Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Ally Bank Offering a Limited Time 1% Cash Bonus
Old 10-19-2018, 11:52 PM   #1
Recycles dryer sheets
 
Join Date: Apr 2015
Posts: 116
Ally Bank Offering a Limited Time 1% Cash Bonus

Just saw this advertised on a TV commercial and confirmed it on the Ally.com site.

If you open a new account (Savings, Money Market, CD, etc) and keep the money invested until February of next year Ally will pay you a 1% cash bonus plus what ever the going rate is for your new account.

In my case I have just over $100,000. in a Money Market account with Capital One 360 paying 1.85%. If I transfer that same money to Ally I'll get a $1,000. bonus in cash plus the current rate of 1.90%.

The offer is only available until Oct. 21 so act fast if your interested. Might be the easiest $1,000. I've ever made.

The Ally site is Ally.com/payback
__________________

Drake3287 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 10-20-2018, 05:00 AM   #2
Full time employment: Posting here.
 
Join Date: Mar 2012
Posts: 507
Been discussed extensively over the past week on the CD & MM thread:

Quote:
Originally Posted by Aerides View Post
Ally has a deal thru Oct 21 - new and existing customers, a 1% bonus on new deposits up to $1k, as long as the deposits remain with Ally through Jan 2019:

https://allypaybacktime.com/

Their no-penalty CD is still at 2.1%, but this extra makes it very attractive to me to move some cash for a few months.
__________________

njhowie is offline   Reply With Quote
Old 10-20-2018, 07:59 AM   #3
Thinks s/he gets paid by the post
 
Join Date: Jan 2006
Posts: 3,269
Quote:
Originally Posted by Drake3287 View Post
...........................

The offer is only available until Oct. 21 so act fast if your interested. Might be the easiest $1,000. I've ever made.

The Ally site is Ally.com/payback
while time is short, this info may be alarmingly misleading.

My impression is that Oct. 21 is indeed the deadline for signing up, signing up merely means filling out your name and e-mail address on the signup page.
Once you get confirmed you have until 10/31 to set up account and request transfer of funds and until 11/5 to receive funds at Ally.
kaneohe is offline   Reply With Quote
Old 10-20-2018, 09:48 AM   #4
Recycles dryer sheets
jetpack's Avatar
 
Join Date: Aug 2013
Posts: 373
Sounds good! i'm in. Wondering if it counts if I get a deposit in my checking account then move it to my savings account.

If it's in for 2.5 months, thats like 4.8% annualized.
jetpack is offline   Reply With Quote
Old 10-20-2018, 10:00 AM   #5
Full time employment: Posting here.
 
Join Date: Mar 2012
Posts: 507
Quote:
Originally Posted by jetpack View Post
Sounds good! i'm in. Wondering if it counts if I get a deposit in my checking account then move it to my savings account.

If it's in for 2.5 months, thats like 4.8% annualized.
If it's an Ally checking account, then no - you cannot do that to qualify for the offer. It must be new money to Ally.

The annualized return is higher as you are also getting the 1.9% (annualized) savings account rate during that 2.5 months.
njhowie is offline   Reply With Quote
Old 10-20-2018, 10:07 AM   #6
Recycles dryer sheets
jetpack's Avatar
 
Join Date: Aug 2013
Posts: 373
Looks like a nice pair with 2.1% no penalty CD
jetpack is offline   Reply With Quote
Old 10-20-2018, 10:08 AM   #7
Recycles dryer sheets
jetpack's Avatar
 
Join Date: Aug 2013
Posts: 373
Quote:
Originally Posted by njhowie View Post
If it's an Ally checking account, then no - you cannot do that to qualify for the offer. It must be new money to Ally.

The annualized return is higher as you are also getting the 1.9% (annualized) savings account rate during that 2.5 months.
It's new money into my checking account. It only says that it needs to stay in your eligible Accounts(s)
jetpack is offline   Reply With Quote
Old 10-20-2018, 10:20 AM   #8
Full time employment: Posting here.
 
Join Date: Mar 2012
Posts: 507
Quote:
Originally Posted by jetpack View Post
It's new money into my checking account. It only says that it needs to stay in your eligible Accounts(s)
I re-read the offer - you are correct. If it's Ally interest checking account that is also an eligible account for the offer.
njhowie is offline   Reply With Quote
Old 10-20-2018, 10:27 AM   #9
Recycles dryer sheets
 
Join Date: Apr 2015
Posts: 116
Quote:
Originally Posted by njhowie View Post
Been discussed extensively over the past week on the CD & MM thread:

Obviously I don't check this site often enough! Just last night watching the TV ad was the first I had heard of it. Either way it's a great deal.
Drake3287 is offline   Reply With Quote
Old 10-20-2018, 10:30 AM   #10
Recycles dryer sheets
 
Join Date: Apr 2013
Posts: 132
I am, admittedly, new to buying CDs and this peaked my interest. I have some money sitting around that I won't need for a while.
I did a google search and found a rate with Synchrony that was a longer term (1 year for 2.5% or 15 mos. for 2.75%). I know this is comparing apples to oranges (their 3 month rate is just .75%) but it did get me to thinking about how best to buy a CD.

My DH who was set to retire end of Feb. is now considering a bit longer (6-12 months). Any way around it, I can easily free up cash for the next year. Can you help educate me as to why doing a short-term time frame CD (perhaps with more money) may or may not be a smarter move for me at this time?

I'm a bit embarrassed that I've never even bought a CD before, but we had talked about moving money into one (or more) so this is perhaps the time to actually do something.

Thank you!
steady saver is offline   Reply With Quote
Old 10-20-2018, 10:50 AM   #11
Recycles dryer sheets
 
Join Date: Apr 2015
Posts: 116
Some people think CD's are the worst investment you can make while others can't open them fast enough! Just depends on your tolerance for investing and of course everyones financial situation is different.

For me, I have a generous pension that I easily live off plus our home is paid off. I also have a million in various investments but 1/3 of that is in cash in various CD's. For me, I like the feeling of knowing I have a few hundred thousand sitting there available and FDIC insured.

With current CD rates, I'm looking at earning around $8,000. per year off them, certainly a better figure then it has been over the last several years.
Drake3287 is offline   Reply With Quote
Old 10-20-2018, 10:53 AM   #12
Recycles dryer sheets
 
Join Date: Apr 2013
Posts: 132
Drake3287, do you systematically "ladder" them or just buy what looks good with a time frame that suits you at the moment?
steady saver is offline   Reply With Quote
Old 10-20-2018, 11:15 AM   #13
Recycles dryer sheets
 
Join Date: Apr 2015
Posts: 116
Yes, I have the term dates staggered. Of my 3 large CD's, I have them coming due approximately 5 months apart for each other. At least for me, the prospect of needing a large amount of cash immediately is pretty unusual. If worse came to worse I could either pay the early withdrawal penalty or easily get a short term loan.
Drake3287 is offline   Reply With Quote
Old 10-20-2018, 11:26 AM   #14
Recycles dryer sheets
 
Join Date: Apr 2013
Posts: 132
Quote:
Originally Posted by Drake3287 View Post
Yes, I have the term dates staggered. Of my 3 large CD's, I have them coming due approximately 5 months apart for each other. At least for me, the prospect of needing a large amount of cash immediately is pretty unusual. If worse came to worse I could either pay the early withdrawal penalty or easily get a short term loan.
Thank you.
steady saver is offline   Reply With Quote
Old 10-20-2018, 11:31 AM   #15
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Amethyst's Avatar
 
Join Date: Dec 2008
Posts: 6,774
For us a $1000 bonus would be $675.00 after tax; still a good deal.
__________________
If you understood everything I say, you'd be me ~ Miles Davis
'There is only one success – to be able to spend your life in your own way.’ Christopher Morley.
Amethyst is offline   Reply With Quote
Old 10-20-2018, 11:35 AM   #16
Full time employment: Posting here.
 
Join Date: Feb 2007
Posts: 675
Quote:
Originally Posted by steady saver View Post

My DH who was set to retire end of Feb. is now considering a bit longer (6-12 months). Any way around it, I can easily free up cash for the next year. Can you help educate me as to why doing a short-term time frame CD (perhaps with more money) may or may not be a smarter move for me at this time?

Thank you!
You would do a shorter-term CD when you think the rates will continue to rise enough to offset the difference between a longer term rate and the shorter term rate. Or, if you believe that you might need the money before a longer-term CD matured.

You would do a longer-term CD if you though that rates were/were close to 'peaking' and thought that they would start moving down. So, in this case, do a longer term to 'lock in' the higher rate for a longer term.
copyright1997reloaded is offline   Reply With Quote
Old 10-20-2018, 11:41 AM   #17
Recycles dryer sheets
 
Join Date: Apr 2013
Posts: 132
Quote:
Originally Posted by copyright1997reloaded View Post
You would do a shorter-term CD when you think the rates will continue to rise enough to offset the difference between a longer term rate and the shorter term rate. Or, if you believe that you might need the money before a longer-term CD matured.

You would do a longer-term CD if you though that rates were/were close to 'peaking' and thought that they would start moving down. So, in this case, do a longer term to 'lock in' the higher rate for a longer term.
Thanks. The short-term one now could be a good idea if I am just trying to figure out what I want to do...ha, just wish I knew if the rates would go up or down...gotta go find that magic 8 ball
steady saver is offline   Reply With Quote
Old 10-20-2018, 12:34 PM   #18
Recycles dryer sheets
Earl E Retyre's Avatar
 
Join Date: Jan 2010
Posts: 285
Just wanted to thank the OP for posting this thread. It just made me $1,000 for doing almost nothing.

Here's what happened. I had a CD mature on 10/11 for $100k and deposited it into my Ally Savings account (until I decide how to invest it). Because I just read this thread, I called Ally and asked if I sign up today for the 1% Bonus will the funds be eligible that I added back on 10/11. He said they would be. Any funds added after 10/8 (and prior to 11/15) would be eligible even if I signed up for the bonus after I made the deposit. Unbelievable.

I was waiting for 5 year CD rates to climb a bit before investing this money. But for now, I get 1.9% in the savings account plus a 1% bonus - essentially giving me a 3 month CD at 2.9%.

The offer to sign up for the bonus expires tomorrow.
Earl E Retyre is offline   Reply With Quote
Old 10-20-2018, 01:07 PM   #19
Full time employment: Posting here.
 
Join Date: Mar 2012
Posts: 507
Quote:
Originally Posted by Earl E Retyre View Post
But for now, I get 1.9% in the savings account plus a 1% bonus - essentially giving me a 3 month CD at 2.9%.
The rate for a full year will be 2.9%. If you're figuring the rate if you're only holding through the 3-month period, then it is 5.9% on an annualized basis - yes, equivalent to a 3 month CD at 5.9%.

Or another way to look at it - if you have a 3-month CD at 2.9%, you earn 0.725% in the 3 months. Here, in the 3 months you will earn 1% + 0.475%.
njhowie is offline   Reply With Quote
Old 10-20-2018, 02:30 PM   #20
Thinks s/he gets paid by the post
Lakewood90712's Avatar
 
Join Date: Jul 2005
Posts: 1,536
These type of offers are surfacing in the brick and mortar banks too. Just got an offer from HSBC $ 800 bonus for new combined ck / sav. balance of 100k for 90 days. savings rate 2.01 apy. Same bank last offer in July was 300 for a 50 k deposit.

The war on savers is not over, but has a temporary cease fire.
At this rate, we almost keep up with inflation less taxes on the interest.
__________________

Lakewood90712 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Ally Invest — nice cash bonus offer Sojourner FIRE and Money 38 06-08-2018 07:54 AM
Ally Bank CD loyalty bonus Ready FIRE and Money 34 07-24-2015 05:24 PM
Ally Bank? wrigley FIRE and Money 6 07-17-2009 09:28 PM
Ally Bank Ads Rustic23 Other topics 8 06-01-2009 01:56 PM
Bonus, I don't need no stiinkin' bonus, except... redduck Other topics 8 12-28-2007 10:57 AM

» Quick Links

 
All times are GMT -6. The time now is 08:55 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2018, vBulletin Solutions, Inc.