Ally is the latest in on-line banks available in Canada. It was launched in the Fall of 2009 as a product of ResMor Trust Company and a subsidiary of GMAC. Its mandate is to provide great rates with no hidden fees. Its products include a variety of high interest savings accounts and GICs available as true savings accounts or Tax Free Savings Accounts (TFSAs).
As of January 8th, 2010 the interest rate paid on their GICs is 1.75% for a 12 month term (no-penalty if redeemed early) and their high interest savings account is paying 2.00% (variable rate). The minimum deposit is $1.
Their website offers great information on their products and comparision with other financial institutions. For up-to-date rates and product offerings go to http://www.ally.ca/ and start saving today.
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