Posted on: 28-07-10 11:20:13
Ally has been advertising 2% rate of return on their Savings A/C . http://www.ally.ca/en/savings/high-interest-savings-account/hisa-overview.html
Has any one tried Ally and if yes , how has the experience been ..?
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Fido.
Quote:
Originally posted by Fido
Ally has been advertising 2% rate of return on their Savings A/C . http://www.ally.ca/en/savings/high-interest-savings-account/hisa-overview.html
Has any one tried Ally and if yes , how has the experience been ..?
It is GMAC subsidiary under Resmor Trust. They have expanded their business to mortgages alongwith car financing. Your money is secured under CDIC if it is less than $100K.
I heard the ex-chairman of Ingbank is now Chairman of this trust. Therefore he is bringing in same concept.
Quote:It's not a GMAC subsidiary - it is GMAC re-born.
Originally posted by Desi # 1
It is GMAC subsidiary under Resmor Trust.
GMAC went bankrupt in the US mortgage and loands crisis and struck a deal with the US Fed Reserve to convert into a deposit banking institution in order to gains access to the TARP funds.
Then they re-named themselves as Ally instead of the infamous GMAC.
Old wine, new bottle.
Yes, deposits are secured by the CDIC.
It also has large amounts of capital vested into it by the US Treasury.
I'd say it should be rather secure, but keep in mind that it has a very bad history and their hands are mired with dirt.
Keep an eye out for its movements - if/when the US govt. decides to pull its capital out, you may wanna temporarily move your deposits out as well until things settle down again.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
As long as it is secured by CDIC , the funds are secure .... When the rates go low , we can always move the funds elsewhere ....
On an unrelated note , GMAC , the erstwhile leasing arm of GM and the GMAC Mortgage company / signs that we see related to property .......... Are these 2 related ??
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Fido.
Quote:Yes, subject to the timely processing of your claim and the ability of CDIC to support the insolvency amount.
Originally posted by Fido
As long as it is secured by CDIC , the funds are secure
Quote:Yes, they are all related.
On an unrelated note , GMAC , the erstwhile leasing arm of GM and the GMAC Mortgage company / signs that we see related to property .......... Are these 2 related ??
Just cousins and offshoots of each other.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
