Ally $500 Bonus Offer

[MJ]

You are locking up the funds you already had at Ally on 10/12/22.

Otherwise as long as funds for bills arrive before the bills are paid, it won’t affect the bonus.

Unfortunately, I had $30K as of 10/12.

 

[audreyh1]

Hunh...I just checked Fidelity, and FZDXX says the 7-day yield is 2.91%. That's slightly higher than VG, but not sure where you see 3.01%?

It’s 3.02% as of 10/20. You don’t have the very latest number. 2.91% was the yield on 9/30.

It’s not easy digging up the current yield. You can usually track it down via the compare funds page daily pricing and yields. https://fundresearch.fidelity.com/f...c/1?fidelityFundOnly=F&order=fidelityFundOnly

It’s also displayed in your positions view if you click on the fund name.

 

[Amethyst]

Perhaps it's because I don't have any money market accounts with Fidelity? I just went on their web site and typed the 5-letter name in the search box.

It’s 3.02% as of 10/20. You don’t have the very latest number. 2.91% was the yield on 9/30.

It’s not easy digging up the current yield. You can usually track it down via the compare funds page daily pricing and yields. https://fundresearch.fidelity.com/f...c/1?fidelityFundOnly=F&order=fidelityFundOnly

It’s also displayed in your positions view if you click on the fund name.

 

[rayvt]

The interesting thing is, they've had these bonus offers before which resulted in thousands of new accounts.

Originally Posted by audreyh1
You are locking up the funds you already had at Ally on 10/12/22.

Unfortunately, I had $30K as of 10/12.

Yup. They are training their financially savvy customers to just keep a minimal balance there. But at least they just bumped up their rate to 2.35%.

At Bankrate I counted 6 banks with a better rate. Two of them are ones I have accounts at. Jan 16 can't come soon enough.

 

[Golden sunsets]

You are locking up the funds you already had at Ally on 10/12/22.

Otherwise as long as funds for bills arrive before the bills are paid, it won’t affect the bonus.

Audrey: Just to be clear, if one has other savings accounts at Ally, not involved in the bonus, there are no restrictions on withdrawals from those accounts. It wasn't clear to me that your statement relates only to the "Bonus Account". I did call to reconfirm this fact today.

 

[bpgdeg1234]

Audrey: Just to be clear, if one has other savings accounts at Ally, not involved in the bonus, there are no restrictions on withdrawals from those accounts. It wasn't clear to me that your statement relates only to the "Bonus Account". I did call to reconfirm this fact today.

So trying to understand more on this. If I have a joint savings account with my adult child who happens to be listed first on the account and child happens to have recently removed money from that account but I have my own savings account which I enrolled in the promo then the amount my child withdrew from the joint savings account would not get taken off from the amount of new money I decide to add to my own savings account?

 

[audreyh1]

Got notice from Ally of my deposit, whew!

 

[Golden sunsets]

So trying to understand more on this. If I have a joint savings account with my adult child who happens to be listed first on the account and child happens to have recently removed money from that account but I have my own savings account which I enrolled in the promo then the amount my child withdrew from the joint savings account would not get taken off from the amount of new money I decide to add to my own savings account?

Here is my understanding after 2 conversations with an Ally rep. As long as the account registered for the bonus maintains the balance held as of 10/12, plus the newly deposited funds from an outside institution and that balance is held through, 1-15-23, then you will get your bonus, regardless of what happens to your other Ally accounts.

I had this conversation with them twice and the answer was the same each time. I proposed a hypothetical to the CR today: will I receive the bonus even if I drain my other "non bonus" accounts and the answer was Yes, that will not affect your bonus. I also sent them an email with essentially the same question. I haven't received a response yet. If their response is different I will report it here.

Also if your spouse has an Ally profile with his/her own email, he/she can register for a bonus too (different account than the first bonus). So DH and I have 4 joint savings accounts at Ally, plus a checking account. We have each signed up under our profiles/email address and have each received confirming emails. We have each transfered 50k through our seperate profiles to an Ally savings account and will collect the bonus' assuming we don't withdraw from those accounts b4 1/16/23.

I was determined to make sure that we will qualify because the 100k was earning 3.15% in our emergency savings account at Ivy bank so without a bonus there was no reason to move the funds.

Hope this helps.

 

[bpgdeg1234]

Here is my understanding after 2 conversations with an Ally rep. As long as the account registered for the bonus maintains the balance held as of 10/12, plus the newly deposited funds from an outside institution and that balance is held through, 1-15-23, then you will get your bonus, regardless of what happens to your other Ally accounts.

I had this conversation with them twice and the answer was the same each time. I proposed a hypothetical to the CR today: will I receive the bonus even if I drain my other "non bonus" accounts and the answer was Yes, that will not affect your bonus. I also sent them an email with essentially the same question. I haven't received a response yet. If their response is different I will report it here.

Also if your spouse has an Ally profile with his/her own email, he/she can register for a bonus too (different account than the first bonus). So DH and I have 4 joint savings accounts at Ally, plus a checking account. We have each signed up under our profiles/email address and have each received confirming emails. We have each transfered 50k through our seperate profiles to an Ally savings account and will collect the bonus' assuming we don't withdraw from those accounts b4 1/16/23.

I was determined to make sure that we will qualify because the 100k was earning 3.15% in our emergency savings account at Ivy bank so without a bonus there was no reason to move the funds.

Hope this helps.

Thanks for your response. It just sounds a bit odd as Ally is looking to increase deposits but would allow someone to drain one account that has the same SS# as another one registered for the promo.

If this is accurate one could just transfer money out of one account (my child's and my joint account in my case) and then transfer that same amount back into my other personal account that I signed up for as part of the promo resulting in $0 new Ally deposits. Curious what the formal email response that comes back indicates. Thanks again.

 

[rayvt]

Dang! If I had know that, I'd have opened a new account, transferred the money from my existing account to another bank, then transferred that money back to the new Ally account.

 

[bpgdeg1234]

Dang! If I had know that, I'd have opened a new account, transferred the money from my existing account to another bank, then transferred that money back to the new Ally account.

This has yet to be confirmed. On another site folks don't think this will work as Ally will count the reduction on the one account against the addition on the other since it will be the same name/SS# as an owner on both of the two accounts. Hoping to get some formalized clarity from the email that "Golden sunsets" sent.

 

[Golden sunsets]

Believe me I get your skepticism. I even asked that specific question and they still said yes, you will still get the bonus. I will share the email response when I get it.

In my case I think I'm protected if they gave me inaccurate info, as I had minimal assets in the other accounts. We've been siphoning money out for some time due to their noncompetetive rates. There will be 3 debits to one of our " non bonus" accounts between now and 1-15, but I had coincidently transferred funds from checking into yet another non bonus savings on 10-14 that exceeds the amount of those auto debits, so our balances will never decrease from the net balance held on 10-12 across all accounts, plus the new money. But again, they said it didn't matter even if I did withdraw.

Sent from my SM-T510 using Early Retirement Forum mobile app

 

[jim584672]

I just jumped into the pool, $50K T-Bills sold early for Ally.

 

[jim584672]

I sent a question to Ally, what constitutes "new money"? I'm wondering if anyone here has an answer. If I removed $50K in March 2022 and put it back in now would that qualify as new?

 

[euro]

I sent a question to Ally, what constitutes "new money"? I'm wondering if anyone here has an answer. If I removed $50K in March 2022 and put it back in now would that qualify as new?

I don't see why not!

 

[jim584672]

I don't see why not!

The banks are tricky and I read the fine print and they do not define it.

 

[audreyh1]

I sent a question to Ally, what constitutes "new money"? I'm wondering if anyone here has an answer. If I removed $50K in March 2022 and put it back in now would that qualify as new?

Yes, because money removed before 10/12/22 does not count. They are comparing your balances from 10/12/22 until 1/15/23. 10/12/22 was the day the offer was announced.

 

[rayvt]

They are comparing your balances from 10/12/22 until 1/15/23. 10/12/22 was the day the offer was announced.

The way I read it, they *will* count the balances from all your Ally bank accounts. Despite what any Ally telephone answers say.

 

[Montecfo]

I may do this. Seems pretty simple since I only use Ally as a bonus fund vehicle. Outside of that they are not competitive and my funds' vacation there will be brief.

 

[Sunset]

I may do this. Seems pretty simple since I only use Ally as a bonus fund vehicle. Outside of that they are not competitive and my funds' vacation there will be brief.

You had to sign up for it by Oct 21.

 

[Montecfo]

You had to sign up for it by Oct 21.

I enrolled today. They are probably extending the deadline daily.

 

[Golden sunsets]

Believe me I get your skepticism. I even asked that specific question and they still said yes, you will still get the bonus. I will share the email response when I get it.

In my case I think I'm protected if they gave me inaccurate info, as I had minimal assets in the other accounts. We've been siphoning money out for some time due to their noncompetetive rates. There will be 3 debits to one of our " non bonus" accounts between now and 1-15, but I had coincidently transferred funds from checking into yet another non bonus savings on 10-14 that exceeds the amount of those auto debits, so our balances will never decrease from the net balance held on 10-12 across all accounts, plus the new money. But again, they said it didn't matter even if I did withdraw.

Sent from my SM-T510 using Early Retirement Forum mobile app

Here is the written response to my inquiry from Ally:

"Thank you for contacting us; I apologize for the delay in the response to your last message. Based on your recent phone conversation with our customer care representative on 10/23/2022, it appears that the issue has been resolved. We are always happy to hear from you, and we want you to know that we value your feedback and appreciate the opportunity to address this issue.

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, by phone, Live Chat, or Secure Messaging. Our toll-free number is 1-877-247-ALLY (2559) or you can visit us online at ally.com."



So we are good I believe, although I never actually transferred funds out of Ally after 10-12 in order to transfer them back in for the bonus. I found it interesting that they went back to our phone conversation to verify that I had gotten the correct answer.

 

[PatrickA5]

Here is the written response to my inquiry from Ally:

"Thank you for contacting us; I apologize for the delay in the response to your last message. Based on your recent phone conversation with our customer care representative on 10/23/2022, it appears that the issue has been resolved. We are always happy to hear from you, and we want you to know that we value your feedback and appreciate the opportunity to address this issue.

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, by phone, Live Chat, or Secure Messaging. Our toll-free number is 1-877-247-ALLY (2559) or you can visit us online at ally.com."



So we are good I believe, although I never actually transferred funds out of Ally after 10-12 in order to transfer them back in for the bonus. I found it interesting that they went back to our phone conversation to verify that I had gotten the correct answer.

I think you are probably good, but from reading their canned response, I'm not certain that they actually READ the call transcript and agreed with it OR they just see that you were able to get through to the call center and assume it was taken care of. They certainly didn't answer your question in writing.

 

[bpgdeg1234]

Here is the written response to my inquiry from Ally:

"Thank you for contacting us; I apologize for the delay in the response to your last message. Based on your recent phone conversation with our customer care representative on 10/23/2022, it appears that the issue has been resolved. We are always happy to hear from you, and we want you to know that we value your feedback and appreciate the opportunity to address this issue.

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, by phone, Live Chat, or Secure Messaging. Our toll-free number is 1-877-247-ALLY (2559) or you can visit us online at ally.com."



So we are good I believe, although I never actually transferred funds out of Ally after 10-12 in order to transfer them back in for the bonus. I found it interesting that they went back to our phone conversation to verify that I had gotten the correct answer.

Thanks for getting back. My personal take is this is a canned response as they completely avoided and never restated the question or actual answer to it.

After seeing several opinions on different sites and reading the T&C my take is that all existing funding as of the start of the promo 10/12 date under a specific SS# in one of the eligible accounts (e.g. savings, CD) will be considered for the amount they use to calculate what deposits originally existed. Then any new deposit amounts added to the account you sign up and make eligible for the promo and leave in the account for the entire promo will get the 1% bonus.

In my particular case by my adult child coincidentally reducing the account savings balance in our joint account my sense is this amount will be subtracted from whatever I add to my solo savings account as part of the promo.

So for example, if $30K was reduced from the joint account this $30K will be subtracted from say the $50K I add as part of the promo to my personal account for a net of only $20K that will get the 1% bonus.

This is assumming I left that entire $50K and any other money that existed at the start of the promo in for the entire period through 1/15/2023 and didn't make any other withdrawals (outside of say from my checking account which doesn't apply to the restrictions).

Would like to be incorrect but just can't see them allowing individuals with joint accounts to reduce the balance on one hand and then add money to another account that has the same SS# and be eligible for the new deposit promo bonus. Just my take.

 

[bpgdeg1234]

Another question:

So Ally now has a 2.75% 11-month No Penalty CD. If you signed up for the 1% promo on your existing Ally Savings account and added $50K for the promo but then decided to open a new NP CD and transfer that $50K from the Ally Savings into that NP CD does this now disqualify the bonus? Thanks in advance for any perspectives.