Ally $500 Bonus Offer

mickeyd

mickeyd

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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.

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.
Click to expand...
 
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.
 
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!:LOL:
 
Any withdrawals that occurred before today (10/12/22) don’t count.
 
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.
 
audreyh1 said:
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.
Click to expand...

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.
 
Yes.

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

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

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
 
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To me, $500 in interest is only worth $325. Not sure it's worth the fuss and effort.
 
Not sure if my math is correct, the $500 bonus effective rate is 4.87 percent?
 
Amethyst said:
To me, $500 in interest is only worth $325. Not sure it's worth the fuss and effort.
Click to expand...
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.
 
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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.
 
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Thanks!

Thanks for posting -

It's kinda nice to see cash being wanted again.
 
mickeyd said:
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.
Click to expand...

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.
 
daver said:
Not sure if my math is correct, the $500 bonus effective rate is 4.87 percent?
Click to expand...
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.
 
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jim584672 said:
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.
Click to expand...



Agree, I used 75 days and didn't include the 2.25% interest earned.
Thanks...
 
jim584672 said:
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.
Click to expand...

Thanks Jim. I did not know how to accurately calculate this but I figured it is probably worth a shot. Thanks to you I now know it is worth it.

I recently moved a bunch of cash from my Ally savings account to VG CRFMMF (2.84% vs 2.25%) but left a bit @ Ally; so my account is still active. I think I'm jumping in for 76 days. There is also a chance that the 2.25% interest rate may increase over that time.

Ally must be cash-short. They have been running full page ads in WSJ about this deal.
 
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I just signed up for the Ally deal. Took me some time to find the link for the signup, so here is the original post by XLF11 in the other thread, just in case anyone is interested.

"Ally just has an additional 1% (upto $500) offer for both new and existing Saving and MM accounts for holding new money for 2.5 months:"

https://www.ally.com/customer-getpaid?CP=EML400002851
 
Does anyone worry that they will use the information that you are able to come up with large sums of cash quickly, to classify you as a potential high value client and market this information to others?

The fact that they are only requiring you to let them hold the funds for a few weeks suggests to me that something more may be at play here.

-gauss
 
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