Pegah says: High interest savings means more money in the bank (okay let's be honest, more money for shopping!).
High interest savings accounts aren't paying very high interest these days with ING Direct at 1.05% and ICICI Canada at 1.2%, for example. Ally is looking to sign up some new customers and a do a bit better with their 2% high interest savings account. Never heard of Ally? You're not the only one, they're a 'new' brand, from ResMor Trust Co., who in turn is owned by GMAC,. You can read more about Ally's background in this Globe and Mail article.The account itself is very similar to what you get at a lot of other online banks. There's no mimimum balance, no fees, daily compound interest, and CDIC insurance. Unfortunately, at this time they do not serve residents of Quebec. If you're interested, check out the website, but also have a look at this discussion in the forums with over 250 posts.


