Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Ally $500 Bonus Offer
Old 10-12-2022, 12:23 PM   #1
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
mickeyd's Avatar
 
Join Date: Apr 2004
Location: South Texas~29N/98W Just West of Woman Hollering Creek
Posts: 6,540
Ally $500 Bonus Offer

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.
__________________
Part-Owner of Texas

Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx

In dire need of: faster horses, younger woman, older whiskey, more money.
mickeyd 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 10-12-2022, 12:45 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 32,925
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.
__________________
Retired since summer 1999.
audreyh1 is online now   Reply With Quote
Old 10-12-2022, 01:05 PM   #3
Moderator Emeritus
aja8888's Avatar
 
Join Date: Apr 2011
Location: The Woodlands, TX
Posts: 16,357
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!
__________________
Everyone has a plan until they get punched in the mouth...philosopher Mike Tyson
aja8888 is offline   Reply With Quote
Old 10-12-2022, 01:10 PM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 32,925
Yes you can after you enroll!
__________________
Retired since summer 1999.
audreyh1 is online now   Reply With Quote
Old 10-12-2022, 01:11 PM   #5
Moderator Emeritus
aja8888's Avatar
 
Join Date: Apr 2011
Location: The Woodlands, TX
Posts: 16,357
Quote:
Originally Posted by audreyh1 View Post
Yes you can after you enroll!
Well, I guess I'll go do that today!!
__________________
Everyone has a plan until they get punched in the mouth...philosopher Mike Tyson
aja8888 is offline   Reply With Quote
Old 10-12-2022, 01:26 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 32,925
Any withdrawals that occurred before today (10/12/22) don’t count.
__________________
Retired since summer 1999.
audreyh1 is online now   Reply With Quote
Old 10-12-2022, 01:40 PM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 32,925
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.
__________________
Retired since summer 1999.
audreyh1 is online now   Reply With Quote
Old 10-12-2022, 01:53 PM   #8
Moderator Emeritus
aja8888's Avatar
 
Join Date: Apr 2011
Location: The Woodlands, TX
Posts: 16,357
Quote:
Originally Posted by audreyh1 View Post
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.
__________________
Everyone has a plan until they get punched in the mouth...philosopher Mike Tyson
aja8888 is offline   Reply With Quote
Old 10-12-2022, 02:17 PM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 32,925
Yes.

But you could always transfer in extra to cover those expected bills through 1/15/23.
__________________
Retired since summer 1999.
audreyh1 is online now   Reply With Quote
Old 10-12-2022, 02:23 PM   #10
Moderator Emeritus
aja8888's Avatar
 
Join Date: Apr 2011
Location: The Woodlands, TX
Posts: 16,357
Quote:
Originally Posted by audreyh1 View Post
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
__________________
Everyone has a plan until they get punched in the mouth...philosopher Mike Tyson
aja8888 is offline   Reply With Quote
Old 10-12-2022, 02:26 PM   #11
Moderator
Aerides's Avatar
 
Join Date: Nov 2015
Posts: 11,475
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
Aerides is offline   Reply With Quote
Old 10-12-2022, 02:30 PM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Amethyst's Avatar
 
Join Date: Dec 2008
Posts: 11,509
To me, $500 in interest is only worth $325. Not sure it's worth the fuss and effort.
__________________
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.
Even a blind clock finds an acorn twice a day.
Amethyst is offline   Reply With Quote
Old 10-12-2022, 02:34 PM   #13
Recycles dryer sheets
 
Join Date: Feb 2021
Posts: 59
Not sure if my math is correct, the $500 bonus effective rate is 4.87 percent?
daver is offline   Reply With Quote
Old 10-12-2022, 02:36 PM   #14
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 32,925
Quote:
Originally Posted by Amethyst View Post
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.
__________________
Retired since summer 1999.
audreyh1 is online now   Reply With Quote
Old 10-12-2022, 02:42 PM   #15
Moderator Emeritus
aja8888's Avatar
 
Join Date: Apr 2011
Location: The Woodlands, TX
Posts: 16,357
I'm going to do the deal. A few clicks of a mouse is all it takes to make $400+ dollars.
__________________
Everyone has a plan until they get punched in the mouth...philosopher Mike Tyson
aja8888 is offline   Reply With Quote
Old 10-12-2022, 03:42 PM   #16
Thinks s/he gets paid by the post
Golden sunsets's Avatar
 
Join Date: Jun 2013
Posts: 2,435
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.
__________________
"Luck favors the prepared mind"
Pasteur
Golden sunsets is offline   Reply With Quote
Thanks!
Old 10-12-2022, 03:46 PM   #17
Recycles dryer sheets
 
Join Date: May 2019
Posts: 374
Thanks!

Thanks for posting -

It's kinda nice to see cash being wanted again.
MichealKnight is online now   Reply With Quote
Old 10-12-2022, 05:10 PM   #18
Recycles dryer sheets
 
Join Date: Dec 2016
Posts: 248
Quote:
Originally Posted by Aerides View Post
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
Tetto is offline   Reply With Quote
Old 10-12-2022, 05:15 PM   #19
Thinks s/he gets paid by the post
 
Join Date: Feb 2007
Location: Upstate
Posts: 2,322
Quote:
Originally Posted by mickeyd View Post
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.
copyright1997reloaded is offline   Reply With Quote
Old 10-12-2022, 08:03 PM   #20
Thinks s/he gets paid by the post
 
Join Date: Feb 2014
Posts: 2,562
Quote:
Originally Posted by daver View Post
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.
jim584672 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 6 transaction limit fees returning to Ally MJ FIRE and Money 15 07-14-2020 03:07 PM
Ally Bank Offering a Limited Time 1% Cash Bonus Drake3287 FIRE and Money 49 02-05-2019 11:52 PM
Another $500. Bonus Offer - Capital One 360 Drake3287 FIRE and Money 16 01-21-2019 05:33 AM
Ally Invest nice cash bonus offer Sojourner FIRE and Money 38 06-08-2018 06:54 AM
Ally Bank CD loyalty bonus Ready FIRE and Money 34 07-24-2015 04:24 PM

» Quick Links

 
All times are GMT -6. The time now is 04:50 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2022, vBulletin Solutions, Inc.