Ally $500 Bonus Offer

[PatrickA5]

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.

That's a good question. I thought of the same thing. I'll probably just leave my money in the MM account and not chance it. The difference in interest is about $50 over the term of the deal.

 

[bpgdeg1234]

That's a good question. I thought of the same thing. I'll probably just leave my money in the MM account and not chance it. The difference in interest is about $50 over the term of the deal.

I chatted with an Ally CSR and she indicated that unless the NP CD was opened by the 10/26 date that I couldn't open it now and transfer the new money I just transferred over to my savings account as part of the promo into this newly opened NP CD and realize the bonus.

As such, it's not worth the risk of trying to do this so we're just gonna leave the new money in the original savings account I referenced when I signed up for the promo throughout the 1/15 term.

 

[Dash man]

Ally Update:
Your Online Savings Account rate is increasing from 2.35% to 2.50% Annual Percentage Yield (APY) on all balance tiers. Your new APY goes into effect on 11/02/2022, and will appear in your account on 11/03/2022.

 

[mickeyd]

My Ally account now pays an interest rate of 3% APY. That, in addition to the 1% of $50K, makes this an even sweeter deal for those who hopped on this wagon on time.

 

[Montecfo]

My Ally account now pays an interest rate of 3% APY. That, in addition to the 1% of $50K, makes this an even sweeter deal for those who hopped on this wagon on time.

Yes it does. Hopefully more is coming.

 

[Drake3287]

And remember that Capital One is also offering a bonus of up to $1,000. again.

 

[PatrickA5]

And remember that Capital One is also offering a bonus of up to $1,000. again.

I'm thinking about doing that one next year (assuming they offer it).

I did a Discover savings ($450 for $50,000). That one has no retention period. I opened an account online, moved $50,000, got the $450 the day after the deposit posted and moved the money back out a few days later. My money was tied up for maybe 10 days. I think it's up to $500 now (check Doctor of Credit).

 

[aja8888]

Bringing this back to life

In ten days, the offer pays out. What are YOUR plans with the money you invested to get the $500?

For me, I'm pulling the $50 K back to my Schwab brokerage account.

 

[Amethyst]

Probably pull it back to VMRXX, and wait for another offer.

In ten days, the offer pays out. What are YOUR plans with the money you invested to get the $500?

For me, I'm pulling the $50 K back to my Schwab brokerage account.

 

[Amethyst]

I tried this, and learned I'd done it years ago and Discover has a long memory.

I did a Discover savings ($450 for $50,000). That one has no retention period. I opened an account online, moved $50,000, got the $450 the day after the deposit posted and moved the money back out a few days later. My money was tied up for maybe 10 days. I think it's up to $500 now (check Doctor of Credit).

 

[Drake3287]

But remember, this $500. bonus isn't paid out until 2/15. You can touch your principle after 1/15 but we have another month to wait for the payout. For me, I'll be combining it with another $50k account for a CD closer to 5%.

 

[audreyh1]

In ten days, the offer pays out. What are YOUR plans with the money you invested to get the $500?

For me, I'm pulling the $50 K back to my Schwab brokerage account.

I’m not sure we get paid in 10 days - that happens by mid Feb I think. But we can certainly move our funds after Jan 15.

I’ll be seeing what Ally does next. I usually leave some money there.

 

[PatrickA5]

I'll probably move my money back to Fidelity and move the bonus back when it shows up. I usually leave $10 in Ally just to keep the account open in case something (like this) pops up.

 

[Drake3287]

I think it's safe to say that Ally will suddenly be offering higher CD and saving rates once this bonus period is over. They'll do what they can to keep your money with them. Capital One also closely follows what ever Ally does rate wise. we haven't seen any real rate increase with Ally for almost a month.

 

[aja8888]

I’m not sure we get paid in 10 days - that happens by mid Feb I think. But we can certainly move our funds after Jan 15.

I’ll be seeing what Ally does next. I usually leave some money there.

Yeah, that's what I meant (locks in, not pays).

 

[euro]

I think it's safe to say that Ally will suddenly be offering higher CD and saving rates once this bonus period is over. They'll do what they can to keep your money with them. Capital One also closely follows what ever Ally does rate wise. we haven't seen any real rate increase with Ally for almost a month.

Right - and their plan may well work with me! If they have a decent CD rate, I'll probably just leave it with them. Fair enough.

 

[audreyh1]

If they move their no-penalty CD to a decent rate that is a preferred vehicle for me.

 

[Montecfo]

I will likely move it to brokerage and buy bonds.

 

[rayvt]

UFBdirect is currently paying 4.11%
CIT is 3.85%

Ally is still at 3.30%. On $50K that is $33.75/mo difference.

 

[PatrickA5]

UFBdirect is currently paying 4.11%
CIT is 3.85%

Ally is still at 3.30%. On $50K that is $33.75/mo difference.

As Drake said above, I have to think Ally will bump up rates before the 15th to try and keep some of this money. That won't make me stay though, since my FZDXX at Fidelity is at 4.26%.

 

[copyright1997reloaded]

Ally increases CD rates

From Deposit Accounts: https://www.depositaccounts.com/banks/ally-bank/offers/

Deal Summary: Ally Bank CD rate increases - Noteworthy ones include 13-month Select CD (4.60% APY) and 11-month No Penalty CD (3.85% APY), no minimum balance.

and

These increases may be an attempt by Ally to encourage its customers who participated in last year’s cash bonus promotion to keep their money at Ally. If that were the case, you would think Ally would have also increased the rate of its Online Savings account, but that did not happen.

Note if you use the no-penalty CD, funds must remain there for six days after funding, and you cannot make a partial withdraw. (One way to get around this is to open multiple no-penalty CD's.)

I'm likely to just move the $ and use SWVXX (Schwab MM) or Fidelity MM or just move the $ into T-bills.

The blog post (and comments) also outline some other features, such as a flexible beneficiary setup and the ability to get 0.05% bonus on renewal.

 

[audreyh1]

Thanks for doing my research!

 

[Drake3287]

Thanks for doing my research!

How come Ally's web site doesn't show a 13 month available? Wouldn't think they'd want everyone calling instead. The rate is still lower than many brick and motors around me.

 

[audreyh1]

Sometimes you have to dig to find the specials.

 

[mickeyd]

Now that we have reached D-day on this issue (1-15-23) I plan on moving my $50K back to VG CRFMMF which is currently spinning off 4.26%. Ally sits at around 3.3% APY.

One Idea that I had was to stuff a bunch of cash ($25K) in Discover Savings. Quick way to pick up $200, then take it out to put in the MMF.

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