ResMor Trust Co., a subsidiary of GMAC Inc., has launched a new series of online savings products in Canada offered by its Ally brand, the company announced on Thursday.

The Ally website will offer a range of Guaranteed Investment Certificates, a 12-Month No Penalty GIC option, and high interest savings accounts. All of the investment options are available either as traditional saving products or as tax-free savings accounts.

Mike Spero, managing director of Ally – a brand that recently launched in the U.S. market – said the new products were designed to let customers grow their money efficiently.

“Our new retail savings products will challenge the financial services industry,” he said.

The new products will also provide a new funding source for the financing products offered by ResMor, which is member of the Canada Deposit Insurance Corporation.

“The addition of Ally online savings products will further diversify funding sources for our Canadian financing business,” said Tracie Crook, president of ResMor Trust Co. “We will use those deposits in the marketplace supporting our auto and mortgage customers with competitive financing alternatives.”

Ally said its savings products offer interest rates among the highest in the country. It offers a high-interest savings account with an interest rate of 2%, a one-year GIC with an interest rate of 1.75%, and a five-year GIC with an interest rate of 3.5%.

The 12-Month No-Penalty GIC lets customers withdraw funds prior to the maturity date without a fee, while receiving full interest, and transfer the funds to any account at any institution without penalty, the company said.

Spero added that the company’s live customer contact centre is open 24 hours a day. The company is focused on building client relationships, he said.

“We believe that being direct and honest is the best way to build lasting customer relationships, and at Ally we intend on delivering that promise,” said Spero.

IE