2019.
What happens if that specified account (in this case the CD) is no longer open?

It has been reported by someone (KevinM?) that they had already moved the money out of the CD, and the letter indicated the bonus would go into their remaining savings account with ALLY. But, is it clear what would happen if you close the CD account AFTER receiving the letter?
Good question. By my reading of the rules, and based on what I was told by reps, you are fine as long as you have any eligible account open for them to pay the bonus to, and a non-trust, non-IRA savings account is an eligible account. My recommendation would have been to open a savings account in the beginning so you didn't get into this situation, but that is water under the bridge.

Do you have something much better than the NP CD rate that you're looking at moving the money to? If not, I'd just leave it there until you get the bonus--maybe even if you'd earn only a few dollars more at whatever alternative you're looking at. Otherwise, you can call or chat, and the rep probably will tell you you can close the CD as long as you open an eligible savings account; then it's up to you if you want to trust what they tell you (you can save a copy of a chat transcript).

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

Post by walletless » Wed Jan 16, 2019 7:37 pm

Phew! Got the email too. I had initially transferred my 100K to a Trust-owned account, only to learn later that the promo required a non-trust account ownership. I had to ship the funds back to another account and ship it back into a valid Ally account.. I always felt there was a high probability they were not gonna honor the promo for me, but now I am relieved.

Money is back in CIT Savings Builder, earning 2.45% now.

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

Post by furwut » Thu Jan 17, 2019 8:34 am

Kevin M wrote:
Wed Jan 16, 2019 3:57 pm
burgrat wrote:
Wed Jan 16, 2019 3:51 pm
Please note that apparently some of the emails received have the wrong amount. I deposited $101k and did everything according to the rules. I received the email today stating my bonus was on the way in the amount of $511. I should be receiving $1,000. I called Ally and the representative stated that this is a "known issue" and e-mails have been sent out with the incorrect amount listed on some. She said that I should receive the $1,000, but if I do not, contact them again. The bonuses are supposed to go out around Feb. 5.
Did you by chance continue to use your eligible accounts to pay bills, or otherwise make withdrawals? This is one area that was not very clear based on the stated rules or the answers received from reps. I am interested in how it worked out for people who made significant withdrawals during the retention period, even though they kept $100K (or whatever) in eligible accounts.

Kevin
I funded the offer with just over $100k spread across checking, savings, and a CD. During the period my total balance dipped slightly below (maybe $97k) for a few days yet I also received the email stating I will receive the full $1000 bonus. :?

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

Post by kaneohe » Thu Jan 17, 2019 7:44 pm

furwut wrote:
Thu Jan 17, 2019 8:34 am
[..........................................................

I funded the offer with just over $100k spread across checking, savings, and a CD. During the period my total balance dipped slightly below (maybe $97k) for a few days yet I also received the email stating I will receive the full $1000 bonus. :?
You might want to hold your breath just a bit longer. DW also received one of those e-mails w/ the full bonus stated.
However we only put enough to get $800 in the jt acct here she is primary. The e-mail has the correct acct # so maybe Ally sent the same e-mail to all regardless of balance?

Also just received e-mail stating HYS yield up to 2.2%. Wonder if that's designed to stop the outflow?

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

Post by AlphaLess » Thu Jan 17, 2019 10:33 pm

Apparently, people were quick to withdraw their balances out of Ally once Jan 15 came, and Ally obliged and raised the rate from 2.00% to 2.20%.

Capitalism and market efficiency at work in the age of internet and click-away transfers!
"You can get more with a kind word and a gun than with just a kind word." George Washington

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

Post by AlphaLess » Thu Jan 17, 2019 10:34 pm

kaneohe wrote:
Thu Jan 17, 2019 7:44 pm
furwut wrote:
Thu Jan 17, 2019 8:34 am
[..........................................................

I funded the offer with just over $100k spread across checking, savings, and a CD. During the period my total balance dipped slightly below (maybe $97k) for a few days yet I also received the email stating I will receive the full $1000 bonus. :?
You might want to hold your breath just a bit longer. DW also received one of those e-mails w/ the full bonus stated.
However we only put enough to get $800 in the jt acct here she is primary. The e-mail has the correct acct # so maybe Ally sent the same e-mail to all regardless of balance?

Also just received e-mail stating HYS yield up to 2.2%. Wonder if that's designed to stop the outflow?
How many times did you take advantage of the offer?
I mean, in how many distinct accounts?

Just curious for the next time.
Thanks
"You can get more with a kind word and a gun than with just a kind word." George Washington

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

Post by AlphaLess » Thu Jan 17, 2019 10:38 pm

DaftInvestor wrote:
Wed Jan 16, 2019 4:19 pm
Checked my SPAM folder - only thing in there was a notification that "Gorgeous Women are waiting for you" and of course my free Amazon gift card
How the heck do they know that you prefer women, and Amazon?
"You can get more with a kind word and a gun than with just a kind word." George Washington

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

Post by Kevin M » Thu Jan 17, 2019 10:44 pm

AlphaLess wrote:
Thu Jan 17, 2019 10:33 pm
Apparently, people were quick to withdraw their balances out of Ally once Jan 15 came, and Ally obliged and raised the rate from 2.00% to 2.20%.

Capitalism and market efficiency at work in the age of internet and click-away transfers!
First, as far as I'm concerned, 2.5% is the new 2.0%, so 2.2% doesn't interest me at all. I'm still seeing 2.0% on my accounts, but a bump of 20 basis points will be nice, as I will continue to use Ally as my hub bank, so there will always be a few thousand in savings there.

Second, it's too late. The check has already been written, and the money will be leaving Ally as soon as it clears.

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

Post by 28fe6 » Thu Jan 17, 2019 10:47 pm

I put my funds into a CD (I got the funds from cash I had stored up at home) and they are still in there, but I never got the email or the bonus. I have pulled money out of other Ally accounts during the period to fund my IRAs for example, as well as continuing to use my checking account and normally, but I thought since the bonus funds were never removed from the CD, I would be eligible. No?

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

Post by AlphaLess » Thu Jan 17, 2019 11:23 pm

Kevin M wrote:
Thu Jan 17, 2019 10:44 pm
AlphaLess wrote:
Thu Jan 17, 2019 10:33 pm
Apparently, people were quick to withdraw their balances out of Ally once Jan 15 came, and Ally obliged and raised the rate from 2.00% to 2.20%.

Capitalism and market efficiency at work in the age of internet and click-away transfers!
First, as far as I'm concerned, 2.5% is the new 2.0%, so 2.2% doesn't interest me at all. I'm still seeing 2.0% on my accounts, but a bump of 20 basis points will be nice, as I will continue to use Ally as my hub bank, so there will always be a few thousand in savings there.

Second, it's too late. The check has already been written, and the money will be leaving Ally as soon as it clears.

Kevin
Oh, I was not saying this in anyway to imply either of the two:
- that this is a good rate, OR
- that you should change your strategy.

I am simply noting that Ally, by the virtue of having a lot of information at their fingertips, are adapting to the market.
Heck, they could have planned to increase the rate on Jan 16th or whatever, expecting fully that withdrawals would start.

If you are bonus chasing, frankly, the best place to park is the next bonus bank.
Eventually, we will run out of the bonus banks, of course, as the bonus programs have some language against rinse-and-repeat.
"You can get more with a kind word and a gun than with just a kind word." George Washington

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

Post by AlphaLess » Thu Jan 17, 2019 11:24 pm

Kevin M wrote:
Thu Jan 17, 2019 10:44 pm
AlphaLess wrote:
Thu Jan 17, 2019 10:33 pm
Apparently, people were quick to withdraw their balances out of Ally once Jan 15 came, and Ally obliged and raised the rate from 2.00% to 2.20%.

Capitalism and market efficiency at work in the age of internet and click-away transfers!
First, as far as I'm concerned, 2.5% is the new 2.0%, so 2.2% doesn't interest me at all. I'm still seeing 2.0% on my accounts, but a bump of 20 basis points will be nice, as I will continue to use Ally as my hub bank, so there will always be a few thousand in savings there.

Second, it's too late. The check has already been written, and the money will be leaving Ally as soon as it clears.

Kevin
Separately, I would be curious to know where you are getting 2.5%: all the places that you know, in particular those that are national and easy to open accounts. Thank you in advance.
"You can get more with a kind word and a gun than with just a kind word." George Washington

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

Post by AlphaLess » Thu Jan 17, 2019 11:26 pm

Kevin M wrote:
Thu Jan 17, 2019 10:44 pm
Kevin
Also, Kevin, I would be curious to know if you are double-dipping into any bonuses in the following sense: opening multiple types of account (like individual for self, individual for spouse, joint, etc), and then participating in the bonus multiple times.

In your experience, which banks have had offers where this is possible?

Even if each bank's bonus is a one time deal, or once-in-2-year deal, this type of double-dip could be quite valuable, as if you can find 3-4 bonuses per year, you can essentially take your annual FDIC risk-free yield from 2.x% to 5.x% or 6.x% (as typically bonuses are on the order of 1%, and require locking your money for 90-ish days).
"You can get more with a kind word and a gun than with just a kind word." George Washington

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