More on Ally

After my initial research into Ally, I decided to try it first hand and open a Savings Account. Here are my experiences... [Disclaimer: This is not an endorsement, do your own due diligence and research]

Researching Ally's High Interest Savings Account

So I came across this post by Canadian Capitalist (CC), this is one of the Canadian financial blogs I follow, and because I love to get high interest on my savings I started doing my own research.

CC mentioned that Ally looked the most promising, but to me it seemed too good to be true. I couldn't believe that they would give you such a high Interest rate, 2% at the time of this writing, yet still charge you no service or monthly fees. I've had High Interest Savings Accounts (HISA) before with Achieva (my current account), Outlook Financial (lower interest than Achieva) and ICICI (didn't like it), and while they give you the highest interest around their service fees are also very high and restrictive.

Not being able to find anything other than "no monthly fees" on Ally's web site, I made a phone call and here's the list of answers I got from customer rep ("service advocate" as they call them). [Disclaimer: technically this is hearsay, since almost none of this is available in writing on Ally's web site, so don't call me a liar later if any of this changes]