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Ally Invest — nice cash bonus offer
06-05-2018, 10:24 AM
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#1
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Thinks s/he gets paid by the post
Join Date: Jan 2012
Posts: 2,581
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Ally Invest — nice cash bonus offer
I just noticed that Ally is offering pretty large cash bonuses to anyone signing up for a new Ally Invest account. For example, if you open a new account and transfer $1MM in assets from another brokerage, Ally gives you $2,500.
I've been with Scottrade (now TD Ameritrade) for many years and have been fairly satisfied with their service and fees. But $2,500 seems like a pretty nice incentive to switch to Ally Invest. I've been using Ally for high-yield savings and checking for a while and have been quite pleased, so I imagine their brokerage service would be pretty decent, too. And if it's not, I could always switch back to TD after 90 days, which is the minimum time required in order to keep the sign-up bonus.
Anyone else tempted by this? $2,500 could pay for a nice little two-week trip to Europe. Very tempting to think about getting such a trip for free.
Here's the link to the full offer details: https://go.ally.com/invest/current-offers/
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06-05-2018, 11:12 AM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,010
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Others offer the same bonus.
Merrill edge has the same thing, plus free trades for an account that large.
__________________
Fortune favors the prepared mind. ... Louis Pasteur
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06-05-2018, 11:55 AM
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#3
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Thinks s/he gets paid by the post
Join Date: Jul 2013
Posts: 1,046
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Quick- someone let me borrow $1MM so I can get the bonus
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06-05-2018, 01:14 PM
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#4
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Thinks s/he gets paid by the post
Join Date: Aug 2013
Location: North
Posts: 4,031
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Quote:
Originally Posted by Sojourner
I just noticed that Ally is offering pretty large cash bonuses to anyone signing up for a new Ally Invest account. For example, if you open a new account and transfer $1MM in assets from another brokerage, Ally gives you $2,500.
I've been with Scottrade (now TD Ameritrade) for many years and have been fairly satisfied with their service and fees. But $2,500 seems like a pretty nice incentive to switch to Ally Invest. I've been using Ally for high-yield savings and checking for a while and have been quite pleased, so I imagine their brokerage service would be pretty decent, too. And if it's not, I could always switch back to TD after 90 days, which is the minimum time required in order to keep the sign-up bonus.
Anyone else tempted by this? $2,500 could pay for a nice little two-week trip to Europe. Very tempting to think about getting such a trip for free.
Here's the link to the full offer details: https://go.ally.com/invest/current-offers/
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Time out of the market on +$1million might actually cost you $2500 making the switch... no?
__________________
Time > $$$ ~ 100% equities ~ FIRE @2031
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06-05-2018, 02:28 PM
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#5
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Thinks s/he gets paid by the post
Join Date: Aug 2004
Location: St. Louis
Posts: 2,179
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Quote:
Originally Posted by kgtest
Time out of the market on +$1million might actually cost you $2500 making the switch... no?
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You should be able to do an in-kind transfer of assets. The only issue would be if the receiving brokerage doesn't offer the same mutual funds that are held at your current broker. So you'd just have to transfer "only" a million to the new broker to keep the special mutual funds at the old broker.
__________________
Dryer sheets Schmyer sheets
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06-05-2018, 02:51 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Jan 2012
Posts: 2,581
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Quote:
Originally Posted by kgtest
Time out of the market on +$1million might actually cost you $2500 making the switch... no?
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The way I understand it, the $1MM can be any combination of cash and securities. So just transferring everything from my current brokerage firm to Ally Invest wouldn't result in anything being out of the market. The most I could see actually losing in the switch would be a day or two of interest on the small amount of cash I'd be transferring, certainly no more than a dollar or two.
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06-05-2018, 02:57 PM
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#7
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Thinks s/he gets paid by the post
Join Date: Jan 2012
Posts: 2,581
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Quote:
Originally Posted by Sunset
Others offer the same bonus.
Merrill edge has the same thing, plus free trades for an account that large.
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I checked around and couldn't find anything online about a comparably large sign-up bonus for Merrill Edge. Currently it seems they're offering up to $600 for new accounts. That's a far cry from $2,500.
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06-05-2018, 03:06 PM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2013
Location: Limerick
Posts: 5,638
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It’s still a tax headache moving accounts. I know it wouldn’t cost anything, but I’m trying to avoid new hassles in retirement.
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06-05-2018, 04:43 PM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2004
Location: South Texas~29N/98W Just West of Woman Hollering Creek
Posts: 6,671
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There is a lot of "bait" being tossed out there these days. I get a couple of pieces of chum-mail weekly. They all look good, but so does 1.91% SEC yield that PMMF is yielding today.
__________________
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.
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06-05-2018, 05:05 PM
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#10
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Dryer sheet aficionado
Join Date: Sep 2015
Posts: 47
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$2500 on a million dollar account is only 0.25%. Pleasant, but given the numbers usually thrown around on this site nothing special.
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06-05-2018, 05:19 PM
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#11
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,010
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Quote:
Originally Posted by Sojourner
I checked around and couldn't find anything online about a comparably large sign-up bonus for Merrill Edge. Currently it seems they're offering up to $600 for new accounts. That's a far cry from $2,500.
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You have to phone them....
__________________
Fortune favors the prepared mind. ... Louis Pasteur
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06-05-2018, 06:45 PM
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#12
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Thinks s/he gets paid by the post
Join Date: Mar 2012
Posts: 3,931
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Quote:
Originally Posted by ScottS
$2500 on a million dollar account is only 0.25%. Pleasant, but given the numbers usually thrown around on this site nothing special.
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Yes, today it is "only" 0.25% and nothing special. However, it wasn't very long ago when 0.25% was what CDs and treasuries were paying for a full year. Over the past six years, I took advantage of this twice...first moving my account from Fidelity to Etrade for $2500, then from Etrade back to Fidelity two or three years later for another $2500. Both times there were also a few hundred commission free trades that came along with the cash for use over a year or two.
Today, with interest rates being so much higher, less folks are likely to take advantage of the offers, unless they were looking to make a switch and just waiting for a good time.
https://rewards.fidelity.com/offers/cashdepositbonus
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06-06-2018, 04:08 AM
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#13
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Thinks s/he gets paid by the post
Join Date: Nov 2008
Posts: 3,395
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TD Ameritrade has the same offer. But you are already there and it is only for new money. Bummer.
Cheers!
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06-06-2018, 05:16 AM
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#14
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,007
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Can’t be bothered. That’s a lot of work for a small % bonus.
I did the Chase $15,000 savings account deposit plus an external transfer to checking for a total $500 bonus last year.
__________________
Retired since summer 1999.
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06-06-2018, 05:20 AM
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#15
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Thinks s/he gets paid by the post
Join Date: Aug 2011
Posts: 3,594
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$2,500 on $1M is 0.25% if I am not mistaken.
Not nearly enough (percentage wise) to motivate behavior on my part.
Besides, I moved the majority of my after-tax accounts into Roth accounts via the mega-back door strategy beginning in 2010 when the Roth rules changed.
-gauss
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06-06-2018, 05:48 AM
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#16
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Recycles dryer sheets
Join Date: Apr 2012
Location: Long Island
Posts: 141
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FYI, I was in the same situation. I was with Scottrade and transferred to TD Ameritrade as a result of the merger. I did not like TD for a variety of reasons. E trade offers $4,000 for account transfers over 1M. They offered me $4.50 stock trades and a 4% margin account. Their Website is excellent and service has been top notch. I think this offer is good through July. The account transferred in kind and was seamless.
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06-06-2018, 06:38 AM
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#17
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 38,007
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Ally doesn’t have any track record as a brokerage.
I never heard of TradeKing
Quote:
2017
After acquiring TradeKing Group, Inc., Ally launched Ally Invest℠ — a wealth management and brokerage platform
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I’m very careful who my broker is.
__________________
Retired since summer 1999.
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06-06-2018, 07:37 AM
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#18
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Thinks s/he gets paid by the post
Join Date: Jul 2013
Posts: 1,879
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Quote:
Originally Posted by Sojourner
I checked around and couldn't find anything online about a comparably large sign-up bonus for Merrill Edge. Currently it seems they're offering up to $600 for new accounts. That's a far cry from $2,500.
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As of a few years ago, Fidelity offered $2500 if you deposited 7 figures. Don't know if they have that offer today.
IMO, these offers are worth investigating if you are changing brokers anyway, as I was 5 years ago. Not something I would do just for the bonus, however.
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06-06-2018, 08:00 AM
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#19
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Thinks s/he gets paid by the post
Join Date: Mar 2012
Posts: 3,931
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Quote:
Originally Posted by mrfeh
As of a few years ago, Fidelity offered $2500 if you deposited 7 figures. Don't know if they have that offer today.
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Post #12
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06-06-2018, 09:02 AM
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#20
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Full time employment: Posting here.
Join Date: Feb 2008
Posts: 748
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Quote:
Originally Posted by audreyh1
Ally doesn’t have any track record as a brokerage.
I never heard of TradeKing
I’m very careful who my broker is.
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Zecco free trading was the original brokerage sometime around 2006 or earlier. If you kept $X,XXX amount of money in your brokerage account you had free trades.
After a few years they found they couldn't support the free trading platform and said if you kept $X,XXX in the brokerage you could have 20 free trades a month.
After a few years they said no more free trades and became TradeKing and trades were $4.95.
Then in 2017 Ally purchased TradeKing and everything was moved to Ally.
I have been and was using both Ally for high(er) yield saving/checking account and Zecco from when it was free trades with my fun money brokerage account.
Now they are all merged into one, I have been happy with them and the merger/buyouts were all handled seamlessly.
I have noticed a lot of merger and buyouts of brokerage accounts I guess it is not uncommon?
OptionsHouse ---> ETrade
Loyal3 ---> FolioFirst
Capital One Investing --->Etrade
ScottTrade -----> TDAmeritrade
Now I just wonder how long RobinHood free trading will be around?
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I don't want to spend my entire life at work. I deserve more. - Want2retire aka W2R
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