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Checked out ING but only 1.35%? Bah, I had a lot of my money in Ally I just moved some but still have 10k in there. 1.8 is pretty good at this time, hope they don't force us out to RBC's 1.2 esavings account.
 

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That totally blows! Now I have to rethink where to park my cash. Back in the day I used TDW Money Market Fund, but when the yield on that went to almost zero I went with an ALLY HISA at 2.0%. Now what?
 

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Well, RBC officially wants to kill Ally.
And they are:

http://www.rbcroyalbank.com/ally/index.html

On February 1, 2013, Royal Bank of Canada announced it completed the acquisition of Ally Financial Inc.’s Canadian auto finance business (Ally Credit Canada Limited) and Canadian deposit business (ResMor Trust Company).

As a result of the acquisition, RBC Royal Bank has performed a comprehensive review of Ally’s‡ product portfolio, and implemented some changes that may impact your account(s):

Effective February 15, 2013, you will not be able to open new accounts with Ally.


You can continue to manage your existing Ally account(s) through Ally’s call centre and website.


High Interest Savings Account (Non-Registered):
As a part of the product consolidation, all Ally High Interest Savings Accounts (HISA) will be closed on April 30, 2013.

You will be receiving an exclusive offer in the mail in the next few days, please visit the nearest RBC Royal Bank branch or call us at 1-866-220-7532 to take advantage of this exclusive offer.

As of April 30, 2013, unless you have taken action, the funds in the account will be electronically transferred to your external bank account on file or mailed via cheque to the latest address on file with Ally. For clients who may have more than one external bank account on file with Ally, the funds will be electronically transferred to the external account used to first fund the HISA.

For GIC clients with interest payment instructions to deposit the funds into an Ally HISA, the interest payment will be automatically switched to their external bank account on file.


Guaranteed Investment Certificate (Non-Registered):
The current term, interest rate, maturity instructions and terms and conditions governing your existing Guaranteed Investment Certificate (GIC) will continue.

Existing GIC clients will continue to have the option to reinvest in an Ally GIC at the rates posted online at ally.ca or in any RBC Royal Bank savings or investment product. Please visit the RBC Royal Bank branch nearest you to take advantage of our competitive rates.


Tax Free High Interest Savings Account & Tax Free Guaranteed Investment Certificate:
All Tax Free High Interest Savings Accounts (TFSA HISA) and Tax Free Guaranteed Investment Certificate (TFSA GIC) accounts will continue to operate under their respective governing terms and conditions.

For TFSA GIC clients, the current term, interest rate, maturity instructions and the terms and conditions governing the TFSA GIC will continue.

Existing TFSA GIC clients will continue to have the option to reinvest in a TFSA GIC at the rates posted online at ally.ca .

We are committed to keeping you informed regarding any changes to your account(s). Please return to this web page for any updates.
 

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I am not a customer of Ally and never been, but I must say, this is an outrage.
This is a clear case of restrictive competition practices.
The Competition Bureau needs to look into this right away.

The acquisition should not have been allowed to begin with.
But now that RBC has taken explicit action to shut down Ally, and dissolve all its features, etc. this is clearly a bigger shark eating the small fish.
Our Telcos and our Banks are the worst monopolies.
 

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RBC didn't buy Ally to shut down the deposit taking competition. I don't think it was the intention.

The value of Ally (for RBC) is in the auto finance business. That business will continue under RBC umbrella.

Ally needed the deposit taking business to finance the auto business. RBC doesn't Ally deposits. They have their own deposit base. It's much cheaper and it's huge.
 

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Checked out ING but only 1.35%? Bah, I had a lot of my money in Ally I just moved some but still have 10k in there. 1.8 is pretty good at this time, hope they don't force us out to RBC's 1.2 esavings account.

They did exactly that today!.....Ally now paying 1.2% !

Please post what you think is the best HISA in Canada now, taking into account the interest rate, which the most important factor...and also ease of use, including easy ONLINE transfers of money in and out.

thanks
 
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