Best Online Experience Ever!

My excellent experience with Ally Bank just keeps rollin' along. These people take service to a whole new level. You can actually call them or connect with a service rep for an online chat 24/7/365. It's really remarkable considering that calls placed to most tradition banks either go direct to voicemail or a call centre located in a far away city.

Everything I said at the time still holds true today:

I've never recommended a product or service on these pages but this one is worth a mention.  While reading a Canadian Banking blog last week I clicked on an ad for Ally Bank.  You've all seen the ads with the guy, representing traditional banks, shafting little kids.  One little girl gets a toy pony, because she failed to read the fine print, while the other gets a real live pony. 

Well, I followed the link to Ally Bank and what a great experience.  Within minutes I set up a new account with the help real time, live chat with an Ally rep. 

Why, would I open a new account so quickly with something a new as Ally?  Four reasons.  Firstly, their published GIC rates are by far the best I've seen and I have access to quotes from over 30 institutions through my discount brokerage account.  Secondly, they pay the same rate when you elect to take the interest monthly.  This is unheard of.  Generally, there is a reduction of anywhere from 10 to 50 basis points when choosing monthly payment of interest.  Thirdly, they make it possible to link your accounts with other institutions with your Ally account.  This is something that I've said forever should be possible, given the facilities of the Interac network which we all use with our debit cards.  One click to transfer funds both to and from.  Finally, it's fully insured with CDIC.  By the way, Ally is the old GMAC which has turned itself into a bank.

Since I posted the above on May 31, 2010, Rob Carrick of the Globe & Mail wrote an article on August 29, 2011 entitled 20 things I don't understand about personal finance.  Item number 8 of Rob's article reads "Why more people don’t check out Ally, the online bank that has been paying 2 percent interest steadily since September, 2009, and is a member of Canada Deposit Insurance Corp. Almost everyone else is paying much less."

I know, I know, nobody's jumpin' up & down about 2% interest on deposits.  I just keep reminding myself that it's twice as much as 1, which is what others are offering and a whole 13 points better than the minus 11% that the TSX turned in for 2011.