Just switched from Capital One to Ally

[disneysteve]

how easy is it to open a MM from capital one if you already have a savings account there?

is there any catch to opening the MM? 1.85% is better than 1%

I don't think it's hard, but when faced with that decision, I just moved our account to Ally since they have the same rate and no minimum balance requirement. I saw no benefit to staying with CapOne.

[LivingAlmostLarge]

i just clicked a button and it was done. I have bill pay and auto debits set up so as long as capital one is competitive i"m staying put.

[scfr]

I'm finally opening an Ally account, thanks to the 1% payback promotion. (I had not opened an Ally account before because I was getting better than what Ally pays.)
There is a nice write-up on the 1% kickback (errr ... payback) promotion here:

[Coupon_Hen]

Big fan of Ally! Their online banking portal is so organized and simple to use!

[LivingAlmostLarge]

Does ally allow you to withdraw money anywhere for free? I have contemplated HSBC since I see them everywhere travelin.

[disneysteve]

Does ally allow you to withdraw money anywhere for free?

I honestly have no idea. I only access the account online. I'm sure someone else will know. I haven't used an ATM for a very long time.

[kork13]

Does ally allow you to withdraw money anywhere for free? I have contemplated HSBC since I see them everywhere travelin.

Ally's ATM access is effectively free everywhere within the US. They're part of the Allpoint ATM network, so those are free worldwide. If you don't use one of the Allpoint ATMs, they'll refund up to $10/mo in ATM fees within the US, which should be plenty unless you're using an ATM 3-5 times a month (which would be silly). If you use a non-Allpoint ATM outside the US, it may not be free, and they won't reimburse you.

[disneysteve]

I do believe Ally limits you to 6 transactions on your account each month. I'm not sure what the penalty is for exceeding that.

[msomnipotent]

Well of course they are offering a bonus, because I just deposited several thousands of dollars in the account last week. After two months, I think I finally have the savings accounts squared away. They sent some signature cards for my husband and daughter to sign, and it took me 15 minutes on the phone just to find out if I was supposed to sign for her (a minor) or if she had to sign. I felt like I was part of an Abbott and Costello routine. But at least the cards are in the mail now.

[Jluke]

Well of course they are offering a bonus, because I just deposited several thousands of dollars in the account last week. After two months, I think I finally have the savings accounts squared away. They sent some signature cards for my husband and daughter to sign, and it took me 15 minutes on the phone just to find out if I was supposed to sign for her (a minor) or if she had to sign. I felt like I was part of an Abbott and Costello routine. But at least the cards are in the mail now.

You may qualify for the bonus. Contact them!

[disneysteve]

You may qualify for the bonus. Contact them!

It looks like the bonus is for new AND existing customers for funds deposited by 10/31. It's 1% up to $100,000 (total $1,000 bonus).

[msomnipotent]

You may qualify for the bonus. Contact them!

I checked. I deposited the money on the 4th and the promotion didn't start until the 8th. I signed up today in case I decide to transfer other savings into the account, but I might not want to tie up all of my money until January.

[kork13]

I'm finally opening an Ally account, thanks to the 1% payback promotion. (I had not opened an Ally account before because I was getting better than what Ally pays.)
There is a nice write-up on the 1% kickback (errr ... payback) promotion here:

Thanks for posting this, I'm happy to accept other people's money for simply moving around my cash. I just signed up, and I've concentrated $8500 of my cash floats from a few accounts (primary checking, backup savings, and my brokerage money market) into Ally. That cash was earning about the same (or less) compared to Ally, so I may as well move it & let them give me an extra $85 for the trouble of 5 minutes' effort.

[disneysteve]

I'm finally opening an Ally account, thanks to the 1% payback promotion.

How does this work exactly? It says you have to leave the money in until 1/15/19. Let's say I have $20,000 in the account right now and during the promotion period I deposit another $5,000. But next month I take out $2,000. Will that count against me or will I still get the bonus as long as I don't take out at least $5,000?

[Jluke]

I checked. I deposited the money on the 4th and the promotion didn't start until the 8th. I signed up today in case I decide to transfer other savings into the account, but I might not want to tie up all of my money until January.

Ok. I saw a post on bogleheads where someone did similar deposit timing and called Ally. They were given the bonus money.