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Email this3:46 pm
When I first opened a HISA and a TFSA with Ally a while ago, the rate was 2%. No other company was even close. Ally's commercials seem to indicate that they would keep there rates as high or higher than the competition. Now I find that many companies have higher rates for both accounts. I feel used again (previous times with ING Direct, PC Financial). I called Ally and warned them that they should increase their rates or I would pull my $$$, but so far no change. Are there any out there also frustrated with Ally ? Which company would you now recommend, Peoples Trust, Canadian Direct Financial, or another ? I want a company that keeps its rates high ALL-THE-TIME so I don't have to keep changing.
5:18 pm
November 8, 2009
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it seems that banks and governments are considering LOWERING all interest rates to try and suck the last bit of economic activity out of the destroyed world economy. People borrowing cheap money got us into the mess and until they let everything self correct and throw a few thousand wall street criminals in jail not much will change. People who were responsible with money are losing lots due to this warped mess.
5:23 pm
August 4, 2010
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First, the difference between 2% and 2.1% is pretty marginal, and unless you have massive deposits, the extra interest is not really of significance. And aside from those two fringe institutions, Ally has been at the top of the CDIC-insured market since they started. There are a couple of Manitoba credit unions also above 2%, but that is a slightly different space - you have to be comfortable with Manitoba rather than CDIC deposit guarantees. Short of Ally losing out on significant business, which these entities aren't a threat for, they have no reason to "top themselves" and raise their rate even higher.
8:35 pm
err. But if it would cost you $$$ to transfer your money from Ally to CDF
then please not yet. stay with Ally first.
3:34 pm
December 12, 2009
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I would have to recommend Hubert Financial, a virtual banking division of Sunova Credit Union. All deposits guaranteed by the Deposit Guarantee Corporation of Manitoba (DGCM). Current rate is 2.5%.
Ordinarily, I would caution against moving money for an extra 0.1 to 0.25% especially when fees could be factored in. The difference really is marginal. However, for myself personally, at 2.5% and with no fees just like Ally, Hubert will pay me an extra $25-30 per month in addition to what I am earning now; that is substantial.
I started moving money in July and transferred the rest over this week. I plan to leave my Ally accounts open with a token $100 or something there should rates improve. I also sent them a courteous message advising why I was moving my money and said I could be enticed back with them matching rates of Hubert (do not even have to beat the rates), a fee-free chequing account like ING and a competitive credit card product. Will let you know their response!
Cheers,
Doug
4:20 pm
August 4, 2010
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I can't imagine Ally would have any interest (no pun intended) in raising rates above 2%. Hubert wouldn't be a significant competitor for them. Chequing is probably a lot messier than just taking deposits (even ING waited many years), so it will be interesting to see if Ally moves in that direction. The thing I'm surprised about is that they don't offer RRSP products.
4:32 pm
December 12, 2009
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I thought Ally offered RRSP savings accounts and GICs. Hrm, will have to look into that!
At any rate, they *should* offer a credit card and a chequing account. It is the only way to build any kind of stickiness and increase the share of the wallet of the customer. They offer such a product at Ally U.S.
Cheers,
Doug
8:59 pm
I don't recall Ally saying they would keep their rates as high or higher than the competition, just that they wouldn't do the bait and switch move that others do, by doing a promo rate and then dropping it, and they have stuck by their word.
Also, Bob Levas comment "I called Ally and warned them that they should increase their rates or I would pull my $$$, but so far no change." made me chuckle. Did you expect them to say 'how high' when you told them to jump? Gimme a break. LOL.
3:57 pm
I thought i needed to write something but reading to the end I agree with everything said by this last fellow and the moderators comments throughout, so I guess i dont need to write the same. (I also chuckled.) I agree if approaching the 100,000 amount changing from Ally to Hubert for a .5 percent increase is worth it, if you trust it will last. Only after reaching 100,000 CDIC ceiling with Ally did i open Peoples a few years ago because they had a new 20.00 account bonus, and the highest combo of 2.1 % savings and 3% TFSA of anyone, which makes things simple. Luckily the rates lasted. I've not minded no internet banking, the live person works well. (It is too bad they only allow one bank to be linked with, unlike Ally.) Now hearing about Hubert 2.5% I am asking if it is worth opening with this new institution? So glad I found this sight, big thanks to the developer.
paj bob watford said:
I don't recall Ally saying they would keep their rates as high or higher than the competition, just that they wouldn't do the bait and switch move that others do, by doing a promo rate and then dropping it, and they have stuck by their word.
Also, Bob Levas comment "I called Ally and warned them that they should increase their rates or I would pull my $$$, but so far no change." made me chuckle. Did you expect them to say 'how high' when you told them to jump? Gimme a break. LOL.
12:32 am
November 2, 2011
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I have read that Ally Financial is preparing to shake up auto loans in a big way! The Detroit Free Press reports that Ally will offer automobile loans in America's five most highly populated states that will allow borrowers to sell their automobiles back to Ally after four years at a cost that will at least cover the remaining loan balance.They provide another flexible financing option for dealers to offer customers, allowing them to meet a variety of customer needs.The proof is here: Ally Financial to offer upside-down-proof auto loans
5:56 am
At 2.5% I'm thinking of switching from Ally to Hubert. I've got enough cash to make it worthwhile. I don't know anything about these guys other than what's on their website (owned by Sunova, a Manitoba credit union). What is their online interface like... is it comparable to Ally's? Can you see your balance and transaction history? Can you transfer cash in and out from a linked chequing account like with Ally, or do you have to fill out and fax forms, then wait for days or weeks for the transasction to happen? Do they have any "hidden" fees (they don't appear to have a fee schedule online, they just say no monthly service fees, but that might not be telling the whole story). What is their interest rate history like... do they have a "bait and switch" reputation? Thanks in advance for all replies.
10:41 am
Hubert's online interface is a bit spartan, but not really any worse than Ally's. Yes, you can see your balance and transaction history. Yes, you can transfer cash in and out like Ally. Transferring cash out is currently a bit of a pain since you have to enter the destination transit and account numbers every time, so be very careful doing that so you don't enrich some stranger out there. I wish they'd only allow transfer out to a linked account, as that would be a lot more secure. Transfers in are done via linked accounts, and linking is just like with Ally through test deposits ie. no forms to fill in, or void cheques to mail. Their fees seem fine, I haven't been hit with any yet, but then again I just do basic stuff. Their rate history is good, 2.5% and it has held. There was a glitch at one point where it looked like they had lowered their rate but it was just a data entry mistake and nobody lost any interest due to it. So no bait and switching so far.
For more info read the thread about suggestions for Hubert improvements.
Hope this helps.
-Jim
9:37 pm
chelseajones said:
I have read that Ally Financial is preparing to shake up auto loans in a big way! The Detroit Free Press reports that Ally will offer automobile loans in America's five most highly populated states that will allow borrowers to sell their automobiles back to Ally after four years at a cost that will at least cover the remaining loan balance.They provide another flexible financing option for dealers to offer customers, allowing them to meet a variety of customer needs.The proof is here: Ally Financial to offer upside-down-proof auto loans
SHAKE UP....come on....It will be a sucker deal for suckers!!!! No wonder there are financial problems in the states!!!
9:01 am
December 22, 2011
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Ally just increased their 5 year high rate GIC from 2.5% to 2.6%. Not much of an increase but I just noticed they did it today.
12:37 pm
Trying to lock the suckers in before the inevitable BoC rate increases. I would stay far away from GICs in the short and medium term.
2:37 pm
We all need to obviously make our own investment choices, however, if I had stayed all in savings since rates tanked five years ago I would have lost significant earnings!
The strategy I recommend --- Ladder some of your savings into GICs over multiple terms (i.e. one through five years), this way you benefit by higher rates immediately, while freeing-up funds for re-investment (hopefully at higher rates) as each term deposit matures. Right now you can still get 3.25% for five years & 2.75% for three years --- a much better yield than simply 2% or lower in savings.
Just another option.
4:24 pm
cmore said:
We all need to obviously make our own investment choices, however, if I had stayed all in savings since rates tanked five years ago I would have lost significant earnings!
The strategy I recommend --- Ladder some of your savings into GICs over multiple terms (i.e. one through five years), this way you benefit by higher rates immediately, while freeing-up funds for re-investment (hopefully at higher rates) as each term deposit matures. Right now you can still get 3.25% for five years & 2.75% for three years --- a much better yield than simply 2% or lower in savings.
Just another option.
I agree with laddering....I still have some 4.75% investments. I do a 3 year ladder as often the 4 and 5 years rates just don't look that good to me....but Yakki thinks I am disgruntled....lol. I also agree with the latter comment from GUEST.....maybe some savings (profit) to the financial institutions if they offer lower rates and lock you in as a rate increase by the Bank of Canada is coming as per my investment adviser.
3:07 pm
Laddering is Ok if you're a conservative investor or you are specifically looking after the cash part of your overall investment portfolio. I don't think fixed income is going to pay off in the short to medium term. Mark Carney can talk all he wants about the inevitable need to raise the BoC rate.... eventually he will be right. What he's not telling you is that any rate increases will be small... probably 25 basis points... and the rate increases will be spread far apart. He knows that raising rates significantly in this fragile economy would produce disasterous results. With that in mind, I think the large-cap dividend payers are the way to go for now.
5:30 pm
Correct, however, given all the turmoil in Europe and the carnage in the markets over the past two months (never mind just today), I'm staying conservative with my savings and a laddering strategy seems prudent. As for the bank of canada and their overnight rate, I have not read any econimic reports suggesting rates will increase more than a full percentage point prior to year-end 2013.
I agree, rate increases will be modest and span over the next 18 to 24 months.
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