A while back I blogged about the Ally high interest savings account offered by a Canadian bank called ResMor Trust. In that post I said the following:
Although I definitely think their high interest savings account represents a great offering and without a doubt I can recommend them I for one will not be opening an account with them. After some careful consideration I decided to go with one of their competitor which offers a slightly better interest rate.
I take back the part about not opening an account with them because I went ahead and did exactly that. Out of all Canadian financial institutions Ally offers the second highest interest rate. The top rate is offered by another bank called Peoples Trust (2.10% as compared to Ally’s 2.0%) but after some contemplation I’ve decided that the extra 0.10% offered by Peoples Trust is not worth the inconvenience of not having an online banking feature. What can I say, I guess I’m “spoiled” perhaps, but I believe that even a rudimentary online banking system is a must these days. I’m not asking for much, just give me a simple page where I can see my account balance, interest earned, and the ability to move funds back and forth from the savings account to a linked checking account I’ll be happy. Peoples Trust already has a website so I wonder is it really that expensive to add and maintain a online backing system?
Anyways, back to Ally. I found the account opening procedure to be really easy. Everything was done online. I just gave them a few vital pieces of information and that was it. Next I mailed them a check (made payable to myself) and once they receive it my account should be funded. I’m not sure if they’ll automatically link my Ally savings account to the checking account upon depositing the check, but even if they do not it should not be a big deal because I can manually link bank accounts to the savings account via their online banking system.
I’m gonna keep you folks updated on how my experience with this bank goes.
By the way the Ally website is available at: http://www.ally.ca
Wishing you all the best!