Ally Survey Shows More Than a Quarter of Canadians Have Shopped Around for a
Better Place to Save


    
    - Trust Surfaces as Most Important Factor in Choosing Savings Institution
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<p><location>TORONTO</location>, <chron>Oct. 1</chron>, /CNW/ -- More than a quarter of Canadians are searching for new and better options for saving their money, according to a survey released today by Ally, the recently-launched online savings brand.</p>
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    Shopping Around
    
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<p>While industry research from earlier this year found that most Canadians are happy with their banks, today's Ally survey results also show more than one quarter have "shopped around" for better places to save.  Larger households (those with four or more people) were the most likely to shop, with 32 percent indicating they have looked into new options.</p>
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<p>Residents of British Columbia and Ontario were the most active in the search process, with 36 percent and 34 percent, respectively, indicating they have shopped around.</p>
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    The Trust Factor
    
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<p>Although "trust" was identified as the most important factor in selecting a savings institution (30 percent), Canadians were also very clear about the importance of strong customer service (27 percent) and high savings rates (23 percent).</p>
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<p>"Our findings show that a full 30 percent of Canadians identify 'trust' as the most important characteristic in a savings institution," said <person>Mike Spero</person>, managing director of Ally.  "Customers are looking for not only high interest rates, but also excellent customer service and a reduction in the pain points generally associated with banking."</p>
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<p>Interestingly, French speaking Canadians gave the highest ranking to "trust," with 41 percent choosing the option on the survey.</p>
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    The Element of Sacrifice
    
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<p>Survey results also found that 47 percent of respondents have made sacrifices to boost to their savings. Items sacrificed included vacation (10 percent); entertainment (8 percent); dining out (7 percent); major purchases (6 percent); clothes (4 percent); and other purchases (12 percent).</p>
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    Age a Key Indicator of Savings Preferences
    
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<p>The Ally survey found 32 percent of respondents currently save most of their money in traditional savings accounts.  The results also showed that age plays a role in the decision, as those in the 18 to 24 year-old range are more likely to put a majority of their money in savings accounts (59 percent), while those in the 45 to 54 year-old group are the least likely to stash their cash in a saving account (20 percent), choosing Money Market Fund Accounts (18 percent), Guaranteed Investment Certificates (GICs) (15 percent), and other investments (28 percent) instead.</p>
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<p>Employment status was also a major determinant of savings preference.  Of the respondents, 41 percent of self-employed respondents put the majority of their money in "other investments," while only 15 percent of students do so.  Students use savings accounts for the majority of their savings, with 61 percent choosing the option on the survey.</p>
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<p>"Canadian banking institutions have set the bar high for competition, but we believe Canadian consumers deserve even more," said Spero.  "By challenging the status quo and becoming the advocate for the customer we are offering <location>Canada</location> not just another savings option, but a better one."</p>
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    About Ally, a Product of ResMor Trust
    
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<p>Ally is a product of ResMor Trust Company, a subsidiary of GMAC Financial Services. Ally branded online savings products include a range of Guaranteed Investment Certificates (GICs), a true 12-Month No Penalty GIC option, and high interest savings accounts - all of which are available either as traditional savings products or tax-free savings accounts. Learn more at <a href="http://www.Ally.ca">www.Ally.ca</a>.</p>
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<p>ResMor Trust Company is a federally regulated trust company focused on providing residential mortgages, mortgage servicing and deposit products through independent brokers. ResMor Trust also provides retail auto financing to consumers and commercial lending to auto dealers. ResMor Trust is a member of the <location>Canada</location> Deposit Insurance Corporation (CDIC). Learn more at <a href="http://www.resmor.com">www.resmor.com</a>.</p>
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    About GMAC Financial Services
    
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<p>GMAC is a bank holding company with 15 million customers worldwide. As a global, independent financial services institution, GMAC's diversified business operations include automotive finance, mortgage operations, insurance, commercial finance and online banking. As of <chron>June 30, 2009</chron>, the company had approximately <money>$181 billion</money> in assets. Visit the GMAC media site at <a href="http://media.gmacfs.com">http://media.gmacfs.com</a> for more information.</p>
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    Editor's Note
    
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<p>A telephone survey was conducted by Opinion Research Corporation among a national probability sample of 1,006 adults comprising 487 men and 519 women 18 years of age and older, living in private households <location>Canada</location>.  Interviewing was completed during the period of <chron>September 17</chron> - 21, 2009. The margin of error for the survey was +/- 3 percent.</p>
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<p>The industry research study referenced in the release is from CSI (Customer Service Index), Synovate's retail banking survey released in <chron>June 2009</chron>. Synovate is the market research arm of Aegis Group plc.</p>
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<p>For additional information on the survey, or to access the complete results, please contact:</p>
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    Tony Sapienza
    GMAC Financial Services
    313-656-5005
    Tony.Sapienza@gmacfs.com



    

For further information: For further information: Tony Sapienza of GMAC Financial Services, +1-313-656-5005, Tony.Sapienza@gmacfs.com Web Site: http://media.gmacfs.com

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