RBC shuts down Ally
You can no longer hold an Ally high interest savings account in Canada.
- Royal Bank of Canada is shutting down the consumer accounts of Ally Financial, and integrating its operations, after buying the company earlier this month. The move is a blow to account holders who previously enjoyed 1.8% interest rates on their saving accounts. They’ll now have to be happy with the 1.2% rate on RBC high interest savings accounts, lock their money into a 1.8% GIC or move their money. Tell us what you think of the move by leaving a comment on our Facebook page.
- Meanwhile, CIBC CEO Gerry McCaughey is calling for a Canada Pension Plan revamp to “reignite a culture of savings.” He’d like Canadians to have the ability to make additional voluntary payments into the CPP.