Ally $500 Bonus Offer

[mickeyd]

If you transfer up to $50000 to Ally account and keep it there until 1/15/2023 you qualify for 1% ($500) GETPAID bonus. May be worth it.

Quote:

Get your bonus in four quick steps. Illustration:badge with the number one representing the first step Enroll by 10/21/2022. (Or open an eligible Ally Bank account if you haven't already.) Illustration:badge with the number two representing the second step Fund your account by 10/31/2022. Move at least $1,000 from another financial institution to a new or existing eligible Ally Bank account. Remember, transfers can take up to three business days. Illustration:badge with the number three representing the third step Keep the new money in your account through 1/15/2023. Your new money must remain in your eligible Ally Bank account through 1/15/2023. Keep in mind, any withdrawals made during this time may reduce your bonus. Illustration:badge with the number four representing the fourth step Get your cash bonus on or by 2/15/2023. Get a 1% bonus on the net new funds, up to $500.

[audreyh1]

Make sure you go through the proper steps to qualify.

You have to enroll first by 10/21/22.

Then new funds have to be added by 10/31/22.

Then you can’t take anything out of the account before 1/15/23 unless you’ve transferred additional funds of course.

[aja8888]

Hmmm, earlier this month, I moved a big lump of money out of Ally to Schwab. I guess I can always move it back and collect the $500.00!

[audreyh1]

Yes you can after you enroll!

[aja8888]

Quote:

Originally Posted by audreyh1 Yes you can after you enroll!

Well, I guess I'll go do that today!!

[audreyh1]

Any withdrawals that occurred before today (10/12/22) don’t count.

[audreyh1]

I’m saying any withdrawals that occurred before today don’t count. Withdrawals today and after (until 1/15/23) will count against your “new” added money and potentially affect the size of the bonus.

So someone can’t withdraw funds starting today and return them by the end of the month and expect those funds to be considered “new” money.

[aja8888]

Quote:

Originally Posted by audreyh1 I’m saying any withdrawals that occurred before today don’t count. Withdrawals today and after (until 1/15/23) will count against your “new” added money and potentially affect the size of the bonus. So someone can’t withdraw funds starting today and return them by the end of the month and expect those funds to be considered “new” money.

Yes, I understand. I also went and read the Terms and Conditions.

So if I put $50 K in my Ally savings account (after enrollment) and pay a few bills by 1/15/2023 from my Ally money market account, the amount of bills I paid (withdrawals) will reduce the bonus amount potential. That's the way I read the T & C's.

I pay a PenFed CC account from ALLY MM each month.

Another thing to think about is the bonus received will be taxable.

[audreyh1]

Yes.

But you could always transfer in extra to cover those expected bills through 1/15/23.

[aja8888]

Quote:

Originally Posted by audreyh1 Yes. But you could always transfer in extra to cover those expected bills through 1/15/23.

Yes, I can. Or I can pay them from my brokerage account!

This offer is not making much sense to me since if I were to transfer $50 K from my Schwab MM account already earning almost 3% for three months, I would leave on the table about $350 in interest over those three months. But I would collect $500 at ALLY. Well, the question is......is $150 net worth it to move the money around?

But, the money moved would be earning 2.25% at ALLY or $281.25. So really then the deal is worth $150 + $281 =$431

[Aerides]

For those of you interested, we have a long running thread where members share all bank bonuses and good offers (including this one as it's already mentioned), here:

https://www.early-retirement.org/for...ml#post2839177

[Amethyst]

To me, $500 in interest is only worth $325. Not sure it's worth the fuss and effort.

[daver]

Not sure if my math is correct, the $500 bonus effective rate is 4.87 percent?

[audreyh1]

Quote:

Originally Posted by Amethyst To me, $500 in interest is only worth $325. Not sure it's worth the fuss and effort.

Some of us already have an Ally savings account. I just need transfer $50K in from another account.

It’s worth the trouble (a few clicks) to me for $500 in 2.5 to 3 months on top of their 2.25% interest rate.

Won’t be taxed on it until next year either!

Is the $500 only worth $325 due to income taxes? That would be true on any bank interest earned.

[aja8888]

I'm going to do the deal. A few clicks of a mouse is all it takes to make $400+ dollars.

[Golden sunsets]

I'm thinking about it. Just to be clear, if I have an existing Ally savings account with a current balance of $1, if I transfer in $50,000 from another bank and don't touch that account until after 1/15, I'll earn the bonus plus the prevailing rate. BUT..... I can transfer in and out of other Ally accounts in my name? Is that your interpretation Audrey/and or others?

Seems worth it for a few clicks, although the 50k would earn 3.1% vs 2.25%, if it stayed where it is now, so not a full $500 in addition earnings.

[MichealKnight]

Thanks for posting -

It's kinda nice to see cash being wanted again.

[Tetto]

Quote:

Originally Posted by Aerides For those of you interested, we have a long running thread where members share all bank bonuses and good offers (including this one as it's already mentioned), here: https://www.early-retirement.org/for...ml#post2839177

Thank you! Just what i was looking for

[copyright1997reloaded]

Quote:

Originally Posted by mickeyd If you transfer up to $50000 to Ally account and keep it there until 1/15/2023 you qualify for 1% ($500) GETPAID bonus. May be worth it.

Thanks for posting this. I did the enrollment just to have it done, which gives me time to figure out if I want to take advantage of the deal.

I was draining money OUT of Ally for T-Bill purchases (I had moved most but not all out).

I would imagine they've had outflows as the even increased account rates aren't close to short term T-Bill rates.

[jim584672]

Quote:

Originally Posted by daver Not sure if my math is correct, the $500 bonus effective rate is 4.87 percent?

Hmm...

Money in by 10/31/22 through 1/15/22 = 76 days = 0.208219 of a year.

1% in 0.208219 of a year so 4.802%, not counting the interest earned in 76 days.

2.25% * 0.208219 = 0.4684% + 4.802% = 5.27% including interest and bonus.