Tag: Bargains and Deals

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Bargains and Deals

Get Up to $500 By Switching Your IRA to Ally

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Please note: this article was originally published on January 15, 2015 and this offer is no longer available.

Leaving a job in the next five months? Fed up with your current IRA provider? Or do you just love a bonus offer? Then Ally may have an enticing proposal for you

For the next five months (1/1/15 – 5/31/15), Ally Bank is offering up to $500 in bonus money for making a qualifying rollover or transfer from outside Ally Bank to a new or existing Ally IRA CD or IRA Online Savings Account.

A qualifying deposit includes rollovers, trustee-to-trustee transfers and contributions. Just remember, you can only make a maximum contribution of $5,500 ($6,500 if your 50 or older) into a Traditional or Roth IRA in 2015. You won’t be able to earn the bonus offer if you simply open and contribute to an Ally IRA.

If you have a SEP-IRA through an employee or due to self-employment, you can contribute 25 percent of compensation with a limit of $265,000 or $53,000. This will make you eligible for part the bonus. Although, the contribution does not have to be made all at once, the cut off date to earn the bonus is May 31, 2015.

The bonus offer has a tiered structure:

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Unless you’re able to contribute $53,000 into a SEP-IRA, the only way to take advantage of this bonus will likely be from a rollover. Rollovers can take weeks to complete, so if you want to get this offer, be sure to start making moves by mid-March.

This isn’t quick money. Eligible account holders will receive the bonus on July 31, 2015. Ally states it will be deposited into “into the Ally IRA Online Savings Account or IRA CD that received the last transaction to reach the deposit requirement.”

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Erin Lowry
Erin Lowry |

Erin Lowry is a writer at MagnifyMoney. You can email Erin at erin@magnifymoney.com

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