Ally US Commercial | Ally | Discussion forum

They have no fees to really speak of, however, they do not offer transactional banking services. For example, Ally does not have access to an ATM network, do not offer a debit card, nor allow any chequing services. Their advertising is a bit misleading, as they compare themselves to banks, when what they offer is an online savings account, with some GIC options --- so it is a bit like comparing a scooter to a car.

You need to determine what you want from your account. If it is strictly savings, then Ally provides that, however, ING, PC Financial & Achieva may offer you more account features, as well as a greater range of savings with RSPs. It really boils down to what you're looking for from an account.

selby1 said:

I'm looking for a replacement for my CIBC checking and savings accounts. I have a relatively large (for me) investment portfolio as well and although they have an updated web page there is no history for it to see how the funds are doing day to day. Actually I found out recently that on one account I won't know what exactly is going on till one year passes. So I'm thinking of moving all of my funds elsewhere. I have a TD account for every day transactions.

If you are doing it all yourself you could use:

Itrade.....monthly statement....no GICS though
A broker like Peak Financial....but you need to find a good adviser and you will get a monthly statement for everything except GICS are hit and miss..depending how good your adviser is in interpreting your needs to see EVERYTHING monthly....my guy is old and just doesn't get it that I want to see everything that I have invested EVERY month. (he can do it but like I see he is old)

Plan B could be as simple as taking your GICs and setting-up a laddered portfolio of various terms with a virtual institution that has no monthly account fees such as Achieva or Ally. You can manage it directly on your own and benefit by much higher rates than what CIBC can offer.

selby1 said:

Thanks. I'll look into it.

For flexibility look at both interest rates and early redemption options and penalties. I use both Accelerate and Outlook Financial. Accelerate for interest rates and Outlook for interest rates plus early redemption options (with at a decreased rate).
Both in Winnipeg.

http://www.outlookfinancial.co.....ucts/rates

http://www.acceleratefinancial.....rates.aspx