Tag Archives: Bought out

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.