help FAQs - tax free savings accounts

Question

How do I open a new Tax Free High Interest Savings Account or Tax Free 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 Tax Free High Interest Savings Account or Tax Free 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 Tax Free High Interest Savings or Tax Free 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 Guranteed 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 Tax Free High Interest Savings or Tax Free 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 Tax Free High Interest Savings Account or Tax Free 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

How do I open a Tax Free Savings Account?

Answer

The same easy way you would open any GIC or High Interest Savings. Your quickest 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

How do I fund my Tax Free Savings Account?

Answer

If you’re a new customer, we ask you to fund your new account by mailing us a personal cheque— please remember, we do not recommend sending cash. Your cheque should be for at least $1 and must have both your name and signature on it.

Before mailing your cheque, make sure it is endorsed and made payable to you. You also want to 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.

Question

How do I make a deposit to my Tax Free 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, bank, 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 check, 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, ON   M6J 3N1

Question

Is there a contribution limit for Tax Free High Interest Savings Accounts and Tax Free GICs?

Answer

Yes.  Contribute up to $5,000 annually, plus the previous year's unused limit and withdrawals.  Each year, however, the limit will be indexed for inflation and rounded to the nearest $500 by the Canada Revenue Agency (CRA). Remember, it’s up to you to know the current year’s limit and monitor the amount of money you’ve deposited in your Tax Free Savings Account(s).

Question

Is there a limit to the number of Tax Free High Interest Savings Accounts and Tax Free GICs that can be opened?

Answer

Not at all. You can even have different Tax Free Savings Accounts at different institutions. But it is up to you to make sure the collective contributions to your TFSAs do not exceed the current year’s contribution. You can keep track of your Ally account balances easily in your My Account details page.

Question

Is there a limit to the number of deposits I can make to my Tax Free Savings Account?

Answer

There are no limits to the number of times you can make deposits. In fact, you can make deposits to your Tax Free Savings Account just like a regular one — up to the current year’s contribution limit.

Question

What if I don’t use my full contribution limit for my Tax Free Savings Account(s)?

Answer

The limit is yours to use, no matter when you use it. At the end of the year, if there’s a portion of the contribution limit that you haven’t used, you can roll it over and use it the next year.

Question

Can I make withdrawals from a Tax Free Savings Account?

Answer

Of course. Our Tax Free High Interest Savings Account lets you make online transfers anytime you want, and there are never any transaction limits.

If you have a Tax Free GIC, you do have the option to cash out early with your deposit amount if you need. Depending on the term of your GIC, however, we will ask you to forfeit some or all of your earned interest:

• For GIC terms of 3, 6, and 9 months, you will receive your deposit but you agree to forfeit your earned interest
• For GIC terms of 12 months, you will receive your deposit plus any earned interest up to the date of redemption
• For GIC terms of 18 months and 2, 3, 4, and 5 years, you will receive your deposit plus 1.5% for the time your deposit remained in your account

Question

Can I designate a surviving spouse for my Tax Free Accounts?

Answer

Yes. By naming a surviving spouse or common-law partner, you can ensure your Tax Free Savings Account and/or Tax Free GIC will be transferred in the untimely event of your death.

Question

What kind of tax free accounts can I open?

Answer

We have both a Tax Free High Interest Savings Account and a Tax Free GIC.

Question

Can I open a joint Tax Free Savings Account?

Answer

We’re sorry, but Tax Free Savings Accounts can only be individually held. The higher earner in a couple can contribute to his or her spouse/partner’s TFSA to help him or her meet the individual tax free amount.

Question

What happens if the Tax Free 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 Tax Free 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 Tax Free 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 Tax Free 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 Tax Free GIC account and fund it within ten days to get the best rate we offer during that time.

Question

If the Tax Free 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 Tax Free 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.