Deposit Rates: ING etc. (2009)

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Re: Deposit Rates: ING etc. (2009)

Postby thegov » 17 Dec 2009 16:31

Canadian Tire High Interest is back up to 1.35%.
(Interesting as all the 1 & 2 year GIC rates seem to be dropping)
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Re: Deposit Rates: ING etc. (2009)

Postby IdOp » 17 Dec 2009 22:05

$US Manulife Bank Investment Savings Account down to 0.20 % from 0.30 %.
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Re: Deposit Rates: ING etc. (2009)

Postby Subby » 18 Dec 2009 14:59

thegov wrote:Canadian Tire High Interest is back up to 1.35%.
(Interesting as all the 1 & 2 year GIC rates seem to be dropping)


Perhaps their feeling a bit of competition from the newcomer Ally.
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Re: Deposit Rates: ING etc. (2009)

Postby CROCKD » 18 Dec 2009 22:08

thegov wrote:Canadian Tire High Interest is back up to 1.35%.


This is possibly due to INGDirect recently raising their rate to 1.20% from 1.05% the same as CTFS before their increase now to 1.35%. Possibly CTFS and ING see each other as the main competition rather than Ally.
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Re: Deposit Rates: ING etc. (2009)

Postby Pickles » 19 Dec 2009 10:43

CROCKD wrote:
thegov wrote:Canadian Tire High Interest is back up to 1.35%.


This is possibly due to INGDirect recently raising their rate to 1.20% from 1.05% the same as CTFS before their increase now to 1.35%. Possibly CTFS and ING see each other as the main competition rather than Ally.


Or perhaps they are BOTH losing customers to Ally....
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Re: Deposit Rates: ING etc. (2009)

Postby Bylo Selhi » 19 Dec 2009 13:55

How does raising interest rates to 1.2% or 1.35% staunch the loss of customers to Ally (who currently pays 2%, some 50% more?)
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Re: Deposit Rates: ING etc. (2009)

Postby queerasmoi » 19 Dec 2009 23:56

Well I wonder if Ally will just wait this whole thing out until one day all the other savings accounts catch up to them, before they raise rates again.

In any case I still have open accts with HSBC, ING, Canadian Direct Financial and Ally. Most of my cash is in Ally, with a small amt in HSBC to allow me to use the Exchange Network ATMs. If any one overtakes the others, I'll just shift my money around.
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Re: Deposit Rates: ING etc. (2009)

Postby snowback96 » 20 Dec 2009 19:28

queerasmoi wrote:Well I wonder if Ally will just wait this whole thing out until one day all the other savings accounts catch up to them, before they raise rates again.

In any case I still have open accts with HSBC, ING, Canadian Direct Financial and Ally. Most of my cash is in Ally, with a small amt in HSBC to allow me to use the Exchange Network ATMs. If any one overtakes the others, I'll just shift my money around.


Canadian Direct Financial allows you to access Exchange Network ATMs. They also recently launched a chequing account.
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Re: Deposit Rates: ING etc. (2009)

Postby queerasmoi » 21 Dec 2009 19:56

snowback96 wrote:Canadian Direct Financial allows you to access Exchange Network ATMs. They also recently launched a chequing account.


Yes but CDF only allows it once a month, then $1/transaction after. The chequing account is full of fees unless you put $5000 in. Whereas my HSBC savings account is fully fee-free and I just float a balance of a few hundred to give me free withdrawals at Exchange (and BMO!) ATMs.
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Re: Deposit Rates: ING etc. (2009)

Postby snowback96 » 22 Dec 2009 00:20

queerasmoi wrote:Yes but CDF only allows it once a month, then $1/transaction after. The chequing account is full of fees unless you put $5000 in. Whereas my HSBC savings account is fully fee-free and I just float a balance of a few hundred to give me free withdrawals at Exchange (and BMO!) ATMs.


If you leave $1k in your CDF chequing account, you get 15 free transactions/month. You can also buy a $5k GIC to get unlimited withdrawals.
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Re: Deposit Rates: ING etc. (2009)

Postby queerasmoi » 22 Dec 2009 02:04

snowback96 wrote:If you leave $1k in your CDF chequing account, you get 15 free transactions/month. You can also buy a $5k GIC to get unlimited withdrawals.


Fair enough! But still, CDF will incur a $2/month fee on that balance unless you keep it up at $5k, and not earning interest.

Don't get me wrong, CDF is lovely, but if my aim is to have an account that gives me simple access to the Exchange network, CDF is not an elegant solution. HSBC lets me do it with no minimum balance and no fees. I withdraw on Exchange ATMs 1-5 times per month. The few hundred I keep in there still earns me interest, although not that much. The rest of my spare cash sits in Ally, with the same 2% rate as CDF's savings account but with more convenient access - I was able to link Ally to TD, HSBC and CDF seamlessly without mailing or faxing a single piece of paper.

And with all that I still do my primary banking at TD for easy access to e-series funds.
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Re: Deposit Rates: ING etc. (2009)

Postby investnoob » 22 Dec 2009 14:06

queerasmoi wrote:I was able to link Ally to TD, HSBC and CDF seamlessly without mailing or faxing a single piece of paper.

And with all that I still do my primary banking at TD for easy access to e-series funds.


Hi queerasmoi, how did you link your Ally account to TD? Without paper work that is? Do you do this from the TD account side, or the Ally side?

Thanks.
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Re: Deposit Rates: ING etc. (2009)

Postby Bylo Selhi » 22 Dec 2009 14:29

investnoob wrote:how did you link your Ally account to TD? Without paper work that is? Do you do this from the TD account side, or the Ally side?

I imagine he did it online using Ally's "Add external account" page and "Online test deposits" verification procedure. No voided cheques required. At least that's how I would do it (and how I did do it when I did it) ;)
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Re: Deposit Rates: ING etc. (2009)

Postby investnoob » 22 Dec 2009 14:36

Thanks Bylo. I don't have an Ally account, so I was curious how that works.

Is it a one way street? Can you only deposit funds to the TD Account, or can you transfer from the TD account as well?

The reason I ask is because I have a TD savings account which bears ridiculously low interest and I'm interested in putting my savings elsewhere.

Thanks.
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Re: Deposit Rates: ING etc. (2009)

Postby queerasmoi » 22 Dec 2009 15:18

investnoob wrote:Is it a one way street? Can you only deposit funds to the TD Account, or can you transfer from the TD account as well?

The reason I ask is because I have a TD savings account which bears ridiculously low interest and I'm interested in putting my savings elsewhere.

Thanks.


The Ally link is with my TD line of credit actually but I don't see any reason you wouldn't be able to do it with a savings account. It worked with my HSBC savings account and my CDF savings account, of which neither comes with cheques. And in all cases I've been able to push and pull funds both directions.

When you first open the Ally acct you do need to include one signed cheque from any cheque-bearing account as your initial deposit.
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Re: Deposit Rates: ING etc. (2009)

Postby BRIAN5000 » 22 Dec 2009 15:21

Will this work in either direction from Ally to TDW brokerage account?
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Re: Deposit Rates: ING etc. (2009)

Postby investnoob » 22 Dec 2009 15:31

queerasmoi wrote:The Ally link is with my TD line of credit actually but I don't see any reason you wouldn't be able to do it with a savings account. It worked with my HSBC savings account and my CDF savings account, of which neither comes with cheques. And in all cases I've been able to push and pull funds both directions.

When you first open the Ally acct you do need to include one signed cheque from any cheque-bearing account as your initial deposit.


Thanks! I just opened an account online. I now just have to give them a call and send in a deposit by cheque. Thanks again.
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Transferring money out of Ally

Postby Clock Watcher » 30 Dec 2009 14:05

Has anyone been able to transfer money out of their Ally savings account back into their chequing account? There were posts earlier that computer glitches were making this difficult.
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Re: Deposit Rates: ING etc. (2009)

Postby queerasmoi » 01 Jan 2010 15:08

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