February 21 2013 by Ellen Roseman
I’m hearing from disgruntled clients of Ally Financial, which was bought by RBC last October. After the deal closed this month, RBC delivered bad news to Ally customers.
They won’t earn 1.8 per cent on a non-registered savings account any more. They’ll earn only 1.2 per cent, unless they want to buy a one-year GIC.
Here’s the story from Matt Gierasimczuk, an RBC spokesman.
As part of our purchase of Ally Canada, we are integrating their Canadian operations into our existing Personal and Commercial Banking business.
All Ally non-registered high interest savings accounts will be closed on April 30, 2013, but we are offering these existing Ally clients an exclusive limited time rate of 1.8% on a one year non-redeemable GIC and 1.5% on a one-year redeemable GIC.
These are competitive interest rates in the market and provide access to RBC’s broad range of products and services.
All Tax Free High Interest Savings Accounts (TFSA HISA) and Tax Free Guaranteed Investment Certificate (TFSA GIC) accounts will continue to operate under their respective governing terms and conditions.
I’m posting comments from people who are angry with RBC and plan to take their money elsewhere. They worry that ING Direct, too, will lose its distinctiveness as part of Scotiabank.
A week ago, I did a column about cleaning up errors on your credit report. This was inspired by a U.S. Federal Trade Commission survey, featured on 60 Minutes, about the frequency of credit report mistakes.
Readers sent many questions about their credit reports, so I enlisted Ross Taylor, a credit counselling specialist, to help alleviate their concerns. You can find some of these conversations below.