Ally Offers Online Savings in Canada
New online savings products will challenge banking as usual with top interest rates, no fees or minimums, and 24-hour customer service.
Sep 3, 2009
TORONTO, Sept. 3, 2009 -- Ally today announced that it is launching online savings products in Canada, offering interest rates among the highest in the country and 24-hour customer service.
"Our new retail savings products will challenge the financial services industry with straightforward talk, great rates and no hidden fees," said Mike Spero, managing director of Ally. "Customers are looking to save and grow their money efficiently, without sneaky fine print or teaser tactics," he said. "Our ally.ca website is straightforward, and our live customer contact centre is available 24 hours a day, whenever people have time to manage their money."
Ally is a product of ResMor Trust Company, a subsidiary of GMAC Inc. Ally will offer a variety of online savings products, including a range of Guaranteed Investment Certificates (GICs), a true 12-Month No Penalty GIC option, and high interest savings accounts - all of which are available either as traditional saving products or tax-free savings accounts. ResMor Trust Company is a member of the Canada Deposit Insurance Corporation (CDIC).
"The addition of Ally online savings products will further diversify funding sources for our Canadian financing business," said Tracie Crook, president of ResMor Trust Company. "Customers will get great rates on their savings, and we will use those deposits in the marketplace supporting our auto and mortgage customers with competitive financing alternatives."
Ally online savings will offer:
- A 12-Month No-Penalty GIC with No Strings Attached - Customers get both a great interest rate and the flexibility to access their money. They can withdraw funds prior to the maturity date without a fee while receiving full interest, and transfer the funds to any account at any institution without penalty.
- No Teaser Rates - Ally will not "bait and switch" customers with teaser rates that later change on GICs or other products.
- Leading Interest Rates - Ally is committed to offering interest rates always among the best in the country across all savings products. The Ally website clearly posts a rate comparison tool, enabling customers to check out the competition.
- No Sneaky Disclaimers - Ally provides complete transparency on interest rates and terms, and won't hide behind legalese and jargon.
- 24/7 Live Customer Service - Recognizing that not all questions can be answered by an automated system or during traditional business hours, Ally offers around-the-clock access to a call centre agent for customer assistance. (1-866-247-ALLY or 1-866-247-2559)
- Sleeping Money Alerts - While most institutions are happy to let customer deposits earn minimum interest, Ally will send an email to customers when funds have been idle for three months and when the customer can be earning a higher rate of return.
- No Minimums - There are no minimum deposits or minimum balances required.
- Ally Ten-Day Rate Promise - Customers will get the best rate Ally offers on new and renewing GICs within a 10-day period from when an account is opened or when a GIC matures.
"People should expect more from their financial institutions," said Spero. "The Ally brand, which recently launched in the U.S. market, is succeeding because we're committed to three principles: Talking straight, doing the right thing for the customer and being obviously better than the competition. It's a promise from us to our customers.
"We believe that being direct and honest is the best way to build lasting customer relationships, and at Ally we intend on delivering that promise," Spero added.
About ResMor Trust Company
ResMor Trust Company is a federally regulated trust company focused on providing residential mortgages, mortgage servicing and deposit products through independent brokers. ResMor Trust Company also provides retail auto financing to consumers and commercial lending to auto dealers. ResMor Trust Company is a member of the Canada Deposit Insurance Corporation (CDIC). Learn more at www.resmor.com.
About GMAC Financial Services
GMAC is a bank holding company with 15 million customers worldwide. As a global, independent financial services institution, GMAC's diversified business operations include automotive finance, mortgage operations, insurance, commercial finance and online banking. As of June 30, 2009, the company had approximately $181 billion in assets. Visit the GMAC media site at http://media.gmacfs.com for more information.