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Hey guys! I've been looking around at some competitive interest rates within Canadian institutions. I was wondering if any of you have any experience with Savings accounts associated with ALLY BANK? I currently bank with Scotiabank and was considering transferring my high interest savings and my TFSA to Ally because of their super great rates. Let me know if you have any experiences or know anything of the ease of transfer. Thanks so much!!
I have a few accounts with ally. They had a great 5 year 4% GIC a year or so ago and I took advantage of that. I love the fact that they apply interest monthly. I also have some HISA with them. Easy to use and set up. You need to get the form online and send them a check to start your account. From there you can transfer between your ally account and the account the check was written from, in your case Scotiabank.
Their rates are far better than ING (I have some accounts there too). They, at this time, do not have RRSP accounts (i think, haven't checked that for a few months). I was actually a little miffed that ING just dropped their rates again to 1.35 where Ally gives 2%.
Thanks so much for your reply! I did some more research today & just applied online. I'm in the process of ordering my cheques. Ally also reimburses up to $40 for cheques purchased!! Great, I thought!! I'm not sure if I'm going to do the TFSA with Ally or not. Mine is currently with Scotia and they want $50 to transfer my funds - would pay itself off eventually, but I've actually looked into another: People's Trust --- that offers a whopping 3% for TFSAs -- I'm thinking I might go with them ... however, the downfall is that there is no online banking or balance check :\ the only way is over the phone or by email (weird!) , so I'm undecided - could be worth the significant increase in rate though. Thanks again!!!
Outside the box thinking...
Just look at outside the currency valuation of whatever you do..