Ally Savings from 1.8% to 1.2%

25 Feb

RBC bought out Ally as of February 1st.  Looks like big banks are buying out their competition left to right.

Ally was a high interest bearing savings account that offered 2% when I first set up my account while other banks were offering in the low 1% range.

Today, after coming back from my vacation, I found out that my “current” 1.8% savings account from Ally had been reduced to 1.2%!  That’s a big dip, and I am not going to stand for that.

Ally has lost my business as a client.  By not offering the best interest rate,  I am moving my money to my savings account at ING Direct which offers 1.35%.  The savings interest rate isn’t spectacular, yet it is higher than what Ally is offering at the moment.

Scotiabank** has also bought out ING Direct.  I hope that they will keep ING the way it is without turning them into another subsidiary to their cause.

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2 Responses to “Ally Savings from 1.8% to 1.2%”

  1. Alex Yang (@yyangalex) February 26, 2013 at 2.33 #

    was it CIBC or Scotiabank that bought ING? its like when TD bought the MBNA cards, they slaughtered the smartcash… i guess they know not everyone will leave, so they are left with some profitable customers still

    • agentfang February 27, 2013 at 2.33 #

      Ah, you’re absolutely right Alex. It is Scotiabank that bought ING. All these big banks are eliminating all these top notch services and turning them into their own eventually. Hope Scotiabank keeps their promise.

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