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help FAQs – high interest savings account
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Question
How do I open a new High Interest Savings Account?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 Interest Savings Account?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 Interest Savings Account?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 Garanteed 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 Interest Savings Account?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 Interest Savings Account?Answer
We have no monthly maintenance fees whatsoever.Question
Is my deposit account eligible for CDIC insurance?Answer
Yes. Your account is eligible for Canada Deposit Insurance Corporation (CDIC) insurance for up to $100,000 per depositor and set of joint owners.Question
How do I fund my new High Interest Savings Account?Answer
If you’re a new customer, we ask you to fund your new account by mailing us a personal cheque — sorry, we don’t accept cash. Write a cheque payable to you for your deposit amount — needs to be at least $1. If you are opening a joint account, all the account owners' names must be pre-printed on the cheque and all account owners must sign the cheque. If you are opening a joint account and neither of you have an existing account with us, you can each send a cheque from your different external accounts.Before mailing your cheque, make sure it is endorsed and made payable to yourself. Also write, “Deposit only” along with your account number on the memo line. Seal your envelope thoroughly and send it to:
Ally
PO BOX 350 STN C
TORONTO, ONTARIO M6J 3N1
If you already have an account with us, you can fund your new account with an electronic transfer from your existing one. Of course you can also send a personal cheque if you choose. Some restrictions apply.
Question
How do I make a deposit to my High Interest Savings Account?Answer
There are three ways to deposit money into your account:Online funds transfer: Transfers can be made from other Ally accounts and external accounts. To complete an online transfer, first log in to your account. Go to Transfer Funds for existing accounts and select the account you would like to transfer from or to in the drop-down list. If you have not transferred to this external account before, you will need to set up an External Account and provide the transit, financial institution, and account numbers. The steps are detailed to make it easy as 1, 2, 3. If you need us, we’re here to help at 1-866-247-2559.
Wire transfer: To use wire transfer to receive incoming funds only, you need to have the name of the outside institution, the Ally routing number (476960850314), and your Ally account number.
Mail your deposit: You can always send a paper cheque — please remember, we do not recommend sending cash. Before mailing your cheque, make sure it is endorsed and made payable to you. Also write, “Deposit only” along with your account number on the memo line. Seal your envelope thoroughly and send it to:
ALLY
PO BOX 350 STN C
TORONTO, ONTARIO M6J 3N1