help FAQs – product info for GIC

Question

How do I open a new High Rate GIC or new No Penalty GIC?

Answer

Your quickest, easiest option is our online application. You can also call us at 1-866-247-2559, or download our printable application and mail it to the address on the application.

Question

When do I need to fund my High Rate GIC or my No Penalty GIC?

Answer

As soon as you open it. You have 30 days from opening to fund your account before we have to remove it from our system.

Question

When will I start earning interest?

Answer

No later than the business day we receive your opening deposit.

Question

How do I order additional deposit slips?

Answer

Call us at 1-866-247-2559.  We’ll be happy to help.

Question

How do I dispute a transaction on my statement?

Answer

You can call us to discuss your account 24/7 at 1-866-247-2559. You can also send us a letter. Be sure to include your name, account number, the transaction dollar amount, and an explanation as to why you believe there is an error. Mail your letter to: 
ALLY CUSTOMER CARE
PO BOX 350 STN C
TORONTO, ONTARIO   M6J 3N1

You can also find more information on your account agreement and billing statement for details concerning billing disputes.

Question

Can I download my account information to my accounting software?

Answer

Yes. You can download to Microsoft Money.  You can also download as a CSV file to use in Excel.

Question

How do I close my High Rate GIC or my No Penalty GIC?

Answer

You can always call us at 1-866-247-2559 to close your account. Or, send a written request to:
ALLY CUSTOMER CARE
PO BOX 350 STN C
TORONTO, ONTARIO   M6J 3N1

Question

How do I find current rate information?

Answer

View all our rates, side-by-side, on our site’s Compare page. You can also find more rate information on our individual High Rate Guaranteed Investment Certificate (GIC), No Penalty Guaranteed Investment Certificate (GIC) and High Interest Savings Account pages. You can read more on our Interest Rate Disclosure.

Question

What’s the minimum deposit to open a High Rate GIC or a No Penalty GIC?

Answer

It’s always $1 to open. And there are never monthly service fees.

Question

Are there any fees to open or maintain a High Rate GIC or a No Penalty GIC?

Answer

We have no monthly maintenance fees whatsoever.

Question

Is my deposit account eligible for CDIC insurance?

Answer

Yes. Your account is insured by the Canada Deposit Insurance Corporation (CDIC) for up to $100,000 per depositor and set of joint owners.

Question

What are the current GIC rates?

Answer

You can view our current rates, which are subject to change daily, by visiting our High Rate Guaranteed Investment Certificate (GIC) and No Penalty Guaranteed Investment Certificate pages. You can also call the Automated Telephone Banking System at 1-866-247-2559. Read more about the Interest Rate Disclosure.

Question

What are your High Rate GIC and No Penalty GIC terms?

Answer

We offer fixed High Rate GIC rate terms of 3, 6, 9, and 18 months and 2, 3, 4, and 5 years.  We offer a fixed No Penalty GIC rate term of 12 months.

Question

Can I make additional deposits to a High Rate GIC or to a No Penalty GIC?

Answer

No. Additional deposits cannot be made during the initial term. Once the High Rate GIC or No Penalty GIC matures, however, you have the opportunity to deposit additional funds and roll it over into a new term. This can be done during the grace period, which extends to 10 days after the maturity date.

Question

How do I receive my money when my High Rate GIC or No Penalty GIC matures?

Answer

We make it easy for you to receive your funds. Just let us know by phone, Ally Secure Email or regular mail before your maturity date. You also have a grace period of ten days after the maturity date to make a withdrawal without losing all or a portion of your earned interest. If you don’t let us know you want to receive your funds, we will automatically renew your High Rate GIC or No Penalty GIC.

Question

When is interest posted, and how do I receive it?

Answer

Interest is posted to your account on a monthly basis. You can request to receive it in one of three ways:

• By official cheque
• By internal transfer to another Ally account
• By external transfer to a registered external bank account

See further definition of interest
To make your request, just call us at 1-866-247-2559 or write to us at:
ALLY CUSTOMER CARE
PO BOX 350 STN C
TORONTO, ONTARIO   M6J 3N1

Question

What if I need to withdraw money before my High Rate GIC or my No Penalty GIC matures?

Answer

We do not charge a fee if you want to make a withdrawal from your High Rate GIC or No Penalty GIC before it matures. You must, however, remove the full amount. Plus, the amount of earned interest you keep will be based on your GIC term:

• For High Rate GIC terms of 3, 6, and 9 months, your cash out will not include earned interest
• For No Penalty GIC terms of 12 months, your cash out will include all of your earned interest
• For High Rate GIC terms of 18 months and 2, 3, 4, and 5 years, your cash out will include a portion of earned interest

Question

What happens if the High Rate GIC or No Penalty GIC rate changes after I open a new account?

Answer

Ally's Ten-Day Best Rate Guarantee lets you take advantage of some of the most competitive rates you'll find. So you can be sure that if you open a High Rate GIC or a No Penalty GIC today and you fund it within the next ten days, you'll get the highest rate we post during that time. If you fund your GIC after ten days, you'll get the rate we post on the day we receive your money. At Ally, we want your money to grow. It's just the right thing to do.

Question

What is Ally's Ten-Day Best Rate Guarantee?

Answer

Ally's Ten-Day Best Rate Guarantee gets you the best rate we offer for your High Rate GIC or No Penalty GIC during the ten days after opening your account when you fund it within those ten days. It just one more way we're making sure your money works hard and earns more.

Question

What do I have to do to benefit from the Ally Ten-Day Best Rate Guarantee?

Answer

Just open a High Rate GIC or No Penalty GIC account and fund it within ten days to get the best rate we offer during that time.

Question

If the High Rate GIC or No Penalty GIC rate you advertise changes after I open and fund my account, what rate do I get?

Answer

At Ally, we won't try to sneak anything by you. The Ally Ten-Day Best Rate Guarantee delivers exactly what it says--the best rate we offer for your High Rate GIC or No Penalty GIC during the ten days after opening your account when you fund it within those ten days. We just think it's the right thing to do.