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Email this9:05 am
Ally Canada has changed their High Interest Savings Rate down to 1.80%
10:22 am
Thank you for the info, just moved my money out to a better place!
1:29 pm
maybe ally lowered rate because ally bank in the usa failed to pass stress test.
1:43 pm
I've had enough of this chasing the highest rate from bank to bank.
I'm just gonna take advantage of my mortgage pre-payment options and drop a large chunk of my savings into paying off my mortgage. My savings will be depleted my a large amount but given these terrible savings rates, might as well pay down the mortgage.
I don't know where people invest these days. Mutual funds are all down. Even bond funds are down. HISA's give bad rates. GIC rates suck also. Advisors don't provide any good suggestions. I am very frustrated if you can tell.
4:23 pm
Sp said:
I've had enough of this chasing the highest rate from bank to bank.
I'm just gonna take advantage of my mortgage pre-payment options and drop a large chunk of my savings into paying off my mortgage. My savings will be depleted my a large amount but given these terrible savings rates, might as well pay down the mortgage.
I don't know where people invest these days. Mutual funds are all down. Even bond funds are down. HISA's give bad rates. GIC rates suck also. Advisors don't provide any good suggestions. I am very frustrated if you can tell.
SP in my opinion you are very logical in putting as much on your mortgage as possible. You have to weigh out what you are making in interest vs paying out your mortgage and SAVING on paying interest. I used to always decrease my years of amortization and pay a bit more every month. Buy an amortization book or see what is online...you wont believe what difference knocking a couple of years off and what few dollars more you have to pay. And to see how much less interest you are paying out!! And.......mortgage free is a wonderful feeling !!!!
5:26 pm
November 8, 2009
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Sp said:
I've had enough of this chasing the highest rate from bank to bank.
I don't know where people invest these days. Mutual funds are all down. Even bond funds are down. HISA's give bad rates. GIC rates suck also. Advisors don't provide any good suggestions. I am very frustrated if you can tell.
I know what you mean. Rates are dropping like a bad dream. Mutual funds are stumbling along but funny enough the fund managers still get paid. The stock market is burping up and down and looks like it may catch a cold from europe. All my friends who live on credit lines and loans are laughing their heads off since all the debt they carry gets cheaper all the time. Plus they have all the toys and the nice house due to living in debt. Cant win
5:44 pm
kilarney said:
. . . All my friends who live on credit lines and loans are laughing their heads off since all the debt they carry gets cheaper all the time. Plus they have all the toys and the nice house due to living in debt. Cant win
Don't worry Kilarney. You'll be the one laughing when debtors prisons are brought back.
8:53 pm
I saw this last night to my dismay. However, even today my account info says it is still paying 2.0%. I was about to transfer everything out until I saw that. Kind of hoping it's grandfathered in but I doubt it 
. Once it goes down my money is back over to Hubert. And when that goes down I'll have to look into opening an account somewhere else. Eventually I should have an account at every top paying bank/CU and can chase the interest rates. Wheee........
10:56 pm
August 4, 2010
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I noticed the Ally 2% showing on my account as well and asked about it via instant chat. Just a glitch in their display systems - it really is 1.8% and should show that tomorrow (or soon).
9:52 am
Sp said:
I've had enough of this chasing the highest rate from bank to bank.
I'm just gonna take advantage of my mortgage pre-payment options and drop a large chunk of my savings into paying off my mortgage. My savings will be depleted my a large amount but given these terrible savings rates, might as well pay down the mortgage.
I don't know where people invest these days. Mutual funds are all down. Even bond funds are down. HISA's give bad rates. GIC rates suck also. Advisors don't provide any good suggestions. I am very frustrated if you can tell.
I totally agree with you pay mortgage than saving. I would pay as much as possible. It is like getting no-risk, no-tax. x% (mortgage rate) return. There is no such thing in investment world.
10:54 am
If your mortgage rate is higher than 2.00% (which it is), paying down your debt first will be your highest return in today's rate environment, while also providing you greater options in the future when rates begin to rise and your debt is paid-off. That said, if the BoC is only going to increase the overnight rate by 25 basis points at a time, don't expect the daily savings rates to climb all that quickly.
I've said it time and time again, I've moved my funds from ING & PC to Achieva Financial. They have one of the longest track records of maintaining among the highest rates over the past 10+ years. I've moved most of my liquid savings to a laddered GIC strategy which provides a better rate of return, while freeing up funds every six to nine months for reinvestment.
6:58 pm
Yes, me too, moved my money out to canadian tire savings, still giving 2%
9:02 pm
March 26, 2012
Offline
Same here! Bye Ally for now!! I wish everyone would also move their money like some of us do, then ally would learn a lesson!!
6:15 pm
Yup, my money is on its way out. These rates are depressing and I can't see it getting better any time soon. I've now saved more money than I thought I would ever need to retire, but fixed income returns were ~6% when I had a savings target in mind, and now we are at ~3%. I figure the only good way to make a return now ... is to actually (gasp!) work ...
11:25 pm
I saw that people's trust Company had an interest rate of 2.1% on their HISA. I have never heard of them has anyone else? A little wary of signing up with something I have not heard of. Advice?
1:25 am
I have some money with them for 3 yrs already. They are registered with CDIC (Canadian Deposit Insurance Corporation).
I don't need instant access to my money, so I don't care that People's Trust has no internet banking.
They've always processed my transactions promptly, returned phone calls and sent monthly statements out on time.
Overall, no complaints from me. Except for how their savings rate went into the toilet just as I moved money over to them. (They were at 4-point-something percent, three yrs ago.)
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